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Clifford Chance

Brexit: The future of financial regulation and supervision

The House of Lords EU Financial Affairs sub-committee published its report "Brexit: the future of financial regulation and supervision" on 27 January 2018. The purpose of the inquiry was to examine how financial regulation and supervision could evolve following Brexit in order to promote the stability and development of the UK's domestic market while enabling it to continue to serve international business. Clifford Chance Partner, Simon Gleeson, gave evidence to the inquiry and is extensively quoted in the report. In discussing the incorporation of EU regulation into UK law Gleeson said: “If we simply copy Europe … we will be moving into our primary legislation stuff that properly belongs in regulators’ rulebooks … If we take a bunch of regulatory material that, almost by its nature, should be reasonably dynamic, and hard-bake it into statutory instruments, we are creating a monstrous procedural problem for ourselves in how we regulate the market.”

Briefings

27 January 2018

Brexit: The future of financial regulation and supervision

The House of Lords EU Financial Affairs sub-committee published its report "Brexit: the future of financial regulation and supervision" on 27 January 2018. The purpose of the inquiry was to examine how financial regulation and supervision could evolve following Brexit in order to promote the stability and development of the UK's domestic market while enabling it to continue to serve international business. Clifford Chance Partner, Simon Gleeson, gave evidence to the inquiry and is extensively quoted in the report. In discussing the incorporation of EU regulation into UK law Gleeson said: “If we simply copy Europe … we will be moving into our primary legislation stuff that properly belongs in regulators’ rulebooks … If we take a bunch of regulatory material that, almost by its nature, should be reasonably dynamic, and hard-bake it into statutory instruments, we are creating a monstrous procedural problem for ourselves in how we regulate the market.”

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