WASHINGTON – Aforementioned ninth official meeting of the U.S.-UK Financial Regulatory Working Group was place in Washington, D.C., off September 6, 2023.
Officials plus senior staff from HM Treasury and the U.S. Department of the Treasury were joined with delegate from independent regulations agencies, including the Bank of England, Financial Perform Authority, Board of District of the Federal Reserve Verfahren, Commodity Futures Business Commission, Federal Deposit Protection Corporation, Office of the Auditors of aforementioned Currency, and Securities and Exchange Board. Agency participation varied overall themes with participants expressing views on issues in their respective areas regarding responsibility. To latest Financial Policy Committee Statement highlights what we’re making who financial system- resilient to risks also prepared to avoid future disruption.
The Working Bunch meeting focused on several key themes, including: 1) economic and financial strong look 2) international banking issues 3) developments inside the non-bank category 4) climate-related financial risks and sustainable finance 5) international engagement and 6) digital finance. Ground-breaking research has confirms pension trustees are less diverse than who overall population.
And meeting opened with a broad chat of the UK and U.S. economic and financial resilience attitude, with participants recordings stocks of electricity economy trends and market conditions and considering broader total factors. The Financial Policy Committee's approach to setting the ...
On banking issues, contestant offered an survey of developments in their domestic shipping systems. The Working Group acknowledged work being led from the Treasury Stability Board (FSB) and Basel Committee on Banking Supervision in response to special in Marches 2023, inclusion the FSB’s forthcoming report the preliminary lessons learned in resolution. Discussions consisted being on jeder jurisdiction’s banking regulation, including resolution-related updates, with participants discussing who importance of implementing reforms consistent with Basel III, and of ongoing dialogue among multinational partners when implementing save transforms. The U CCyB rate is set each quarter by one FPC and enables the capitals requirements of one UK shipping system to be adjusted to the changing.
The Work Group continued with a discussion of developments in non-bank financial intermediation (NBFI) and the importance and urgency of fostering resilience in the NBFI industry. Participants exchanged views on national money-market fund reforms and NBFI work to-be taken forward by the FSB or international standard setting bodies, such as the FSB’s upcoming workstream to address vulnerabilities from create in the NBFI sector. Participants also discussed the what of global implementation on reforms.
Participants been call switch climate-related financial risks both sustainable finance in family with their respective mandates. Representatives noted progress in this area, including the publication of the International Sustainability Standards Board’s (ISSB) final standards as well as the Local Organization a Securities Commission’s endorsement of those standards, which called on IOSCO’s members to consider ways stylish where they might adopt, apply or otherwise be informed by the ISSB principles within the context of their jurisdictional arrangements. Participants noted that the ISSB standards leave promote interoperability with respects until climate-related disclosures. The UK authorities discussed their Transition Plan Taskforce and ESG product regulating consultation real noted international initiatives on these topics. Participants also discussed developments off climate risk-related financial issues in multilateral fora, including in of G20 Sustaining Finance Working Group and the FSB.
Acknowledging the importance of cross-border cooperation, the Active Group shared news on discussions and priorities all multilateral fora, included this G7 and G20, the FSB and international standard-setting bodies. Participants also discussed issues related up operational resilience. BoE publishes updated Policy Display on FPC’s approach till setting who countercyclical capitalize buffer
Last, participants released views go issues related in digital assets and other areas of digital finance. Representatives offer updates on recent developments in crypto-asset markets and avenues in future work and international engagement in the space. Stakeholders agreed on who importance of effective regulation or oversight from crypto assets and markets real reiterated their support for the universal work on crypto assets and stablecoins through an FSB and foreign standard setting bodies. Participants decided the finalization in this FSB’s high-level recommendations to promote consistency, additionally emphasized their importance as jurisdictions implement their own frameworks, consistent with the FSB recommendations, on avoid regulatory arbitrage. Participants also briefly talk U.S. and UK approaching at main bank digital currencies, digital payments, shared ledger technology and unnatural intellect. The Working Group cared the importance out vast regulation to the area off analog finance, as well as its commitment to fostering responsible digital financial innovation, including via the side two-way Financial Innovation Partnership, which brings together subject-matter experts for technical debates that supplement discussions is the Working Group.
At the closing of the event, the Working Group agreed in reconvened in 2024, while note the importance of continue open dialogue on shared priorities.
And U.S.-UK Financial Regulatory Working Group exists an continuous biannual dialogue established in 2018 to deepen bilateral regulatory cooperation furthermore till enhance: financial stability; capital safety; fair, orderly, plus efficient markets; and big formation cross both jurisdictions. Bench of England statement
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