On 22 October 2020, HM Treasury issued a statement following the third meeting of the UK – US Financial Regulatory Working Group which met virtually on 20 October 2020. The statement outlines the key themes of the meeting and the main topics of discussion. The Working Group meeting focused on five key themes: (1) the economic response to, and potential financial stability impacts of, the COVID-19 pandemic; (2) international cooperation and 2021 priorities; (3) cross-border rules and overseas recognition/equivalence/substituted compliance regimes; (4) sustainable finance; and (5) financial innovation.

At the meeting, UK and U.S. participants discussed the economic response to, and potential financial stability impacts of the COVID-19 crisis. Participants also discussed the outlook for financial regulatory reforms and future priorities, including possible areas for deeper bilateral and multilateral regulatory cooperation to further facilitate safe and efficient financial services activity between U.S. and UK markets, and provided updates on certain aspects of their respective domestic frameworks.