US and UK form financial reg working group

Treasury has released a joint statement on the formation of a U.S. – UK financial Regulatory Working Group with a view to the further promotion of financial stability; investor protection; fair, orderly, and efficient markets; and capital formation on both sides of the Atlantic. The Working Group will be a forum for Her Majesty’s Treasury and the Treasury Department of the United States staff, along with staff from applicable U.S. and UK financial regulatory authorities, to exchange views on the regulatory relationship between the United States and the UK. The group plans to meet twice a year, with additional technical meetings and calls, as appropriate. The Working Group will be used as a platform for furthering financial regulatory cooperation, with the general operational objective to improve transparency, reduce uncertainty, identify potential cross-border implementation issues, work towards avoiding regulatory arbitrage and towards compatibility, as appropriate, of each other’s national laws and regulations.