HM Treasury and the U.S. Department of the Treasury publish joint statement on the 11th UK-U.S. Financial Regulatory Working Group and plan to reconvene by early 2026

HM Treasury and the U.S. Department of the Treasury published a joint statement recording discussions and outcomes from the 11th UK-U.S. Financial Regulatory Working Group meeting in London on 3 June 2025. The authorities reviewed the economic and financial stability outlook and exchanged updates on regulatory initiatives spanning non-bank financial intermediation, banking regulation and resolution, cybersecurity and operational resilience, digital finance, and the investment and capital markets environment. Participants included the Bank of England, the Financial Conduct Authority, the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission. Discussion covered multilateral work in the Financial Stability Board and the G20 and welcomed confirmation of the Governor of the Bank of England as Financial Stability Board Chair; the UK also highlighted passage of the Bank Resolution (Recapitalisation) Act. Digital finance sessions focused on progress on stablecoin legislation, the UK’s Digital Securities Sandbox, cross-border payments under the G20 Cross-Border Payments Roadmap, payments modernisation, and approaches to artificial intelligence use cases and risk mitigation. On market structure, HM Treasury reiterated its commitment to move the UK to a T+1 settlement cycle in October 2027, while U.S. participants shared observations from their May 2024 transition; UK regulators also updated on changes to the UK Listing Rules. The Working Group agreed to reconvene by early 2026 and to maintain open dialogue on shared priorities through the ongoing biannual forum established in 2018.