TheCityUK, launched the 14th discussion paper in the TheCityUK-China-Britain Business Council’s Free Trade Zone (FTZ) series at a seminar in Pudong, Shanghai.
The paper, titled Supporting Growth and Innovation - Regulation of Financial and Related Professional Services in the UK, has been written by Linklaters, Thomson Reuters, the City of London Corporation and TheCityUK on request from Chinese policymakers as practical support to the development of the FTZ policy.
This paper considers the experience of London and the UK more generally in the regulation of the financial and related professional services industry – focusing primarily on the City of London.
- The London experience has shown that a deep network between regulators, self-regulatory organisations and trade and industry associations have been – and continue to be – vital to the success of the industry.
- As business has become increasingly global, these organisations have built up their connections with organisations across the world, supporting UK inbound and outbound investment.
- There is a place for both statutory and self-regulation of firms and professionals in the financial and related professional services industry.
- The strong engagement of industry professionals in the development and implementation of the regulatory and policy environment for their sector has supported the evolution of a regulatory framework that is workable, effective and contributes to innovation and growth.
- Reputable and representative trade and industry associations – such as TheCityUK – play a key role in providing an effective channel for informed discussion between business, regulators and policymakers.
- To date, 12 FTZ papers and 2 thought pieces have been produced following detailed discussions with Chinese counterparties by the International Experts Consultation Group (IECG) – a joint initiative by TheCityUK and CBBC and chaired by Sir Gerry Grimstone. The IECG was established following the success of the UK-China Symposium on the China (Shanghai) Pilot FTZ in December 2013.
Please click here to access our dedicated page to our FTZ work.