Joint Statement on U.S.-UK Financial Regulatory Working Group Meeting

12 Sep, 2024

Joint Statement on U.S.-UK Financial Regulatory Working Group Meeting

The U.S.-UK Financial Regulatory Working Group held its tenth meeting on September 3, 2024, in Washington, D.C. Officials from HM Treasury, the U.S. Department of the Treasury, and various regulatory bodies discussed key financial topics, including the economic outlook, banking regulations, and the evolving digital finance landscape.

Participants focused on important themes such as operational resilience, climate-related financial risks, and sustainable finance. The UK and U.S. shared insights on AI usage in financial services, tokenization, and cross-border payments. Both sides emphasized the need for regulatory cooperation to ensure stability and innovation in these areas.

Discussions also addressed capital markets regulation and the progress of reforms in non-bank financial intermediation (NBFI). Participants highlighted the importance of maintaining resilience in the NBFI sector and implementing necessary regulatory changes. The meeting reinforced the strong partnership between the UK and U.S. in financial regulation and the shared commitment to financial stability and market efficiency.

The group agreed to meet again in May 2025 to continue these discussions, emphasizing the importance of ongoing dialogue to address mutual financial priorities and ensure regulatory alignment in an ever-evolving global economy.