LORDS

Financial regulation and supervision - Lords Committee launches new inquiry

Canary Wharf Financial District, London
24 July 2017

The EU Financial Affairs Sub-Committee launches a new inquiry into the future of financial regulation and supervision following Brexit.

The Committee invites interested individuals and organisations to submit evidence to its inquiry.

Focus of the inquiry

The Committee will examine how financial regulation and supervision can evolve following Brexit in order to ensure financial stability and potentially to maintain equivalence or some other form of close relationship between the UK and EU regulatory regimes in order to preserve market access. The inquiry will encompass an assessment of not only the body of regulation, but also the institutional structures that support it.

The Committee will consider in particular the following areas:

  • The scope for the UK to adapt its own regime to new circumstances post-Brexit and foster innovation, while still maintaining market access;
  • Whether equivalence is the best means to achieve continued cooperation, and what other forms of alignment could exist;
  • Differences between the UK, EU and international regimes in financial regulation and where gaps exist;
  • Whether there are areas in which it could be beneficial for the UK to deviate from the EU’s current framework in future;
  • How any regulatory divergence, and shared supervisory concerns, can best be managed, including mechanisms for dispute resolution.

Timeline

Written evidence is sought by 29 September 2017 and public hearings are expected to begin in September. The Committee's report will receive a response from the Government, and may be debated in the House.

Further information

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