International and EU
Related information
For detailed information on the Money Laundering Regulations 2007 see the Financial Crime section.
London is the world's largest and most diverse international market-place. The financial services sector accounts for around 9% of UK GDP. As the UK regulator we play a key role in international regulation.
Because of the increasingly global nature of markets, regulators have been increasing the levels of regulatory communication and co-operation and enhancing the role of international standard setting regulatory organisations. The FSA participates actively in these fora, which include the Basel Committee, the International Organisation of Securities Commissions, the International Association of Insurance Supervisors. Globally agreed standards are typically then adapted and applied to local markets.
Much UK Financial Services regulation originates in the European Union. The EU is also very active in developing rules for Europe's financial markets that are designed to deepen the Internal Market. Since the UK has to give effect to European law, active engagement with Europe is essential. Indeed, around 70% of the FSA's policymaking effort is driven by European initiatives, including the Financial Services Action Plan (FSAP).
It is crucial that the standards which are developed in international fora are proportionate and informed by economic analysis. Otherwise, better regulation domestically would be significantly more difficult to achieve.
Key priorities for our work in the EU & international area
- 'Better Regulation', i.e. extensive consultation with stakeholders, consideration of the use of non-legislative tools, rigorous impact assessments of policy options, and subsequent review of measures to assess their actual impact;
- Continued commitment to a strenthened Lamfalussy structure;
- Enhanced supervisory co-operation in the EU and international context to improve oversight of firms operating on a cross-border basis;
- Promotion of principles-based and risk-based approaches in global fora, such as the sectoral committees and the Financial Stability Forum (FSF).
Implementation of EU Directives
Directives implemented in the UK
- Capital Requirements Directive (CRD)/Basel 2
- Markets in Financial Instruments Directive (MiFID)
- Transparency Directive
- Third Money Laundering Directive [PDF]
Influencing initiatives currently under negotiation or discussion:
You will find information on the FSAP and all Directives at or moving towards the implementation stage, as well as on other initiatives currently under consideration, in the EU pages.
For information on the main global committees, their objectives and their key recent activities, please see the international page.