European System of Financial Supervisors

HM Treasury written question – answered on 8th November 2017.

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Photo of Jacob Rees-Mogg Jacob Rees-Mogg Conservative, North East Somerset

To ask Mr Chancellor of the Exchequer, what provisions have been made to replace the role of the European Securities and Markets Authority, the European Banking Authority and the European Insurance Occupational Pension Authority in the UK.

Photo of Stephen Barclay Stephen Barclay The Economic Secretary to the Treasury

The European Union (Withdrawal) Bill will convert all directly applicable European Union financial services legislation into British law. The powers under that Bill will be used to transfer functions currently undertaken by EU institutions to an appropriate UK body.

The future of our relationship with the European Supervisory Authorities is subject to the outcome of the withdrawal negotiations. The UK and the EU will start from the unique position of regulatory alignment. We will look to create a new framework that allows for continued trust in one another’s institutions and a close partnership.

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