This triggered Article 50 of the Treaty on the European Union, which defines the procedure for the withdrawal of an EU member state, thus opening a two-year countdown to withdrawal. Neither the agreement nor the political declaration gives any indication of the future relationship in terms of choice of law, freedom of decision and recognition and enforcement of judgments. The UK has already hinted that it hopes to agree on a large-scale agreement, broadly in line with the current position. The 599-page withdrawal agreement covers the following main areas: 15.After the meeting of the Prime Ministers of the EU and the United Kingdom, the Prime Minister`s negotiators met and the new protocol on Ireland and Northern Ireland was published on 17 October. The consolidated full text of the withdrawal agreement and a revised political statement on future relations were submitted to Parliament on 19 October and, as we have seen, the House of Commons adopted a proposal on the same day that rejects the adoption of the agreement until implementing laws are passed. On 21 October, the government duly introduced this legislation, the European Union Withdrawal Act (withdrawal). The House of Commons voted for a second reading of the bill the next day, but then voted against the government`s proposed program, after which the bill`s progress was halted. The dissolution of Parliament followed on 6 November 2019 and a revised bill was published on the opening day of Parliament after the parliamentary elections on 19 December 2019. 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.