On 18 September 2018, the US-UK Financial Regulatory Working Group (the FRWG) issued a joint statement (the Statement) on their inaugural meeting. The FRWG was first announced in a joint statement on 19 April 2018.
The Statement notes that attendees of the FRWG (senior members of HM Treasury and the U.S. Department of the Treasury) discussed the outlook for future financial regulatory reforms to strengthen US-UK cooperation in the financial services markets. The implications of Brexit on financial stability and regulation were also discussed – with a particular concern raised on contract continuity. The concerns were underscored with the mutual understanding of the importance of maintaining bilateral US-UK financial services activity post-Brexit.
The FRWG is next due to meet in H1 2019.