The House of Lords EU Financial Affairs Sub-Committee (the Committee) is calling for evidence to support its inquiry into the future of UK financial regulation and supervision following Brexit.
The Committee will examine how financial regulation and supervision will evolve following Brexit in order to ensure financial stability, which could mean maintaining equivalence or some other form of close relationship between the UK and EU regulatory regimes. This examination will not only require an assessment of the UK’s regulatory bodies, but also the institutional structures that support it.
The Committee wants to gain a clear picture of the UK’s current regulatory regime with a view to understanding how EU rules will be embedded via the European Union (Withdrawal) Bill, and whether any changes should be made to the status quo in the short term. There are also questions arising over how the UK’s supervisors will work with their EU counterparts in the future and how the newly domesticated regime will be managed. In order to fully assess the UK’s regulatory position, the Committee is seeking evidence on a number of questions in relation to the following:
- the current regulatory regimes;
- transitional arrangements, equivalence and alignment;
- the future of the UK’s financial services environment; and
The deadline for submitting written evidence is Friday 29 September 2017.