eu equivalence decisions

MiFID II Update – Non-EU Trading Venue Equivalence for Transparency and Position Limits. Due to a spat between the European Commission and the government of Switzerland over the negotiation of an institutional framework agreement, equity securities that are listed on Swiss exchanges are banned from being traded on stock exchanges in the European Union. The Joint UK-EU Financial Regulatory Forum will be attended by a UK financial services representative and a financial services representative of the EU27. “We’re very prepared for an open relationship based on outcome-based equivalence. This means that as long as the terms of the arrangement are met, organic prod ucts certified to the USDA organic or European Union (EU) organic standards may sold, labeled, and represented as organic in both countries. If the EU does not grant financial services equivalence, banks in the UK would have to operate with poorer access to EU markets. The Biocidal Products Regulation (EU) No 528/2012 (BPR) list of relevant substances and suppliers. Found inside“First 'Equivalence' Decisions for Central Counterparty Regulatory Regimes Adopted ... December 14. https://www.esma.europa.eu/sites/default/files/library/ ... ... head of analysis on the European Union’s tourism physique. Bachelor Thesis from the year 2020 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,0, European University Viadrina Frankfurt (Oder), language: English, abstract: This paper aims to analyse the ... (1) OJ L 201, 27.7.2012, p. 1. any equivalence findings laid down in this Decision should apply to COVID-19 vaccination certificates issued by the Vatican City State to Union citizens and their family members. The European Commission adopted two "adequacy" decisions recognizing U.K. data protection laws as equivalent with EU laws. The equivalence decision complements the EU's first equivalence decision with respect to US CCPs of 16 March 2016 ("Implementing Decision") in relation to CCPs registered with and supervised by the Commodity Futures Trading Commission (CFTC). EU decision on equivalence set to heighten UK post-Brexit fears. Found inside – Page 166examining equivalence-based regulation in relation to third country GAAP, ... European Commission as exclusive equivalence assessor or decision-maker, ... HM Treasury has announced that the UK will be granting a package of equivalence decisions to the European Economic Area States, including the Member States of the European Union. Found inside – Page 119In the EU, the so-called equivalence regime allows the possibility of disapplying EU ... An equivalence decision also makes it possible for ESMA to formally ... For the first time, the EU has included a … EC has adopted equivalence decisions for financial benchmarks administered in Australia and Singapore. Found inside – Page 570It lends itself as a bargaining chip in political negotiations.16 According to the European Commission, when taking decisions on equivalence it exercises ... Found inside – Page 125Rethinking the Futures of Europe Benjamin Martill, Uta Staiger ... as the EU. But such equivalence decisions cover only the wholesale business, not retail. the European Insurance and Occupational Pensions Authority (EIOPA)), assesses whether the third country’s regulatory/supervisory regime for a particular area is equivalent to that of EU law. Found insideprevious section may extend beyond Europe into international fora. ... It is through 'equivalence decisions' that the EU accepts the supervisory functions ... However, this equivalence decision is time-limited and will expire in June 2022. Equivalence decisions were not formally part of UK-EU trade negotiations. Found inside – Page 102Equivalence decisions are considered to be unilateral and discretionary acts of the EU and this discretion extends to repealing or amending these acts.57 ... It is in these instances that the EU can decide on equivalence (although not all of the provisions have been used yet). If the EU does not grant financial services equivalence, banks in the UK would have to operate with poorer access to EU markets. EIOPA assists the European Commission in preparing equivalence decisions pertaining to supervisory regimes in third countries. Equivalence decisions adopted (1) Equivalence Decisions adopted by the European Commission Date: 03/10/2017 Abu Dhabi Argentina Australia Bermuda Brazil Canada Caymans Chile China Dubai International financial centre Egypt Faroe Islands Greenland Guernsey Hong Kong India Indonesia Isle of Man Israel Japan Jersey Malaysia Mauritius Mexico Monaco New Zealand Russia Saudi Arabia … The Commission has adopted decisions ensuring that COVID-19 certificates issued by the Vatican City State and San Marino will be considered equivalent to the EU Digital COVID Certificate.. This refers to the EU’s power to grant market access to financial firms from non-Member States if it concludes that the country’s home rules are equivalent or very close to EU rules. These two decisions – out of the 39 potential equivalence agreements envisaged under EU financial services law – are a long way from the ‘permanent and comprehensive equivalence’ the UK was asking for a year ago. He also commented that “one key part of the improved EU approach is the more frequent monitoring and review of equivalence decisions to detect emerging differences between EU and non -EU frameworks on time”. Found inside118 Commission, EU Equivalence Decisions in Financial Services Policy: An Assessment (SWD (2017) 102). 119 ibid, 9. 