UK Government Consults on International Regulatory Cooperation Strategy

The U.K. Government has launched a consultation on its future international regulatory cooperation strategy. The consultation has been prompted by a report published by the Organization for Economic Cooperation and Development. In its report, the OECD set out 25 recommendations for how the U.K. can improve its policies and practices in shaping and complying with international agreements and collaborating with international counterparts when designing and enforcing regulations. The report is intended to cover regulatory practices in general, meaning banking regulation falls within the scope of the recommendations. With the U.K. having left the EU on January 31, 2020, and the end of the U.K.'s transitional period due to end on December 31, 2020, the U.K. Government believes there is an opportunity to build new regulatory practices that support the future prosperity of the U.K.

The U.K. Government has published a "Government Response to the OECD Review of International Regulatory Cooperation of the U.K.", in which it sets out how it proposes to address each of the OECD's 25 recommendations. The consultation aims to gather input on the government's proposals from regulators, business organizations and other interested parties to help it identify priorities for international regulatory cooperation and to ensure that the wider needs of the regulatory and business community are met. Responses to the consultation should be submitted by November 25, 2020.

View the U.K. Government's consultation on its international regulatory cooperation strategy.

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