Clifford Chance
From equivalence to recognition: the new UK approach to non-UK regulatory regimes (update)
20 August 2025
HM Treasury has confirmed its new approach to designating countries and territories outside the UK for more favourable treatment under domestic regulatory regimes. The new approach allows HM Treasury to designate overseas jurisdictions where this is compatible with high-level regulatory objectives, such as the objective of facilitating UK competitiveness, without requiring the Treasury to determine whether the law and practice in the overseas jurisdiction is equivalent to that in the UK.
This briefing updates our May 2025 briefing on this subject to reflect HM Treasury's July 2025 guidance document on the new approach to overseas recognition regimes and other related developments.
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