Shearman & Sterling LLP | FinReg | EU Council Authorizes European Commission to Negotiate Post-Brexit Trade Agreement with the UK
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  • EU Council Authorizes European Commission to Negotiate Post-Brexit Trade Agreement with the UK
    02/25/2020
    The Council of the European Union has authorized the opening of negotiations with the U.K. for a new partnership agreement between the U.K. and the EU. The Council's Decision (dated February 13, 2020) authorizes the opening of the negotiations, appoints the Commission as negotiator and stipulates that the negotiations must be conducted in consultation with the Working Party on the United Kingdom and in accordance with the Council's directives.

    The EU intends to enter into a free trade agreement with the U.K. For financial services, the Council directs that the arrangements between the EU and U.K. should be based on their respective equivalence frameworks, complemented by close and voluntary cooperation and consultation and transparency on equivalence decisions. The EU envisages that the FTA should be in line with existing EU FTAs with other countries for specific sectors, including the financial services sector.

    It is expected that the first session of negotiations will take place in early March.

    View the Council's decision authorising the opening of the negotiations.

    View the negotiating directives.

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