Lords launches inquiry into EU market access after Brexit

The European Union Financial Affairs Sub-Committee has launched a new inquiry into the future of financial regulation and supervision post Brexit.

The committee wants to examine how financial regulation and supervision can evolve following Brexit in order to ensure financial stability and potentially to maintain equivalence or some other form of close relationship between the UK and EU regulatory regimes in order to preserve market access.

The inquiry will encompass an assessment of not only the body of regulation, but also the institutional structures that support it, according to the statement.

The committee said that it will consider in particular the scope for the UK to adapt its own regime to new circumstances post-Brexit and foster innovation, while still maintaining market access.

It will also discuss the differences between the UK, EU and international regimes in financial regulation and where gaps exist, and whether there are areas in which it could be beneficial for the UK to deviate from the EU’s current framework in future.

The committee's report will receive a response from the government, and may be debated in the House.

The committee has called for individuals and organisations to submit evidence to its inquiry by 29 September 2017 and public hearings are expected to begin in September.

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