Partner Barney Reynolds (London-Financial Institutions Advisory & Financial Regulatory) gave evidence to the EU Financial Affairs Sub-Committee on post-Brexit financial regulation and supervision. The Committee is examining how financial regulation and supervision can evolve following Brexit in order to ensure financial stability, and potentially to maintain equivalence or some other form of close relationship between the U.K. and EU regulatory regimes in order to preserve market access.

Topics discussed during the session included:  

• Whether the EU’s existing equivalence regime is a durable and appropriate basis for access
• What the main legal obstacles are to an agreement on market access for financial services
• What the options are for a transitional arrangement covering financial services
• How the U.K. can engage more effectively with international standards-setting
• The impact Brexit will have on the direction of EU financial governance, and how the U.K. has influenced the EU’s current financial services acquis
• The scope for the U.K. to innovate on financial services regulation in the future
• The nature of the Commission’s current proposals to empower the European Supervisory Agencies, and what the possibility of the ESAs being given further powers might mean for the U.K.  

Barney gave evidence alongside Jonathan Herbst, Global Head of Financial Services, Norton Rose Fulbright and Simon Gleeson, partner, Clifford Chance.

You can watch the recorded evidence session here.

 Read more about the EU Financial Affairs Sub-Committee here.