The Cabinet Office has published a letter, dated 23 April 2020, from John Glen (Economic Secretary to the Treasury) to William Cash (Chair of the European Scrutiny Committee) outlining the government's intentions with regard to equivalence in financial services under the future UK-EU economic partnership. Mr Glen confirms that the government will be seeking regulatory and supervisory cooperation arrangements, which should include transparency and appropriate consultation in the process of adoption, suspension and withdrawal of equivalence decisions.
Mr Glen also confirms the government's intention that, before the end of the transition period on 31 December 2020, each side will have recognised the other's equivalence regime, and put in place any appropriate measures to confirm this.
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