UK-located banks are under pressure from EU regulators to continue shifting operations and capital to the union to serve customers there, while UK regulators are seeking more flexibility on access to the single market post-Brexit.
Regulatory Relations
FSB sees more work to be done on resolution regimes
Much work has been done in member jurisdictions to build frameworks to resolve failing banks and a variety of approaches are being taken, however, the Financial Stability Board (FSB) still sees scope for improvement.
AFME CEO and founder to step down
Simon Lewis who founded the Association for Financial Markets in Europe (AFME) in 2010 is stepping down this October when his term expires.
Banks expect further changes around financial stability rules
Though financial stability is seen as the most mature area of regulatory reform, banks are expecting significant ongoing revision in that area, said Boston Consulting Group (BCG) in a report.
EU equivalence reforms meandering towards a common ground
Reforms of the EU’s equivalence rules have been considerably complicated by Brexit. However, there is some hope in the industry that technical considerations will eventually triumph over politics
CSRC and AMF sign cooperative agreement during state visit
During the state visit of China’s president XI Jinping to France, the Autorité des Marchés Financiers (AMF) signed an agreement to step up its cooperation with the China Securities Regulatory Commission (CSRC).
ESFRC promotes idea of EU-UK post-Brexit regulatory committee
Should the UK eventually leave the EU, the two jurisdictions should establish a high-level regulatory committee made up of supervisors from both sides to maintain financial stability, said the European Shadow Financial Regulatory Committee (ESFRC) in a statement.
US and UK upgrade information sharing agreement in case of Brexit
US and UK financial regulators sign pact around information sharing should the latter leave the EU.
Fed vice chairman outlines plans to keep FSB relevant
Maintaining the relevance and vitality of the Financial Stability Board will be based on three key tenets: engagement, vigilance and analysis, said Randal Quarles, vice chairman for supervision at the Federal Reserve Board and chair of the FSB.
Third country access to EU financial markets contingent on equivalent rules
Financial firms based in third countries will face much greater scrutiny when selling services into the EU, following a deal struck between the European Commission, EU governments and the European parliament.
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