Brexit
HoL EU Services Sub-Committee report on trade in services
On 24 March, the HoL European Union Committee published a new report on UK-EU trade in services. The report concludes that despite the agreement of the Trade and Cooperation Agreement (TCA), the UK and EU still have work to do in overcoming the significant challenges that remain for trade in services. The report focuses on the implications on sectors including: (i) financial services, the TCA does not include substantive provisions on financial services, and delays to key decisions about the future relationship, particularly on equivalence, mean that the sector is still in a period of uncertainty. The UK’s exit from the passporting regime has led to the movement of some activity to the EU and firms facing the challenges involved in navigating different market access requirements in each Member State. The Committee is concerned that over time this may lead to a big shift of people and assets out of the UK. The Commit
UK regulatory changes forStablecoins and cryptoassets on the horizon
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The Consultation represents the first stage in the government’s consultative process with industry and stakeholders on the broader regulatory approach to cryptoassets and stablecoins. It seeks views on how the UK can ensure that its regulatory framework is equipped to harness the benefits of new technologies, supporting innovation and competition, while mitigating risks to consumers and stability.
The government established the Cryptoassets Taskforce in 2018 (Taskforce) with senior representatives from the Bank of England, the Financial Conduct Authority (FCA) and HM Treasury with attendance by the Payments Systems Regulator. The mandate of the Taskforce is to consider the risks and benefits posed by cryptoassets and DLT in the UK, and to advise on the appropriate regulatory response. In 2018, the Taskforce found that DLT could have a significant impact across a range of industri
Taking stock of the financial sector policy response to COVID-19 around the world
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The massive macro-financial shock caused by the COVID-19 pandemic has precipitated an unprecedented global recession and put the financial sector under strain. Aiming to mitigate the impact, financial sector authorities around the world have reacted by implementing a wide-ranging set of support measures to preserve the well-functioning of core markets and maintain the provision of critical financial services to the real economy, including lending and payments, while at the same time safeguarding bank balance sheet transparency and financial stability (e.g. Altavilla et al. 2020, FSB 2020).
Tracking interventions is key to benchmark policy responses across countries, evaluate their effectiveness and potential unintended consequences, and inform policy making going forward. To this end, The World Bank has compiled a publicly available database with financial sector policy measures (Alonso Gispert
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