- BoE's Monetary Policy Committee member Cunliffe: Future regulatory and supervisory arrangements between EU and UK need to be stable and built on good faith
Market news
11 February 2020
BoE's Monetary Policy Committee member Cunliffe: Future regulatory and supervisory arrangements between EU and UK need to be stable and built on good faith
- The future relationship between the UK and the EU is not yet fixed, it will depend on the outcomes of the negotiation that has now commenced
- It is conceivable that the global markets in London will transfer to EU jurisdictions. But I suspect that will not be likely and if it did happen it would not happen quickly
- Though the financial connections between us [UK and EU] will change and adapt, they will not be severed
- UK, and the global financial centre we host, will remain open to access from the EU and its members as we are open to access from the US and Asia
- UK cannot outsource regulation and supervision of the world's leading complex financial system to another jurisdiction
- Future regulatory and supervisory arrangements between the EU and the UK need to be stable and built on good faith
- We need on both sides to have deep supervisory cooperation in all areas of cross border financial activity - banking, insurance, markets and market infrastructure
- Arrangements for shared supervision, therefore, need to be worked out carefully, subject to agreed procedures and, crucially, recognise the primacy of the lead supervisor. And, given the systemic importance of global infrastructure to many jurisdictions, they must above all be stable
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