His Majesty’s Treasury and Japan’s Financial Services Agency published a joint statement recording the third UK-Japan Financial Regulatory Forum meeting held in London on 30 January 2025, alongside joint sessions with the sixth Financial Dialogue. The statement summarises discussions and areas of cooperation spanning sustainable and climate finance, asset management, capital markets, digital finance and international financial stability. On sustainable and climate finance, the two sides exchanged updates on transition finance, transition plans, sustainability reporting and ESG ratings, reaffirmed support for the International Sustainability Standards Board, and agreed on the importance of consistency across jurisdictions. The forum welcomed the IFRS Foundation’s decision to assume responsibility for the transition plan disclosure materials developed by the UK’s Transition Plan Taskforce, discussed regulation and industry codes for ESG ratings and data providers, and shared multilateral work updates across the Financial Stability Board, IOSCO’s Sustainability Taskforce and the G20 Sustainable Finance Working Group. Other sessions covered Japan’s efforts to promote itself as an asset management centre, the UK’s work on improving information for retail investors, progress on T+1 settlement in both markets, recent changes to UK Listing Rules and a UK consultation on the public offers and admissions regime, as well as the UK’s Digital Securities Sandbox, artificial intelligence in financial services, Japan’s cryptoasset developments and implementation of agreed FSB frameworks for cryptoasset markets and stablecoins. The international stability discussion covered bank regulation and resolution, full and consistent implementation of Basel III, and ongoing work on non-bank financial intermediation including NBFI leverage and implementation of agreed FSB NBFI policies. Participants looked ahead to the next Financial Regulatory Forum, to be held in Japan.

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