Irish Association of Corporate Treasurers - Brexit/financial markets - EU Commission signals interrrupted market access for UK after 2020 - Tarek Tranberg, Head of Public Affairs & Policy, EACT

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Brexit/financial markets - EU Commission signals interrrupted market access for UK after 2020 - Tarek Tranberg, Head of Public Affairs & Policy, EACT

Brexit/financial markets - EU Commission signals interrrupted market access for UK after 2020 - Tarek Tranberg, Head of Public Affairs & Policy, EACT

14 Jul 2020 12:48 PM | Michele Fogarty (Administrator)

Last week the European Commission (EC) adopted a communication on upcoming changes for relevant sectors at the end of the Brexit transition period on 31 December 2020.

The communication can be found here.

The communication includes a specific chapter on financial services (page 12 onwards), which highlights very clearly expectations for minimum market access for financial services after the end of the transition period.

As part of the Withdrawal Agreement and the political declaration on the future relationship with which the UK formally left the EU (politically, but not economically) at the end of January 2020, both sides had committed to conduct equivalence assessments in financial services by the end of June.