Financial Services under the Trade and Cooperation Agreement: Reflections on Unfinished Business for the EU and UK

Brexit Institute Working Paper Series, No 3/2021

17 Pages Posted: 20 Mar 2021

See all articles by Niamh Moloney

Niamh Moloney

London School of Economics - Law School; European Corporate Governance Institute (ECGI)

Date Written: February 10, 2021

Abstract

This paper examines the implications of the Trade and Cooperation Agreement for financial services. It outlines the major features of the TCA as regards financial services and considers the limitations of the TCA as regards securing access by UK financial services firms to the EU financial market. Given these limitations, the paper reviews the major access routes to the EU financial market which EU law makes available for UK financial services firms and addresses in particular the future for the ‘equivalence’ regime. The paper concludes by identifying lessons which can be learned from the treatment of financial services under the TCA and from the recent development of the equivalence regime.

Keywords: Trade and Cooperation Agreement, Brexit, Financial Services, Equivalence, Passport, ESMA

Suggested Citation

Moloney, Niamh, Financial Services under the Trade and Cooperation Agreement: Reflections on Unfinished Business for the EU and UK (February 10, 2021). Brexit Institute Working Paper Series, No 3/2021, Available at SSRN: https://ssrn.com/abstract=3783135 or http://dx.doi.org/10.2139/ssrn.3783135

Niamh Moloney (Contact Author)

London School of Economics - Law School ( email )

Houghton Street
London WC2A 2AE, WC2A 2AE
United Kingdom

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

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