Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of (1) reports that Switzerland may be offered temporary access to EU stock markets, and (2) the implications that any decision on a "Swiss-style" equivalence arrangement could have on the UK financial sector after Brexit.

The EU previously found Swiss stock exchanges equivalent under the MiFID II share trading obligation until 31 December 2018. Switzerland is an important financial partner for the UK and we support an extension of the equivalence decision for Swiss stock exchanges.

The Government has successfully negotiated an agreement on the future relationship for financial services when we leave the EU that touches on the full spectrum of the UK’s White Paper position. The Political Declaration outlines that there should be initial decisions on equivalence by June 2020 and clear processes around the suspension and withdrawal of equivalence decisions in future. This should be supported by a legally-binding bilateral agreement for structured regulatory dialogue and consultation to ensure financial services are regulated compatibly, and that changes in legislation and the implications for trade are managed well.

The Government’s long-term economic analysis sets out the impact of the UK’s White Paper position on the financial services sector.