Examining Regulatory Equivalence
This report by the global law firm Norton Rose Fulbright, commissioned by the Financial Services Negotiation Forum, examines approaches to the interpretation and measurement of equivalence.

The report finds that there are common features between equivalence and passporting (such as cooperation arrangements, comparable regulatory frameworks and data sharing) which suggest that a framework of equivalence could be established to ensure a harmonised approach to equivalence in UK-EU negotiations.

Click here to download the full report.

Euro Clearing and Brexit - The Practitioners' View
FSNForum's second research piece, considers the EU’s proposal that the clearing of euro-denominated products should be restricted to the Eurozone.

The paper suggests why it could be in the best interests of the EU for clearing of these products to continue outside the Eurozone and highlights four key findings supporting this view. The paper goes on to suggest that the UK can signal its commitment to a close and supportive relationship with the EU in future by offering the ECB an oversight framework, similar to that currently employed between the UK and US.

Click here to download the full report.

Brexit and the Issue of Market Liquidity
The paper, written by renown economist Des Supple of Event Horizon Research, concludes that Europe’s need to generate faster rates of economic growth and to ensure stable funding sources means that it is in the self-interest of the EU to ensure a mutually acceptable post-Brexit. Furthermore, the ultimate beneficiary of a disruptive Brexit for financial services would likely be New York, which could imply a new loss of risk weighted assets, AUM, employment and regulatory influence from the European time-zone.

Click here to download the full report.

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