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.
Baroness Falkner of Margravine, 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.