‘The architecture for regulating finance after Brexit: Phase II’ is the latest report The International Regulatory Strategy Group (IRSG), produced in collaboration with Linklaters.
The report supports the UK’s current regulatory framework, which is among the most robust in the world and is an important competitive strength for the UK. However, it also points out that after Brexit the UK system will face important choices and will not have the same resources, oversight mechanisms or parliamentary scrutiny as exist within the European system.
The pace and scale of regulatory change over the past ten years has led to considerable regulatory overlap, presenting a pressing need for coordination between regulators.
The report describes how the rapid requirement to onshore EU regulation and competences ahead of Brexit has inescapably resulted in greater complexity, a less coherent rulebook, and fragmented responsibilities within the UK’s regulatory framework.
The IRSG is co-sponsored by TheCityUK and The City of London Corporation.