Guidance Document for the UK’s Equivalence Framework for Financial Services
This guidance document outlines the principles and processes which govern the UK’s equivalence framework.
The EU Withdrawal Act 2018, converted applicable EU legislation into UK law, and this came into effect from the end of the transition period on 31 December 2020. This included the EU’s framework for making equivalence decisions for financial services.
The guidance document outlines the principles and processes which govern the UK’s equivalence framework. In particular, the document highlights the UK’s commitment to an outcomes-based model of equivalence, which operates in a transparent manner, providing predictability and stability over time to UK industry, overseas jurisdictions and firms.
This document is accompanied by annexes covering the UK’s approach to onshoring under the EU Withdrawal Act; the lead regulators for each equivalence decision; an overview of equivalence decisions which came into effect in the UK at the end of the transition period.