HM Treasury and the European Commission have asked the European Central Bank and the Bank of England to convene a technical working group on risk management.
In response Miles Celic, Chief Executive Officer, TheCityUK, said,
Not all challenges thrown up by Brexit can be solved by the industry, the UK or the EU in isolation. There are many practical issues which require close regulatory dialogue and cooperation. The new working group is a positive and pragmatic development. We look forward to engaging with it and are confident that real progress can be made quickly.
This move should further reassure customers and clients that the authorities on both sides are committed to providing greater legal certainty and ensuring a smooth and orderly Brexit.