Improving Global Financial Services Regulation

The UK must accept that it will no longer have a direct influence over the EU27 but that it can and should evolve its own regulations and work with other financial centres and international standard setters to create a more competitive... Read more
The UK must accept that it will no longer have a direct influence over the EU27 but that it can and should evolve its own regulations and work with other financial centres and international standard setters to create a more competitive regulatory environment globally. The main weaknesses of the EU’s Equivalence regime are that EU Equivalence does not cover the entire spectrum of financial services, is granted unilaterally and can be unilaterally withdrawn, is not granted on purely user protection and market stabilisation concerns. and lacks transparent or consistent criteria for recognition. Read less
London, England ( Global)
May 11, 2018
Submitted by: ieauk
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Institute for Economic Affairs

May 11, 2018

The UK should promote more pro-competitive regulation in the global standard setting organisations and challenge global rules with anti- competitive effects. EU banks with U.K. branches should be allowed to remain in Britain after Brexit if their domestic regulators continue to cooperate with British supervisors.

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Institute for Economic Affairs

May 11, 2018

The UK and EU should announce their intention to establish a regulatory coherence agreement as soon as possible and ensure it is operational from 30th March 2019 or the end of any agreed interim period. The EU and the UK should continue to operate with a consensually established set of shared regulations, based on international... Read more

May 11, 2018

The UK and EU should announce their intention to establish a regulatory coherence agreement as soon as possible and ensure it is operational from 30th March 2019 or the end of any agreed interim period. The EU and the UK should continue to operate with a consensually established set of shared regulations, based on international standards and common outcomes and with mutual transparency and cooperation between home state regulators, provided that such cooperation does not prevent either party from diverging, nor allow such divergence to act as a hair trigger to loss of recognition. Such cooperation should include shared cost benefit analyses in regulatory promulgation having regard to a range of factors including impact on trade and competition.

The ECB and the Bank of England should agree to an enhanced collaborative arrangement addressing the ECB’s systemic risk concerns regarding Euro denominated transactions along the lines of the present arrangement between the USA and the UK as regards the clearing of US Dollar denominated instruments by UK central counterparties.

The F4 Alliance project, proposed by the Swiss Bankers Association, aligning the UK with Switzerland, Hong Kong and Singapore could enable further and deeper integration opportunities. This project could grow to include other financial centres such as Japan and New York and the Crown Dependencies.

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Institute for Economic Affairs

May 11, 2018

Regulation based on global standards should apply to companies that are internationally active, but be more proportionately applied to purely domestic companies. National standards should be set to encourage competition in the local market by raising the “de minimis” exemptions threshold from the current EU imposed level of €100,000. 

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Improving Global Financial Services Regulation

2018/05/04 - Institute for Economic Affairs