HM Treasury and The European Commission have published a joint statement following the first meeting of the EU-UK Financial Regulatory Forum, agreeing on the need for international cooperation and continued bilateral dialogue.
The statement provides information on agreed areas of cooperation:
- Topics discussed included non-bank financial intermediation (NBFI), sustainable finance, digital finance, insurance, and banking;
- Both parties agreed that maintaining open and well-functioning capital markets is key to support growth in the UK and in the EU;
- Concerning developments in digital finance, both sides stressed their commitment to implementing the Financial Action Task Force’s Travel Rule for crypto-asset transfers, and the FSB’s high-level recommendations on crypto-asset activities and stablecoins.
Firms with operations in the UK and the EU can read the joint statement to learn more about the future cooperation between the countries on capital market openness and digital finance, and any potential impacts this may have on their operations.