The UK government and European Commission have set up a joint EU-UK financial regulatory forum to hash out ways to facilitate “robust and ambitious” cooperation in the area of financial services.
The Treasury department and the EU’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) will work together to “improve transparency and reduce uncertainty” in their respective, interconnected financial markets, the Memorandum of Understanding (MoU) stated.
The forum will be tasked with sharing information around regulatory developments, including the development of supervisory frameworks, in order to preserve financial stability, market integrity and the protection of investors and consumers.
Additionally, the pair have pledged to consider working towards compatibility of each other’s standards and identify any potential cross-border implementation issues.
The pair will meet at least twice a year, alternating between the UK and EU. Experts and representatives from financial institutions may also be invited, the MoU stated.
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