Financial services will no longer benefit from passporting right but from equivalence. However, equivalence for 18 months has only been given on derivatives for the moment, the rest of the financial products are still under scrutiny by the European Commission and this process might take more than 6 months. For now, there is a temporary fix until end of March to avoid disruption. The problem with equivalence rights is that the status can be withdrawn at any time by the EU, as it was the case with Switzerland in 2019 on equities. So this is not a stable solution and we expect capital outflows to intensify over the course of 2021 towards other EU capitals.