Securities industry lobbyists in the U.S. and the UK are calling for greater regulatory cooperation to enable closer links between the world’s largest financial centres.
A collection of 21 industry trade groups in the U.S. and the UK, calling themselves the British American Finance Alliance (BAFA), issued a paper proposing a united vision for future regulatory cooperation and dialogue.
The paper covers a wide range of issues, including barriers to market access, financial stability, market fragmentation, fintech, and cybersecurity, among others.
The groups set out a vision for enhanced regulatory dialogue, with a view to improving cross-border investment and supporting stronger economic growth.
“This is an important strategic opportunity for the U.S. financial services industry to strengthen cross-border regulatory and supervisory cooperation between the United Kingdom and United States,” said Kenneth Bentsen, Jr., president and CEO of the U.S. Securities Industry and Financial Markets Association (SIFMA).
“In today’s economy, many barriers preventing cross-border trade and investment in financial and professional services are regulatory in nature,” said Catherine McGuinness, deputy chair of TheCityUK.
“For our industry, achieving compatibility of regulatory standards is therefore essential to support growth on both sides of the Atlantic. A robust regulatory dialogue will help achieve this,” she added.