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U.S., U.K. partner for Financial Regulatory Working Group

The U.S. and U.K. treasury departments have announced a financial regulatory working partnership, allowing the two countries to exchange views on their regulatory relationship.

A joint announcement said the U.S.-U.K. Financial Regulatory Working Group will form with a view to further promoting financial stability; investor protection; fair, orderly and efficient markets; and capital formation on both side of the Atlantic.

"The importance and prominence of U.S. and U.K. financial markets and the transition in the U.K.'s regulatory relationship with the (European union) due to Brexit provides an opportunity to formalize our bilateral regulatory cooperation engagement," said the announcement.

The group should be a forum for the U.K.'s HM Treasury and the Treasury Department of the United States' staff, as well as staff from relevant U.S. and U.K. financial regulatory authorities, to exchange views.

The group is expected to meet twice a year, and additional technical meetings and calls between the biannual meetings will take place as appropriate.

"The working group will be used as a platform for furthering financial regulatory cooperation, with the general operational objective to improve transparency, reduce uncertainty, identify potential cross-border implementation issues, work toward avoiding regulatory arbitrage and toward compatibility, as appropriate, of each other's national laws and regulations. Bilateral contacts will continue, as appropriate, outside the working group on any issue related to our ongoing financial regulatory cooperation," added the announcement.