Michael RaffanFrom: Brexit and Financial Regulation
Edited By: Jonathan Herbst, Simon Lovegrove
This chapter looks at the different international regulatory bodies and their work, and considers their future impact on the UK. As home to one of the world’s leading global financial centres, the UK has historically played an important role in the development and implementation of international standards. UK regulators are members of international standard-setting bodies and UK firms participate in international organisations. It is not anticipated that Brexit will change this position. Indeed, once the UK leaves the EU, its participation in global discussions and international standard-setting will become all the more important as the UK seeks to continue to exert its influence internationally, and helps to set the basis for legislation and regulation around the world. The chapter then details the mission and structure of a number of international bodies. These include the Organisation for Economic Co-operation and Development; the International Monetary Fund; the Bank for International Settlements; the Financial Stability Board; the Financial Action Task Force; the Basel Committee on Banking Supervision; the International Organization of Securities Commission; and the Markets Committee.