9 Amendments of Billy KELLEHER related to 2022/2188(INI)
Amendment 17 #
Draft opinion
Paragraph 2
Paragraph 2
2. Urges the British authorities to take further action in order to fully meet the subsidy commitments under the TCA, including regulations for specific sectors; emphasises that such work is still required despite the implementation of the Subsidy Control Act 2022 as additional regulations or measures may be needed to fully comply with the TCA’s subsidy provisions; notes that the EU Foreign Subsidy Regulation is due to enter into effect in July 20231a; _________________ 1a Regulation (EU) 2022/2560 of the European Parliament and Council on foreign subsidies distorting the internal market
Amendment 25 #
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, payment services, investment services, 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 in this regard that the Commission has previously indicated that equivalence assessments for the UK could resume once the Memorandum of Understanding is agreed3a; 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 ; recognises that while equivalence assessments are predominantly technical, broader political factors are relevant, and 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; _________________ 3a https://www.reuters.com/business/finance/ britain-eu-edge-forward-with-financial- services-forum-plan-2021-02-23/ 4 European Affairs Committee of the House of Lords, ‘1st Report of Session 2022–23: The UK-EUrelationship in financial services’, 23 June 2022.
Amendment 32 #
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, the benefits of future regulatory cooperation, and of engaging in the development and integration of international standards; _________________ 5 UK Parliament, ‘Financial Services and Markets Bill’, 11 May 2023.
Amendment 40 #
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; recalls that the City of London remains a major centre for financial services with a global reach that EU businesses could benefit from accessing 6 ; 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 59 #
Draft opinion
Paragraph 10
Paragraph 10
10. Recognises that the close economic links between Ireland and Northern Ireland will continue despite the latter being 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, particularly in respect of services provided to consumers and SMEs who cannot take advantage of being mobile; emphasises the importance of maintaining close economic ties and minimising disruption in the aftermath of Brexit, particularly with respect to this relationship;
Amendment 62 #
11. Recognises that following the entry into force of the TCA, a number of financial services firms based in London announced intentions to establish a new presence in and relocate some assets to the EU; notes that estimates suggest that 44 % of the UK’s largest financial services firms have announced plans to move some staff or operations7 , however only 7 000 jobs have been relocated outside of London thus far – far below the initial estimates of 75 0008 ; supports the efforts of the Member States to seek to attract post-Brexit business investment and; recalls the European Supervisory Authorities’ opinions to support supervisory convergence in the context of the UK leaving the EU and welcomes their continued monitoring of supervisory practices in assessing the relocation of firms to the EU8a; notes that several EU cities have been the focus of post- Brexit financial service industry investment, including Paris, Frankfurt, Amsterdam, Luxembourg and Dublin; acknowledges that this fragmentation means that the benefits of a concentrated ecosystem and cluster effect that characterise London have not yetstresses the need to continue working to complete the Banking Union and deepen the Capital Markets Union to prevent the further concentration of financial hubs and to reap the been recreated in the EUefits of efficiencies of scale; _________________ 7 Study – ‘Recent trends in UK financial sector regulation and possible implications for the EU, including its approach to equivalence’, European Parliament, Directorate-General for Internal Policies, Policy Department for Economic, Scientific and Quality of Life Policies, 8 February 2023. 8 EY, ‘EY Financial Services Brexit Tracker: Movement within UK financial services sector stabilises five years on from Article 50 trigger’, 29 March 2022, London; European Affairs Committee of the House of Lords, ‘1st Report of Session 2022–23: The UK-EU relationship in financial services’, 23 June 2022. 8a https://www.esma.europa.eu/sites/default/f iles/library/esma42-111- 7468_brexit_peer_review_report.pdf
Amendment 74 #
Draft opinion
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Stresses that such a forum must operate in a transparent manner with stakeholder engagement as appropriate; notes that, after several years of turmoil, institutions and investors in the EU and UK need clarity and legal certainty in order to make business decisions and investments;
Amendment 76 #
Draft opinion
Paragraph 13 b (new)
Paragraph 13 b (new)
13b. Calls on the parties to use the forum to identify and address mutual threats to financial stability and consumer protections, as well as new developments and innovations in the markets, to promote a consistent approach where possible;
Amendment 78 #
Draft opinion
Paragraph 13 c (new)
Paragraph 13 c (new)
13c. Stresses that the parties to the forum should engage in the spirit of sincere cooperation to ensure that the relationship is constructive and underpinned by the common objectives of safeguarding financial stability and consumer protection;