imported>Doug Williamson |
imported>Doug Williamson |
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| ''European Union (EU) regulation.'' | | ''Energy - sustainable finance - green finance''. |
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| In certain cases the EU may recognise that a non-EU legal, regulatory and/or supervisory regime is 'equivalent' to the corresponding EU framework.
| | Solar CSP is an abbreviation for Concentrating Solar Power energy generation. |
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| That recognition, in turn, means authorities in the EU may rely on supervised entities’ compliance with the equivalent non-EU framework, and allow the entity to operate more freely than it might otherwise be able to (without equivalence).
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| This approach is designed to bring benefits to both the EU and third-country financial markets.
| | Solar CSP systems use reflectors to focus and concentrate the sun's light energy, typically to raise the temperature of a heat-absorbing heat transfer fluid. |
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| | The heat energy in the heat transfer fluid is then used in turn to generate electricity, for example through steam turbines. |
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| The significance of the equivalence concept, for UK financial services, is that the UK might choose, post-Brexit, to keep its regulatory regime closely aligned with the EU regime, in order to benefit from the possibility of equivalence.
| | Contrasted with Solar PV systems, which generate electricity directly. |
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| <span style="color:#4B0082">'''''Equivalence recognition unlikely'''''</span>
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| :"In addition to disrupting supply chains, Brexit has caused some fragmentation of banking activity for corporates.
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| :It seems increasingly unlikely that we shall see ‘equivalence’ recognition for UK/EU financial services that were not covered by the Trade & Cooperation Agreement.
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| :Treasurers will want to monitor the expiry dates (some in 2022) of various temporary permissions that came into effect post-Brexit, and to ask their banks whether there may be any implications for corporate clients."
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| :''The Treasurer magazine, Issue 4, 2021, p31 - Treasury in 2022.''
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| <span style="color:#4B0082">'''''Equivalence and passporting'''''</span>
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| :"In brief, equivalence is the willingness of one regulator to accept that another regulator's rules achieve the same regulatory outcomes as their own, and so some element of cross-border activity can be allowed.
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| :Equivalence must be agreed, but is subject to negotiation, market by market.
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| :Passporting is the acceptance that once permitted to trade in one state, a business can trade in another without further compliance requirements."
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| :''The Treasurer magazine, March 2017, p12 - Technical briefing.''
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| == See also == | | == See also == |
| * [[Brexit]] | | * [[Green finance]] |
| * [[EU-UK Trade and Cooperation Agreement]] | | * [[Renewables]] |
| * [[European Economic Area]] | | * [[Solar PV]] |
| * [[European Union ]] | | * [[Sustainable finance]] |
| * [[Free movement of labour]]
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| * [[Gold-plating]]
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| * [[Harmonisation]]
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| * [[Passporting]]
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| * [[Prudential Regulation Authority]]
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| * [[Schengen Area]]
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| * [[Single Market]]
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| == Other links ==
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| [https://ukandeu.ac.uk/rethinking-uk-financial-services-regulation-after-brexit/ Rethinking UK financial services regulation after Brexit, UK in a Changing Europe, December 2020]
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| [https://www.instituteforgovernment.org.uk/explainers/future-relationship-equivalence UK-EU future relationships: options for equivalence, Institute for Government, February 2020]
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| [[Category:Accounting,_tax_and_regulation]]
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| [[Category:The_business_context]] | | [[Category:The_business_context]] |
| | [[Category:Corporate_finance]] |
| | [[Category:Investment]] |
| | [[Category:Long_term_funding]] |
| | [[Category:Identify_and_assess_risks]] |
| | [[Category:Manage_risks]] |
| | [[Category:Risk_frameworks]] |
| | [[Category:Risk_reporting]] |
| | [[Category:Financial_products_and_markets]] |
| | [[Category:Technology]] |
Energy - sustainable finance - green finance.
Solar CSP is an abbreviation for Concentrating Solar Power energy generation.
Solar CSP systems use reflectors to focus and concentrate the sun's light energy, typically to raise the temperature of a heat-absorbing heat transfer fluid.
The heat energy in the heat transfer fluid is then used in turn to generate electricity, for example through steam turbines.
Contrasted with Solar PV systems, which generate electricity directly.
See also
