Prime Minister Boris Johnson wins the British general election. It is therefore likely that the Brexit deal will soon be adopted. If the British Parliament approves the agreement, the European Parliament can vote on it in January. The UK government has already implemented the provisions of the agreement. A new EU Settled Worker has been fully operational since March 2019 and its provisions are more generous than the terms of the agreement. What is critical is that complainants are not required to provide evidence to confirm their ability in the United Kingdom. The government has suggested that, even if the agreement is not adopted, it will comply with the provisions on the protection of citizens` rights to the extent that it can do so unilaterally. Therefore, in the case of a non-agreement scenario, EU citizens in the UK should remain able to apply for status in accordance with the terms set out in the agreement. The political declaration provides for the granting of adequacy status to the United Kingdom before the end of the transition period, until December 2020, and confirms that the European Commission will begin to assess the adequacy as soon as possible after the UK`s withdrawal. The political statement refers to the autonomy of regulation and decision-making of each bloc and its ability to make equivalency decisions in its own interest. From a British point of view, the latter reference to autonomy is less welcome when it comes to achieving considerable market access in equivalence.
If one does not read about the objective of going beyond WTO obligations, there is no explicit reference to an extension of equivalence beyond the existing patch work. In this context, Steven Maijoor, President of the European Financial Markets Authority (ESMA), has already called for a comprehensive and harmonised European regime for trading platforms in third countries. The policy statement also refers to the fact that both parties begin to assess equivalence to each other as soon as possible after the withdrawal, so that they can be completed before the end of the second quarter of 2020. In order to allay the UNITED Kingdom`s concerns about the sudden withdrawal of equivalence, the documents promise “transparency and appropriate consultation in the process of accepting, suspending and withdrawing equivalency decisions.” We can also expect “close and structured cooperation” in regulation and oversight, as well as information exchange and consultation on regulatory initiatives of common interest, both at the political and technical level. It is likely that, in some areas, the ACF may still contribute in one way or another to the European supervisory authorities and their development of post-Brexit policy. The United Kingdom and the European Union reached an agreement at the European Council on the withdrawal of the United Kingdom from Great Britain and Northern Ireland from the European Union.