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Government responds on financial regulation post Brexit

John Glen, Economic Secretary to the Treasury, has responded to the Lords EU Financial Affairs Sub-Committee’s January report on the future of financial regulation and supervision post-Brexit. The response, which was prepared before the most recent developments on the Brexit arrangements,  notes that the Government is alive to many of the issues the report raised and sets out the Government response to each key recommendation. Among other things, the report goes into some detail on how the UK is working towards enshrining the EU acquis into UK laws and what the UK’s goals for the transition period are. The report also notes that it will be impractical at best to attempt to use the equivalence regime, so that efforts towards mutual recognition must be focussed elsewhere.

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Emma Radmore