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London, Washington Prepare Joint Post-Brexit Banking Rules – US Treasury Dept.

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WASHINGTON (Sputnik) – A joint US-UK financial regulatory working group has begun working on harmonized regulations for banks and other financial institutions in preparation for the United Kingdom’s departure from the European Union, the US Department of the Treasury announced in a press release on Tuesday.

"The Working Group was formed to deepen our bilateral regulatory cooperation with a view to the further promotion of financial stability; investor protection; fair, orderly, and efficient markets; and capital formation in both jurisdictions," the release said, adding that the "cooperation is especially important given transition in the UK’s regulatory relationships as it withdraws from the European Union."

READ MORE: May Says EU Citizens Won't Get Preferences After Brexit — Reports

At a recent inaugural meeting for the working group, US and UK participants discussed the outlook for financial regulatory reforms and future priorities, including possible areas for deeper regulatory cooperation to facilitate further financial services activity between US and UK markets, the release said.

A still image from video shows Bank of England Governor Mark Carney speaking to members of Britain's parliament about the country's membership of the European Union, in London, Britain March 8, 2016. - Sputnik International
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The group consists of officials and senior staff from the Treasury departments of both nations, as well as US and UK independent regulatory agencies such as the Board of Governors of the US Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of Comptroller of the Currency, Securities and Exchange Commission, the Bank of England and the UK Financial Conduct Authority, the release noted.

The prospect of Brexit has already diminished London’s role as Europe’s financial hub, according to published reports.

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