Equivalence in the EU: Key Requirements, Equivalence Decision, and Legal Consequences

Abstract

Abstract The second chapter provides an in-depth analysis of EU equivalence regimes and is divided into three parts. The first part identifies the key requirements of equivalence provisions and discusses whether equivalence can be referred to as a uniform concept. The second part deals with the equivalence decision as the core prerequisite of each mechanism. First, it is examined what is to be understood by the term ‘equivalent’ and how equivalence can be determined in theory and practice. Afterwards, the focus shifts to the European Commission as the key player in equivalence assessments and the question of discretionary elements in the decision-making process. Subsequently, potential grounds for withdrawal decisions and their administrative as well as constitutional limits are analysed. Thereafter, the possibilities of judicial review of equivalence-related decisions are outlined. The third part concludes with a description and categorization of the legal consequences of equivalence.