Letter: Ring-fencing and Proprietary Trading Independent Review: 1 June 2021

The Working Group has noted with interest the appointment by HM Treasury of an independent panel to review the operation of the legislation relating to ring-fencing and the publication of a Call for Evidence. As the Working Group has only just been established, its work has not progressed sufficiently so as to respond to the Call for Evidence. A letter was instead sent to the Independent Review Panel drawing attention to the Working Group’s remit and proposed output.

Response to Call for Evidence: U.K.’s International Regulatory Cooperation Strategy: 25 November 2020

The FMLC has submitted a response drawing attention to its work on cross-border cooperation in relation to financial services regulation, especially in the aftermath of the Global Financial Crisis.  Divergent national approaches and differences present a serious challenge to effective cross-border regulation.  Additionally, in the context of the U.K.’s withdrawal from the E.U., the FMLC has drawn attention to the legal and operational complexities which may arise when authorities in the U.K. are no longer party to cooperation arrangements