The 13th official meeting of the UK-U.S. Financial Regulatory Working Group (FRWG) was hosted by His Majesty’s Treasury (HM Treasury) in London on July 8, 2026.
Senior officials from the U.S. Treasury and HM Treasury were joined by representatives from the Bank of England, Financial Conduct Authority, Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the Securities and Exchange Commission. Participants expressed views on issues in their organizations’ respective areas of responsibility.
The Working Group meeting emphasized close, ongoing U.S. and UK cooperation and focused on several key themes, including 1) economic and financial stability outlook; 2) digital finance and operational resilience; 3) regulatory modernisation and international regulatory developments; and 4) the U.S.-UK Transatlantic Taskforce for Markets of the Future (TTMF). The TTMF announced its initial recommendations on July 14, along with a U.S.-UK joint statement on stablecoins, laying the foundations for continued U.S. and UK leadership in digital assets and capital markets.
The meeting opened with a broad discussion of the U.S. and UK economic and financial stability outlooks, with participants taking stock of current economic trends and market conditions. Both U.S. Treasury and HM Treasury emphasized the importance of modernizing regulation and protecting financial stability to boost economic growth.
Participants discussed issues related to digital finance, emphasizing broad support for the responsible use and growth of digital assets and digital financial innovation globally. Authorities provided updates on their respective regulatory regimes for digital assets, including stablecoins, as well as on their work to modernize payment services more broadly. U.S. authorities provided an update on implementing the GENIUS Act for stablecoins and on digital asset market structure. The discussion also covered the G20 Cross-border Payments Roadmap. Participants discussed their priorities for tokenisation, with UK authorities updating on their work to deliver the Wholesale Financial Markets Digital Strategy, including the appointment of Christopher Woolard CBE as the UK’s Wholesale Digital Markets Champion.
Participants exchanged views on their approaches to Artificial Intelligence (AI) in financial services, to support responsible adoption across the financial sector. Both U.S. and UK authorities discussed ways to work together and with the financial services industry to realize the potential of the technology, while mitigating potential risks. Each side also shared information about its approach to enhance cybersecurity and operational resilience in the financial sector.
Participants continued with a discussion on multilateral developments, with both jurisdictions updating on their respective workstreams and priorities for current and upcoming G20 and G7 Presidencies, focusing on financial sector issues. The Working Group then discussed developments in non-bank financial intermediation (NBFI) including private markets, noting the vital role of the sector in financing the real economy and ongoing work to deepen understanding of potential vulnerabilities, including at the FSB. U.S. and UK authorities also discussed developments in their respective domestic banking systems, resolution frameworks, and banking regulation, including steps to finalize Basel III and efforts to modernize regulation and supervision.
Participants then discussed capital markets developments in both jurisdictions, with HM Treasury setting out the UK government’s recent delivery of reforms to boost UK capital markets. U.S. and UK authorities also conferred on developments in life insurance markets, including the UK’s recent consultation paper on funded reinsurance.
The Working Group’s final session focused on the TTMF, with a progress report on work since the last FRWG and a discussion of the final recommendations ahead of their publication.
The Working Group plans to reconvene in early 2027 to continue its ongoing biannual dialogue, first established in 2018, to deepen bilateral regulatory cooperation between the United States and UK and to enhance robust economic growth; financial stability; investor protection; fair, orderly, and efficient markets; and capital formation across both jurisdictions.
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