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 Full text 
Tuesday, 11 February 2020 - Strasbourg Provisional edition

Proposed mandate for negotiations for a new partnership with the United Kingdom of Great Britain and Northern Ireland (debate)

  Danuta Maria Hübner (PPE). – Madam President, I would like to talk about financial services, which I believe are crucial for future relations with the UK. We know that an FTA can have only a very small chapter on financial services, addressing only the right of establishment and prudential carve-out mechanism, and EU financial services are about the single market, and it is clear now that it will be an equivalence mechanism that will provide the main framework for the relationship. The Commission has just a few months to prepare all those unilateral equivalence decisions – around forty, I understand – and the financial industry should be fully aware of how little time they have to adjust to the future situation.

Efforts have been made recently, also in this House, to enhance the equivalence framework as the main regulatory tool for financial services in the future relationship with the UK. As equivalence is a unilateral discretionary policy tool, in order to make it deliver, we will need constructive cooperation with UK regulators and supervisors to protect the financial stability and integrity of our financial markets, protect investors and consumers, as well as ensuring LPF. But all of us here in this House must also be aware that for an ambitious, beneficial and successful future relationship with the UK in the area of financial services, it is our duty also to complete as soon as possible the Banking Union and build a genuine capital market union. The EU will preserve regulatory and supervisory autonomy, but so will the UK, and we just heard from the former governor of the Bank of England that the UK will not be a rule-taker. So let me emphasise that, while we should maintain close and ambitions relations with the UK in financial services, we should also spare no effort to reduce potential systemic risk.

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