Summary Of The Brexit Withdrawal Agreement

The political declaration focuses on the regulatory and decision-making autonomy of each bloc and its ability to make equivalence decisions in its own interest. From a British point of view, this last reference to autonomy is less welcome, since significant market access can be obtained in accordance with equivalence. If one does not read the objective of going beyond WTO obligations, there is no explicit reference to extending equivalence beyond the existing patchwork. However, in this context, Steven Maijoor, President of the European Securities and Markets Authority (ESMA), has already called for a comprehensive and harmonised European regime for trading venues in third countries. The political declaration also refers to the fact that both sides begin to assess the equivalence of the other as soon as possible after the withdrawal in order to end it before the end of the second quarter of 2020. In order to allay the UK`s concerns about the sudden withdrawal of equivalence, the documents promise “transparency and appropriate consultation in the process of adopting, suspending and withdrawing equivalence decisions”. We can also expect “close and structured cooperation” on regulation and supervision, as well as information exchange and consultation on regulatory initiatives of mutual interest, both politically and technically. It is likely that, in some areas, the ACF will contribute in one way or another to the European Supervisory Authorities and their development of post-Brexit policy. On 22 October 2019, the House of Commons agreed by 329 votes to 299 to grant the revised withdrawal agreement (negotiated by Boris Johnson earlier this month) at second reading, but when the accelerated timetable it proposed did not receive the necessary parliamentary support, Johnson announced that the legislation would be on hold. [38] [12] If the EP approves the agreement by a simple majority, in order for it to be “concluded” (ratified) by the EU, it must be adopted by a qualified majority of the European Council of the remaining 27 Member States (20 of the remaining EU27 representing 65% of the EU27 population). Supplementary Protection Certificates (SPC) are subject to Community law, but are applied for and granted as individual national rights. The Withdrawal Agreement confirms that SS applications pending at the end of the transitional period enjoy and enjoy the same level of protection as existing SSCs. .

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