The British American Finance Alliance (BAFA) has published a new paper urging governments on both sides of the Atlantic to accelerate regulatory cooperation — to help unlock widespread economic benefits, from job creation and consumer savings through to business growth and increased innovation.
The paper sets out how the significant role financial and related professional services have to play in driving growth on both sides of the Atlantic and contribute to wider strategic objectives. Realising this potential will require bilateral regulatory collaboration to enhance policy coherence, ensuring that policies and rules support transatlantic investment and employment. This is a goal that the BAFA plays an important role in supporting policymakers and regulators to achieve. With the establishment of the new UK-US Transatlantic Taskforce for Future Markets aimed to facilitate this enhanced cooperation, BAFA urges governments to ensure systematic input from and close consultation with industry.
As the Secretariat of BAFA and a member of its Executive Committee, TheCityUK will continue to support this important work in deepening and broadening engagement with the U.S. and UK authorities.
About BAFA
The British American Finance Alliance (BAFA) comprises over 20 groups representing the U.S. and UK financial and related professional services industries. It is chaired jointly by Chris Hayward, Deputy Chair, TheCityUK Board and Policy Chairman of at the City of London Corporation (CoLC), and Ken Bentsen, CEO and President of the Securities and Financial Markets Association (SIFMA).
The Alliance was launched in October 2020 with the aim of promoting a united business vision for U.S.-UK regulatory cooperation and dialogue. The initiative was intended to support the U.S.-UK Financial Regulatory Working Group (FRWG), which brought together the two Treasury departments and independent regulatory authorities “to deepen bilateral regulatory cooperation and to enhance: financial stability; investor protection; fair, orderly, and efficient markets; and capital formation across both jurisdictions”.