At a hearing on the European financial architecture hosted by the ALDE group at the European Parliament on Wednesday 8 February, the President of the European Securities and Markets Authority (ESMA), Steven Maijoor, called for a revision of the European rules that allow third-country legislation to be considered equivalent to that of the EU.
In reality, there is no global framework for granting equivalence, just a “patchwork of arrangements” that vary depending on the type of legislative...