UK-US Financial Regulatory Working group holds fifth meeting

The fifth meeting of the UK-US Financial Regulatory Working group was held on 15 December 2021 and focussed on the following 7 themes:

1. international and bilateral cooperation;
2. sustainable finance;
3. crypto-assets and central bank digital currencies;
4. benchmark transition;
5. cross-border regimes;
6. critical third-party providers; and
7. banking and insurance.

Key items of discussion at the meeting included:

• areas of mutual interest where cooperation can continue to be strengthened to promote global standards,
• regulatory approaches to critical third-party providers and the risk of regulatory fragmentation;
• priorities and issues for continued work relating to sustainable finance, along with domestic updates;
• ongoing work on climate-related scenario analysis and supervisory expectations;
• international efforts to address climate change in the financial sector;
• ongoing efforts relating to the LIBOR transition, including the implications for other jurisdictions;
• the implementation of Basel III reforms.

The next Working Group meeting is expected to be held in the spring of 2022. In the meantime, the participants will make progress on follow-up work identified on the above topics and other priority issues.