European Commission Issues Communication on Third-Country Equivalence Measures for Financial Services

On July 29, 2019, the European Commission published a communication titled “Equivalence in the area of financial services”, which sets out the EU’s comprehensive approach on, and how the commission and the European supervisory authorities (ESAs) monitor any changes to, the third-country regime which may affect the initial decision of equivalence. 

The regime of equivalence decisions allows for the fostering of cross-border businesses, promotes regulatory convergence and international standards and can trigger or establish international cooperation with relevant third parties.

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