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Scoping Paper on Formalizing UK-U.S. Regulatory Dialogue

British American Finance Alliance (BAFA) provides paper to the Financial and Regulatory Working Group (FRWG) to help policymakers establish a new, robust mechanism through which coordination and cooperation can take place.

Press Release: UK and US Finance Industries Join Forces to Propose Vision for Closer Regulatory Cooperation

Membership of the British American Finance Alliance:

  • Alternative Investment Management Association (AIMA)
  • American Council of Life Insurers (ACLI)
  • American Property and Casualty Insurance Association (APCIA)
  • Association of British Insurers (ABI)
  • Association of Chartered Certified Accountants (ACCA)
  • Association for Financial Markets in Europe (AFME)
  • BAFT (Bankers Association for Finance and Trade)
  • Bank Policy Institute (BPI)
  • BritishAmerican Business (BAB)
  • City of London Corporation
  • Coalition of Services Industries (CSI)
  • Institute of Chartered Accountants in England and Wales (ICAEW)
  • Investment Association (IA)
  • Investment Company Institute (ICI)
  • London Market Group (LMG)
  • Re-Insurance Association of America (RAA)
  • Securities Industry & Financial Markets Association (SIFMA)
  • TheCityUK (TCUK)
  • The Law Society of England and Wales
  • US Chamber of Commerce (USCC)
  • UK Finance
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Excerpt

Executive Summary

The Financial and Regulatory Working Group (FRWG) presents a unique, unrealized opportunity to establish a
new gold standard in cross-border regulatory coordination and supervisory cooperation between the United
Kingdom (UK) and the United States (U.S.). In this paper, the British American Finance Alliance (BAFA) looks to
help policymakers establish a new, robust mechanism through which coordination and cooperation can take
place.
Our interest in regulatory cooperation is grounded in a desire to see improved and more consistent regulatory
outcomes. More compatible regulatory outcomes, in turn, provide a strong basis for cross-border investment,
growth and job creation across the entire economy – agriculture, manufacturing and services. We believe the
model for regulatory cooperation set out in our paper will provide a robust foundation for stronger economic
outcomes.
The COVID-19 crisis strengthens the case and opportunity for greater UK-U.S. regulatory cooperation.
Minimizing market fragmentation as global economies re-open for business will be central. UK-U.S. regulatory
dialogue will be an important element. COVID-19 has highlighted the importance of sound regulatory
practices in key policy areas such as prudential standards. Greater systematic cooperation in these areas will
ensure a more robust global recovery