11 Amendments of Gunnar BECK related to 2022/2188(INI)
Amendment 9 #
Draft opinion
Recital K
Recital K
K. whereas under the Northern Ireland Protocol, Northern Ireland remains within the EU’s customs union and single market for goods, while also being part of a third- country jurisdiction for trade purposes with the rest of the UK; whereas consequently, the Protocol requires Northern Ireland to remain aligned with certain EU rules and regulations, including those related to customs, goods and certain aspects of State aid;
Amendment 12 #
Draft opinion
Recital K a (new)
Recital K a (new)
Ka. Whereas the United Kingdom is a sovereign and independent third country; whereas the European Union needs to finally come to terms with this reality;
Amendment 16 #
Draft opinion
Paragraph 1
Paragraph 1
1. Notes that the Subsidy Control Act 20221 , which establishes a framework for meeting the UK’s international commitments on subsidy control, including those arising under the TCA, has received Royal Assent after being passed by the UK Parliament; expresses its concern abouttakes note of stated plans to introduce ‘free ports’, which risk contravening these commitments and could constitute impermissible State aid under the TCA2 ; calls for the Commission to monitor the situation closely and commence further infringement proceedings, if necessaand fully respects the sovereignty of the United Kingdom as a free and independent third country; _________________ 1 Legislation.gov.uk, ‘The Subsidy Control Act 2022: Chapter 23’, 28 April 2022. 2 The Financial Times, ‘EU to raise concerns over UK’s freeports scheme’, 30 November 2022.
Amendment 20 #
Draft opinion
Paragraph 3
Paragraph 3
3. Notes the limited nature of the TCA in relation to financial services; recognises that this absence is a consequence of the UK’s unwillingness to discuss other areas of mutual interest as part of the TCA negotiationsat financial services fall largely outside the scope of the TCA; recognises that the United Kingdom is a sovereign third country, and is therefore free to agree and not agree with the EU on any matters it deems relevant; notes that there are plans to establish a joint EU- UK financial regulatory forum to facilitate dialogue and cooperation on financial services issues3 ; recalls that this forum would not constitute a formal part of the TCA and will not provide the same level of access or cooperation as a comprehensive financial services agreement; _________________ 3 Reuters, ‘EU restarts work on EU-UK regulatory forum after Northern Ireland deal’, 8 March 2023.
Amendment 24 #
Draft opinion
Paragraph 4
Paragraph 4
4. Reiterates the fact that decisions on equivalence are not reciprocal and do not form part of the TCA; notes also the UK’s decisions on equivalence in respect of the EU and also in respect of other non-EU countries such as Switzerland, where mutual recognition status has been agreed; recalls that decisions on equivalence could benefit EU firms in terms of greater access to the UK market, including for banking and insurance; notes that the EU has only granted the UK equivalence status in one area – central counterparties – on a time-limited basis, recently extended until 2025; calls for further equivalence decisions to be considered; notes that as of October 2021, the EU had granted 22 equivalence decisions to the United States compared to one in the case of the UK4 ; supports the Commission’s position that decisions on equivalence should be made when they are in the EU’s interests; encourages the Commission to discuss further equivalence decisions in order to provide greater market access benefits to both EU and UK firms; _________________ 4 European Affairs Committee of the House of Lords, ‘1st Report of Session 2022–23: The UK-EUrelationship in financial services’, 23 June 2022.supports the Commission’s position that decisions on equivalence should be made when they are in the EU’s interests;
Amendment 31 #
Draft opinion
Paragraph 5
Paragraph 5
5. Notes the desire of the British Government to adopt divergent regulation from the EU in respect of financial services, including by way of the Financial Services and Markets Bill5 , which proposes to repeal, replace, or amend retained EU law in the area of financial services and to delegate greater responsibility to UK regulators; welcomes the EU’s recent progress on legislation in respect of financial services, even where this may result in regulatory divergence from the UK, including with respect to cryptocurrencies, taxonomy, listing and anti-money laundering; acknowledges that the UK and the EU may adopt different regulatory approaches in the area of financial services and may not necessarily maintain a harmonised regulatory regime; supports the EU’s legislative progress in this area, even where this may result in regulatory divergence from the UK; stresses, however,tresses the benefits of future regulatory cooperation; _________________ 5 UK Parliament, ‘Financial Services and Markets Bill’, 11 May 2023.
Amendment 38 #
Draft opinion
Paragraph 6
Paragraph 6
6. Notes that the TCA offers the EU an opportunity to develop and strengthen its own financial services infrastructure and expertise; strongly supports the completion of the capital markets union and the banking union, based on an approach that is outward-looking, innovative and competitive; rRecalls that the City of London remains a major centre for financial services with a global reach6 ; recognises the importance of a strong financial services sector for both the EU and the UK and supports efforts to enhance the EU’s financial services infrastructure and expertise; _________________ 6 Reuters, ‘London is top global finance centre but lags in key areas, says study’, 27 January 2022.
Amendment 49 #
Draft opinion
Paragraph 8
Paragraph 8
8. Recognises that the goal of open strategic autonomy should not become a barrier to the benefits of a globally interconnected financial system; cautions against the potential risks of overly focusing on strategic autonomy in a way that could lead to isolationism or protectionism in the, de-risking and decoupling is to create a resilient, independent and safe European financial sectorystem;
Amendment 55 #
Draft opinion
Paragraph 9
Paragraph 9
9. Supports continued cooperation between the EU and the UK in areas related to economic and monetaryfinancial affairs that are of mutual interest, including tackling money laundering, terrorist financing and customs fraud, countering harmful tax regimes, implementing sanctions and promoting global financial stability;
Amendment 58 #
Draft opinion
Paragraph 10
Paragraph 10
10. Recognises that the close economic links between the Republic of Ireland and Northern Ireland will continue despite the latter being an integral part of a designated third country; supports an acknowledgement of these economic links, including with respect to the supervision of transactions between both jurisdictions; calls for measures to ensure that such links are not disrupted by any changes in regulatory or legal frameworks; emphasises the importance of maintaining close economic ties and minimising disruption in the aftermath of Brexit, particularly with respect to this relationship;
Amendment 69 #
Draft opinion
Paragraph 12
Paragraph 12
12. Regrets the lack ofTakes note of the limited specific structures for dialogue and engagement between the EU and the UK in the area of financial services; recalls the commitment, in the first Joint Declaration accompanying the TCA, to signing an MoU on financial services regulatory cooperation between the EU and the UK, which would not be a legal document but would provide a basis for regular, structured engagement; notes that this memorandum has not yet been signed;