UK regulation after Brexit

Introduction On 16 May 2019, the PRA published a speech given by its CEO, Sam Woods. In his speech Mr Woods discusses what the UK system of financial regulation might look like after the UK leaves the EU. Stringency Mr Woods states that in terms of the stringency of financial regulation, the PRA has a clear view of what would make sense for the UK in a post-Brexit environment: the PRA should keep financial regulation calibrated roughly where it is now and it has no desire whatsoever to weaken it. The PRA also believes that financial regulation should keep pace with new developments and continually patch any weak parts of the regulatory system, but overall following 10 years of regulatory reform the new architecture should be left to do its job. First principles Mr Woods then talks about the ‘style’ of regulation the UK should aim for and explores the differences between EU and UK approaches to implementing regulatory rules. In terms of style Mr Wood begins with…

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