European Parliament Votes to Adopt Resolution on Regulatory and Supervisory Relationships between EU and Third Countries


On September 11, the European Parliament voted in plenary to adopt a resolution on relationships between the EU and third countries concerning financial services regulation and supervision (2017/2253(INI)). It has published the minutes of the vote, found here, and a provisional edition of the resolution, found here.

The resolution was set out in a report prepared by rapporteur Brian Hayes that was adopted in July 2018 by the European Parliament’s Committee on Economic and Monetary Affairs (“ECON“).

The resolution contains recommendations relating to the equivalence framework in financial services legislation. In particular, it recommends that third countries should keep the European Supervisory Authorities (“ESAs“) (that is, ESMA, EIOPA and the EBA) informed of any national regulatory developments through the EU’s equivalence framework and that the Commission should introduce a standardised process for the determination of equivalence.