Equivalence in financial services information

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The principle of equivalence in financial services at the European Union (EU) level is one of the instruments the Commission has at its disposal to carry out its international strategy for financial services.^[1] The principle of equivalence is materialised through an equivalence decision issued by the European Commission to a targeted country that it judges fit to have access to the European Market in financial services.^[2] The decision is unilateral, non-reciprocal and affects the targeted third country in regard to particular activities or services to which the decision is intended.^[3] The equivalence decision is issued through an assessment of the third country regulations in relation to particular services or activities in the EU. In order to do so, the Commission bases its decision on 40 provisions of EU law. Important to note, perhaps is the fact that not all have been availed but over 250 equivalence decisions were made targeting more than 30 countries worldwide.^[3]^[a]

According to the European Commission, the aim of the equivalence decision is not to liberalise international trade in financial services, but a cross-border instrument to manage financial activity of market players in a way that respects standards of prudential rules as the EU does internationally.^[1]

There is a recognition that equivalence has become a significant tool in the EU and one of the main powers of the Commission when it comes to financial services.^[4] In his speech, Valdis Dombrovskis, the Commissioner responsible for financial services, has highlighted the efficiency of the policy. In the occasion, he took the opportunity to talk about the new EU's comprehensive approach and legislative improvements for the granting of equivalence to third countries. In addition, it outlines the way the Commission and the European Supervisory Authorities monitor the situation in the countries to which an equivalence decision has been taken.^[4]

^ ^a ^b European Commission (2017-02-27). "EU equivalence decisions in financial services policy: an assessment" (PDF).
^ "What is an equivalence agreement?". UK in a changing Europe. Retrieved 2020-07-08.
^ ^a ^b PWC. (2019). Equivalence: financial services overview. Available at: https://www.pwc.co.uk/financial-services/assets/pdf/equivalence-financial-services-overview.pdf
^ ^a ^b European Commission (2019-07-29). "Financial services: Commission sets out its equivalence policy with non-EU countries". European Commission - European Commission. Retrieved 2020-07-08.

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