The Government has published its response to the House of Lords EU Committee Report on financial regulation and supervision after Brexit. It offers assurances that:
- the UK will continue to lead global standards;
- the Government is already taking action under the EU Withdrawal Bill to incorporate the acquis. It is working on how to address the “inoperables”, such as bodies that will no longer have jurisdiction and how it will deal with agreements the EU has with third countries. The Government is working on “onshoring” EU legislation in a way consistent with the current UK regulatory framework;
- the Government is actively seeking agreement on the transition and implementation period. It understands the urgency and the need for certainty and also the importance of avoiding outcomes that impose unnecessary costs and disruption on individuals and businesses;
- it is a priority to agree the exact structure for market access. The Government is, among other things, confident in its ability to agree an ambitious free trade agreement;
- the recommendations on supervisory co-operation will form part of the Government’s work; and
- the Government is committed to strengthening the UK’s positions in the markets of the future.