The UK is currently the second largest exporter of services worldwide. Tens of thousands of customers and billions of euros of banking and capital markets products and services are reliant on the UK remaining Europe’s most interconnected financial centre.
UK finance proposes an alternative model for a future trade framework for banking and capital markets services between the EU and the UK that is both robust and flexible. It is based on the premises (i) that in the near future the EU and the UK will have separate regulatory jurisdictions, which are nevertheless part of a developed regional market for banking and capital markets that provides critical services for customers, and (ii) that the EU and the UK wish to remain as closely connected as is politically, economically and socially feasible.
This model is based on a principle of mutual recognition of the regulatory approaches of the two sides, is underpinned by a very high degree of regulatory and supervisory cooperation between the EU and the UK and approaches the question of cross-border contracting by assessing the nature of the customer seeking a provider in the other market.
An executive summary is also available in German and French.