Great Britain says financial reforms will be in the same “orbit” as the EU and the United States – #Great #Britain #financial #reforms #orbit #United #States
LONDON, March 9 (Reuters) – Britain’s financial services minister, Andrew Griffith, said on Thursday that revised rules for Britain’s financial market are largely aimed at minimizing disruption to global companies. USA and Europe It will be adapted to the rules of the Union.
Britain 2020left the EU in , and since then Britain The changes, known as the ‘Edinburgh Reforms’, come under pressure to strengthen the city of London as a hub for company listings after chip designer Arm’s rejection offer did
The EU and the United States have also implemented market reforms and Britain the changes were originally called “Big Explosion” style shake-up, global banks want to avoid a major disagreement on rules that would increase their costs.
Griffith said Britain has a “clear vision” for ambitious practical reforms to make the country’s regulation more proportionate, simpler, modern and based on high standards.
“We already USAWe’re building great relationships with our European colleagues, like with , and we want to stay in the regulatory orbit as much as we can, because I know a lot of you do cross-border business,” Griffith said.
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“We don’t want to be the third pole, we just want to operate in a way that helps your markets work as well as possible,” he told the FIX trade conference.
British regulators will have to take the sector’s international competitiveness into account when writing the rules.
“We will only do it in a balanced and orderly way, trying to remove friction from the system, not add to it,” he said.
Leading the reform of EU securities regulations Europe Danuta Huebner, a member of parliament, said the Edinburgh Reforms focused more on risk-taking and competitiveness, but it was unclear whether this would mean leaving the EU.
“I understand what’s happening on both sides of the Channel that the language is one of reform rather than difference, and I think we should stick to that,” Huebner said, adding that the EU and the UK. after all, it was on track to normalize post-Brexit relations.
The 27-member bloc said this week it would activate a new forum for UK and EU regulators to exchange ideas, key to easing tensions over issues such as derivatives clearing.
By Huw Jones report; Edited by Toby Chopra and Alexander Smith
Our standards: Thomson Reuters Trust Principles.
2023-03-09 17:30:33
Source – reuters
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