U.K. Prime Minister Boris Johnson's government introduced a bill that it said would start retooling the post-Brexit financial sector.
The Financial Services Bill's proposals include amendments and extensions to various regulations, updating the regulatory regime to implement Basel III standards and easing the transition for banks to stop using the scandal-plagued Libor benchmark. The post-Brexit transition period expires at the end of 2020.
“This Bill is the first step in shaping a regulatory framework for the U.K.'s financial services sector outside of the EU,” the government said in a statement Wednesday.
The bill also provides for long-term financial-services access between Britain and Gibraltar, the U.K. territory whose relationship with neighboring Spain has been a flashpoint in the Brexit process.
“We must ensure we have a regulatory regime that works for the U.K. and allows us to seize new opportunities in the global economy,” John Glen, economic secretary to the Treasury, said in a statement.
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