The Chancellor of the Exchequer, , welcomed US
Treasury Secretary, Scott Bessent, to Downing Street last week
for a joint industry roundtable where they reaffirmed the deep
and historic connection between the world's leading financial
hubs in the United Kingdom and United States. To ensure the
strength of this relationship is maintained into the future,
and through the ongoing period of technological change, they have
decided to establish a Transatlantic Taskforce for Markets of the
Future.
The Taskforce is to report back to both finance ministries, via
the UK - US Financial Regulatory Working Group (‘FRWG'), on
recommendations to enhance collaboration on capital markets and
digital assets and other innovative financial activities. These
recommendations are to be developed in close collaboration with
industry partners ensuring we unlock opportunities for investors,
businesses, and market participants on both sides of the
Atlantic.
The purpose of the Taskforce is to explore:
-
Options for short-to-medium term collaboration on digital
assets whilst legislation and regulatory regimes are
still developing, as well as options for long-term
collaboration and additional opportunities for wholesale
digital markets innovation.
-
Options to improve links between our capital markets to
enhance the growth and competitiveness of both UK and US
markets, focusing on reducing burdens for UK and U.S. firms
raising capital cross-border.
The Transatlantic Taskforce for Markets of the Future should
report within 180 days. The Taskforce is to be chaired by
officials from HM Treasury and US Treasury and include
representatives from UK and US regulators responsible for capital
markets and digital assets regulation as appropriate.
The Taskforce should seek input from leading industry experts to
ensure that its recommendations are informed by what matters most
to industry.
