What are the legal options for continued market access between the UK and EU?
On Wednesday 11 October 2017 the House of Lords EU Financial Affairs Sub-Committee will take evidence from law firms specialising in international corporate and commercial law.
The Committee is examining how financial regulation and supervision can evolve following Brexit in order to ensure financial stability, and potentially to maintain equivalence or some other form of close relationship between the UK and EU regulatory regimes in order to preserve market access.
At 10.15am on Wednesday 11 October 2017 the Committee will hear from:
- Barney Reynolds, Partner, Shearman and Sterling
- Jonathan Herbst, Global Head of Financial Services, Norton Rose Fulbright
- Simon Gleeson, Partner, Clifford Chance.
Questions the Committee is likely to ask include:
- Whether the EU's existing equivalence regime is a durable and appropriate basis for access;
- What the main legal obstacles are to an agreement on market access for financial services;
- What the options are for a transitional arrangement covering financial services;
- How the UK can engage more effectively with international standards-setting;
- The impact Brexit will have on the direction of EU financial governance, and how the UK has influenced the EU's current financial services acquis;
- The scope for the UK to innovate on financial services regulation in future;
- The nature of the Commission's current proposals to empower the European Supervisory Agencies, and what the possibility of the ESAs being given further powers might mean for the UK.
The evidence session will take place at 10.15am on Wednesday 11 October 2017 in Committee Room 4A of the House of Lords.