British Lawmakers Mull Measures to Help Banks Retain EU Access After Brexit

In the background of several investment institutions and banks moving their branches out of the UK, British lawmakers are considering how Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term and supervision can evolve to maintain access to the European Union (EU) market after Britain leaves the bloc in 2019, according to Reuters.

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This would, of course, need the nod from the European lawmakers as well, as they are engaged in tough and close negotiations with their British counterparts over the Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term process. It is still unclear how the rules of engagement and trading terms will pan out post-Brexit and it is highly likely that the financial sector will be the most affected.

Already, many financial institutions are preparing for a hard Brexit, in which their access to the EU market will be cut off. With this set to affect their business and regulations a great deal, they have shifted many of their offices and business functions to other cities in Europe, such as Frankfurt.

This has led the sector to persuade the government to ensure that there is a smooth transition period, and the House of Lords financial affairs committee is likely to examine how it can achieve that by maintaining as much access to the EU market as it can.

The committee chairwoman, Kishwer Faulkner, said in a statement: "We would like to explore the options for such engagement”.

One option available to the government would be to frame rules that are very similar to the ones in the EU in return for full access, but it is possible that the results of such rule changes would be far too unpredictable.

The committee is set to start public hearings in September, by which time the Brexit negotiations will be fully underway - more clarity is likely to emerge by that stage.