Following the ratification of the Withdrawal Agreement and Political Declaration on the future relationship at the EU Summit in Brussels today, Simon Lewis, Chief Executive of AFME, said:

“The withdrawal agreement has passed another important political hurdle today with the agreement of the European Council. Agreeing the final deal in the coming weeks will be crucial to provide much-needed certainty on a transition period. In the meantime, it remains critical to continue work to mitigate cliff-edge risks in a no deal scenario.”

“The political declaration for the future relationship for financial services rightly identifies the need for a stable relationship with close regulatory and supervisory cooperation. We also welcome the commitments to greater transparency and consultation in the equivalence process; and the aim to finalise equivalence assessments well in advance of the end of 2020.”