120 Commission Implementing Decision ... Pursuant to the UK/EU Withdrawal Agreement, the UK has also established an equivalency framework and in November 2020, the UK Treasury published an overview of UK equivalence decisions that would apply on 1 st January 2021. The Treasury has announced its intention to take equivalence decisions in respect of the European Economic Area (EEA) states across a number of financial services areas. The equivalence decision complements the EU’s first equivalence decision with respect to US CCPs of 16 March 2016 (“Implementing Decision”) in relation to CCPs registered with and supervised by the Commodity Futures Trading Commission (CFTC). June 2021. Found inside – Page 99They also argued that it could jeopardize EU commitments under the WTO ... Market Authority would first require an equivalence decision by the Commission. Found inside – Page 21... which the EU projected internationally as well as bilaterally, for example on equivalence decisions,4 as suggested by the EU–US regulatory dialogue in ... Introduction Markets in Financial Instruments Directive (MiFID), put into force on November 1, 2007, is the European Union’s (EU) regulatory framework of its financial markets.1 MiFID sets out business conduct requirements, authorization requirements, regulatory reporting, trade Found inside – Page 410The EU 'equivalence' system is already based on the third country ... posed by the extent to which the EU retains discretion over equivalence decisions. REUTERS/Caroline Chia/File Photograph. 3 Recital 6, Commission Implementing Decision (EU) 2021/85. Official publication has been made of Commission Implementing Decisions 2021/1272 and 2021/1273, establishing the equivalence of COVID-19 certificates issued by the Vatican City State and San Marino, respectively, to the EU Digital COVID Certificate. EU Digital COVID Certificate: Commission adopts equivalence decisions for Vatican and San Marino certificates. Public Information - See Note in Bottom Menu; UK CCPs. By way of example, an equivalence decision could allow EU banks to treat a loan given to a company in a third country in the same way as a loan given to a company in the EU; absent such an equivalence decision, banks would from … Both moves were not reciprocated by the EU. “This feels like open commercial and financial warfare between EU and UK,” David Buick, a longtime UK financial commentator, wrote on Twitter. Pursuant to Article 95(1) and Article 95(7) of the BPR, ECHA is required to publish and update the list of relevant substances and suppliers on the ECHA website. The European Commission (EC) also adopted on 21 September, in the context of the end of the transition period under the Withdrawal Agreement between the EU and the UK, an equivalence decision determining for a limited period of time, that the regulatory and supervisory framework applicable to CCPs established in the UK is equivalent. However, the U.K. has created a temporary recognition regime to ensure the continuity of services provided by third-country CCPs in the U.K. equivalence decisions (as the European Supervisory Authorities (ESAs) currently do for the Commission), both under the temporary power and under the onshored equivalence frameworks . After confirming plans to adopt a time-limited equivalence decision in July, the European Commission has said equivalence for UK CCPs will now end in mid-2022. Nevertheless, the MoU is a step in the right direction given the EU consider it a pre-requisite in establishing any further market access arrangements for the UK through some form of equivalence. Found inside – Page 311Once an equivalence decision has been taken, EU supervisors can rely upon the supervision carried out by the supervisor of the country in which the ... The consequences of Switzerland’s lost equivalence status. HM Treasury has published draft legislation that will allow the UK to make timely equivalence decisions in relation to the EU. Key Points: • Post-Brexit, HM Treasury will take on the role of making equivalence decisions under onshored EU financial service legislation, but the power to make such decisions will only apply after exit day. Move comes as UK clearing houses seek a permanent equivalence decision by the European authorities EU commissionner in charge of financial services, financial stability and the Capital Markets Union Mairead McGuinness said the bloc looks forward to good cooperation between EU institutions and agencies, and the US Securities and Exchange Commission 2 - Equivalence decisions in this table made by the European Union before the end of the Transition Period are retained EU law and form part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended. (2) Agreement on the withdrawal of the United Kingdom of Great Br itain and Nor ther n Ireland from the European Union and the European Atomic Energy Community (OJ C 384 I, 12.11.2019, p. 1). EU Digital COVID Certificate: Commission adopts equivalence decisions for Vatican and San Marino certificates. The European Union’s financial regulatory regime for third-country access in many sectors relies on a framework of “equivalence,” whereby institutions based in approved non-EU countries with similar standards may have varying degrees of access to EU markets or investors, depending on the extent to which their laws and regulations achieve equivalent outcomes to those of EU law. Found inside – Page 160... is probably the adoption of equivalence decisions for financial services. A large number of EU legislative acts dealing with financial services provide ... Statements First published: 09/11/2020 Last updated: 09/11/2020. On February 27, 2017, the European Commission published a Staff Working Document containing an assessment of EU equivalence decisions in financial services policy. Found inside – Page 175decision could be hijacked for political motives, unrelated to ... and that '[t]he [equivalence] decision is a unilateral and discretionary act of the EU, ... On 3 June 2020, the European Securities and Markets Authority (ESMA) published two Opinions clarifying how European Union investment firms trading financial instruments on third-country trading venues (TCTVs) should, from 3 October 2020: 1. equivalence decision for each provision in relation to both the UK and other third countries. one or more of the European Supervisory Authorities (European Banking Authority (EBA), European Securities and Markets Authority (ESMA) These equivalence decisions permitted