BoE Says UK Should Not Be 'Rule-Taker' After Brexit
Law360, London (May 16, 2019, 8:07 PM BST) -- The U.K.'s banking supervisor warned Thursday against Britain becoming a "rule-taker" after Brexit, stressing it was important for the country to shape its own rules for the financial services sector.
Sam Woods, the chief executive of the Prudential Regulation Authority, said at a conference in Switzerland that while "there was no reason to be alarmed" if the U.K sticks to its current system of mirroring the European Union's rulebook, it would not be ideal.
Woods, who leads the Bank of England's regulatory arm, told the audience at the UBS Financial Institutions Conference in Lausanne this could be "undesirable if it came...
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