A set of slides appeared on the EC’s website on 10 January entitled Internal EU27 preparatory discussions on the future relationship: Personal data protection (adequacy decisions); Cooperation and equivalence in financial services. It seems to be the EC’s proposals to the European Council Working Party. It refers to the revised Political Declaration and in doing so emphasizes that “equivalence” decisions will be made by the EU on the basis of “an assessment and in protection of its own interests” and that the EU’s autonomy on equivalence is “not to be restricted by Free Trade Agreement”. No mention is made of the wording inserted into the original draft of the Political Declaration after the Boris Johnson renegotiation, that there would be “transparency and appropriate consultation” about any suspension or withdrawal of an equivalence decision. Oddly, the caption to the relevant slide refers to paragraph 36 of the Political Declaration, which was the right number in the Theresa May version, but in the Boris version it is now renumbered as paragraph 37. Has the EC perhaps been working off the old draft?!? Either way, the financial markets on both sides of the Channel face another year of politically-induced uncertainty.