European investment firms to tap liquidity in dual listed shares outside the EU. "The European Commission told member states on Thursday that the equivalence decisions won't be ready from Janu ary 1," said the EU diplomat, who took part in the closed-door briefing. Most of EU laws on financial regulation adopted in recent years include provisions that make it possible for the Commission to adopt equivalence decisions. Over time, EU laws developed a system to allow market access for firms based outside the Failure for the EU and UK to reach an equivalence agreement post-Brexit has been controversial, especially as the Brexit transition ended at the start of this year. an equivalence decision is a unilateral and discretionary act of the EU, conducted and concluded by the Commission, in accordance with the EU’s priorities and the interests of EU financial markets; the Commission attaches utmost importance to taking a proportionate view on the risks implied by the third-country frameworks under assessment. However, the EU’s process for making (and withdrawing) equivalence decisions is not purely or even mainly a question of technical equivalence. The equivalence criteria for trading venues for derivatives have been specified in more detail and strives at achieving effective equivalence. However, during the negotiations it was expected that a deal would have made equivalence more likely than under a … Most equivalence decisions are made and can be withdrawn at the discretion of the European Commission and contain no reference to withdrawal mechanisms or timelines. Found insideThus, financial regulation has not only converged in the EU, but also in the ... by the European Commission and equivalence decisions are adopted per third ... explained in the Commission Staff Working Document ‘EU equivalence decisions in financial services policy: an assessment’ (SWD) published on 27 February 2017: ‘Equivalence decisions in a few areas may enhance the possibilities of doing business in the EU (e.g. interest of EU financial institution or market participants. Canada, Brazil, Singapore, Argentina and Australia to lose some market access rights. Found inside – Page 197... EU legislation on financial regulation from recent years enables the Commission to carry out equivalence assessments and adopt equivalence decisions,62 ... Found inside – Page 170EU Council Regulation 2003/2201/EC of 27 November 2003 concerning ... (no date[b]) Recognition of non-EU financial frameworks (equivalence decisions). Found inside – Page 246Towards a More Resilient Financial System in Europe Dieter Pesendorfer ... EC 2017a, 'EU Equivalence Decisions in Financial Services Policy: An Assessment', ... Found inside – Page 162Formally, the Directives leave the decision on equivalence in the hands of individual competent authorities but provide for the Commission to adopt ... The European Commission may decide about the equivalence of a third country's solvency and prudential regime towards avoiding unnecessary duplication of regulation. Found inside – Page 138EU. MiFIR. Equivalence. Decisions: ... possible for the Commission to adopt equivalence decisions.97 In its decision the European Commission may recognise ... Found inside – Page 151In addition to providing non-binding technical advice on equivalence decisions, the ESAs are also involved in the continuous monitoring of equivalence ... Equivalence Decisions taken by the European Commission as of 10/02/2021 i a aa l a s e a l e t s d y g a n n y s o d a e a a d n d US m s Art.47 - Country-by-country reporting Y Art.172 - Title I-for third country reinsurers in the EU: equivalent treatment of their activities Y Y Found inside – Page 166for the third country issuers who access the EU capital market.682 The transparency ... The equivalence decision is also dependent on EU issuers not being ... Found inside – Page 274The European Union's financial regulatory regime for third country access in ... Commission Staff Working Document—EU equivalence decisions in financial ... For comparison, Australia and Canada have 19 and 20 equivalence decision agreements respectively, while the US has 23. A strong opponent of Mifid II was the government of the United Kingdom . Canada, Brazil, Singapore, Argentina and Australia to lose some market access rights. This opposition stemmed from political considerations. The decision is an important step to mitigate financial stability risks around the end of the year when the implementation period following the UK’s exit from the EU comes to an end. Please consult HM Treasury’s Press Statement for the full list of decisions. The Commission has taken over 280 equivalence decisions with regard to over 30 countries so far. The EU does not want to reciprocate this for the moment, apart from possible equivalence decisions, but some member states may do this on a bilateral basis. By Hayley McDowell UK central clearing counterparties (CCPs) have been granted equivalence by the European Commission for 18 months from January 2021 as the Brexit transition period ends. The US equivalence decisions means firms can move business to New York if necessary when the temporary UK equivalence ruling expire in 18 months time — a … Official publication has been made of six equivalence decisions by the European Commission for derivatives transactions, in respect of Brazil, Canada, Singapore, Australia, Hong Kong and the US. Found inside – Page 135... interfering significantly in the equivalence decisions process. The EU Commission adopted a prudential and gradual approach on 21 September 2020 ... The European Commission adopted two "adequacy" decisions recognizing U.K. data protection laws as equivalent with EU laws. EU Digital COVID Certificate: Commission adopts equivalence decisions for Vatican and San Marino certificates. Taken over 280 equivalence decisions with regard to over 30 countries so far insideprevious section may extend beyond Europe international. 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