The House of Lords EU Financial Affairs Sub-Committee today
invites contributions to its new inquiry into the future of
financial regulation and supervision following Brexit.
The Committee seeks evidence on the following topics
in particular:
-
The effectiveness of the EU financial services
regime and the impact of current proposals to amend
it.
-
The key regulatory priorities for a transitional
arrangement.
-
The possibilities for the UK to amend its
regulatory regime within the scope of international standards,
and how the UK can maintain its influence in international
standard-setting.
-
The options for maintaining alignment and resolving
disputes between future EU and UK regimes.
-
How any future UK regulatory and supervisory regime
can adapt to innovation in financial markets, for instance in
the FinTech sector.
-
The impact of the Commission’s review of the
European Supervisory Agencies.
-
The implications of EU proposals for supervisory
cooperation (or a location policy) for central
counterparties.
, Chair of
the EU Financial Affairs Sub-Committee,
said:
“After Brexit, the UK will in principle be free to
make its own choices on how to regulate, and supervise, the
domestic financial services industry.
“This freedom, however, comes with a major caveat:
UK-based financial services firms do a significant amount of
business with the EU-27, and vice versa. In order to ensure
financial stability and preserve market access it will be
necessary for there to be a degree of cooperation between the
regulatory and supervisory regimes in the UK and EU, and for the
UK to maintain its influence in international standard-setting.
We would like to explore the options for such
engagement.
“We encourage, and welcome, submissions of written
evidence from anyone with knowledge of and an interest in
financial regulation and supervision.”
The deadline for the submission of
written evidence is 29 September
2017.
Click here to
find out how to submit evidence.
