EU-UK Financial Regulatory Forum release joint statement

The first meeting of the EU-UK Forum took place on 19 October. It was attended by the UK and EU regulators and the ESAs. The shared objectives of the parties included the preservation of financial stability, market integrity and the protection of investors and consumers.

The main subjects covered in the meeting included:

• The impact of uncertain global economic outlook and the current challenging geopolitical situation on market developments and financial stability;
• The vulnerabilities in non-bank financial intermediation (NBFI), which could be strengthened by finalising and implementing international reforms;
• The need for international cooperation and bilateral dialogue when monitoring and enhancing the resilience of the financial system and support for FSB and the Basel Committee’s work on Banking Supervision;
• The importance of jurisdictions implementing in their legal orders the FSB’s high-level recommendations on crypto-asset activities and stablecoins; and
• Progress on taxonomy implementation and the importance of ensuring the interoperability of standards, including on disclosure requirements and support for work of the ISSB.

The next meeting of the Forum is expected in spring 2024 in Brussels.