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Partner Barnabas Reynolds, head of Shearman & Sterling’s global Financial Institutions Advisory & Financial Regulatory Group, has authored What Next? The Shape of the UK-EU Financial Services Deal, published by POLITEIA on January 20, 2017. In this short paper, Reynolds sets out the requirements from a UK and financial markets perspective for a viable mutual recognition arrangement between the UK and EU after Brexit.
Reynolds notes the importance of the UK having a clear view of its aims and how beneficial mutual recognition could be for both the UK and the EU, if properly executed. Recognition could be based on the EU's existing equivalence regime, by taking it as a foundation but making improvements to it. Reynolds recommends that the EU adopt an Equivalence Regulation providing for a simple mechanism for mutual recognition. He separately proposes that some of the discretions afforded to member states under incoming EU legislation, such as the MiFID II package, should be utilized to the full extent possible to minimise any disentanglement process after Brexit.
