Role of the Treasury
Officials
Organizational Chart
Orders and Directives
Domestic Finance
Economic Policy
Equity Hub
General Counsel
International Affairs
Management
Public Affairs
Tax Policy
Terrorism and Financial Intelligence
Inspectors General
Alcohol and Tobacco Tax and Trade Bureau (TTB)
Bureau of Engraving & Printing (BEP)
Financial Crimes Enforcement Network (FinCEN)
Bureau of the Fiscal Service (BFS)
Internal Revenue Service (IRS)
Office of the Comptroller of the Currency (OCC)
U.S. Mint
Office of Inspector General (OIG)
Treasury Inspector General for Tax Administration (TIGTA)
Special Inspector General for the Troubled Asset Relief Program (SIGTARP)
Special Inspector General for Pandemic Recovery (SIGPR)
Strategic Plan
Budget Request/Annual Performance Plan and Reports
Agency Financial Report
Inspector General Audits and Investigative Reports
Climate Action Plan
Curator
History Overview
Prior Secretaries
Prior Treasurers
The Treasury Building
Collections
Freedman’s Bank Building
At Headquarters
At Our Bureaus
Top 10 Reasons to Work Here
Benefits and Growth
Diversity
Veterans Employment
Pathways
How to Apply
Search Jobs
American Families and Workers
Small Businesses
State, Local, and Tribal Governments
American Industry
Revenue Proposals
Tax Expenditures
International Tax
Treaties and Related Documents
Foreign Account Tax Compliance Act (FATCA)
Reports
Tax Analysis
Tax Regulatory Reform
Treasury Coupon Issues
Corporate Bond Yield Curve
Economic Policy Reports
Social Security and Medicare
Total Taxable Resources
Sanctions
Asset Forfeiture
311 Actions
Terrorist Finance Tracking Program
Money Laundering
Financial Action Task Force
Protecting Charitable Organizations
Treasury Quarterly Refunding
Interest Rate Statistics
Treasury Securities
Treasury Investor Data
Debt Management Research
Cash and Debt Forecasting
Debt Limit
Financial Stability Oversight Council
Federal Insurance Office
RESTORE Act
1603 Program
The Community Development Financial Institution (CDFI) Fund
Making Home Affordable
Specially Designated Nationals List (SDN List)
Consolidated Sanctions List
Search OFAC’s Sanctions Lists
Additional Sanctions Lists
OFAC Recent Actions
Sanctions Programs and Country Information
Frequently Asked Questions
OFAC Civil Penalties and Enforcement
Contact OFAC
Financial Literacy and Education Commission
Mymoney.gov
Innovations in Financial Services
Featured Research
The Committee on Foreign Investment in the United States (CFIUS)
Exchange Stabilization Fund
G-7 and G-20
International Monetary Fund
Multilateral Development Banks
Macroeconomic and Foreign Exchange Policies of Major Trading Partners
Exchange Rate Analysis
U.S.-China Comprehensive Strategic Economic Dialogue (CED)
Small and Disadvantaged Business Utilization
Small Business Lending Fund
State Small Business Credit Initiative
Daily Treasury Par Yield Curve Rates
Daily Treasury Par Real Yield Curve Rates
Daily Treasury Bill Rates
Daily Treasury Long-Term Rates
Daily Treasury Real Long-Term Rates
Treasury Coupon Issues
Corporate Bond Yield Curve
Monthly Treasury Statement
Daily Treasury Statement
USAspending.gov
National Debt to the Penny
Debt Management Overview and Quarterly Refunding Process
Most Recent Documents
Archives
Webcasts
U.S International Portfolio Investment Statistics
Release Dates
Forms and Instructions
Reports
Report COVID-19 Scam Attempts
Report Scam Attempts
Report Fraud Related to Government Contracts
Inspectors General
Buy, Manage, and Redeem
Treasury Hunt – Search for Matured Bonds
Cashing Savings Bonds in Disaster-Declared Areas
Frequently Asked Questions
Pay for Results (SIPPRA)
RESTORE Act
Community Development Financial Institution (CDFI) Fund
Where is my Refund?
Lost or Expired Check
Direct Express Card
Non-Benefit Federal Payments
Electronic Federal Benefit Payments – GoDirect
Shop for Coin Products
Shop for Currency Products
Redeem Damaged Currency
Bureau of Engraving and Printing
U.S Mint
IRS Auctions
Real Estate
General Property, Vehicles, Vessels & Aircraft
Applications
Frequently Asked Questions
Internal Revenue Service (IRS)
IRS Forms, Instructions & Publications
Refund Status
Foreign Account Tax Compliance Act
IRS Forms and Instructions
Savings Bonds – Treasury Securities
Bank Secrecy Act – Fincen 114 and more
OFAC Reporting and License Applications
Treasury International Capital (TIC)
Enterprise Business Solutions (EBS)
Treasury Franchise Fund (TFF)
Administrative Resource Center (ARC)
Shared Services Program (SSP)
TreasuryDirect
Invoice Processing Platform
Historic Treasury Building
Library
Curator
Bureau of Engraving and Printing
U.S. Mint
Press Contacts
Weekly Public Schedule Archive
Webcasts
Media Advisories Archive
Subscribe to Press Releases
UK and U.S. participants held the sixth meeting of the UK-U.S. Financial Regulatory Working Group (the Working Group) virtually on 21 July 2022. The Working Group was formed in 2018 to deepen bilateral regulatory cooperation with a view to the further promotion of financial stability; investor protection; fair, orderly, and efficient markets; and capital formation in both jurisdictions.
Participants included officials and senior staff from HM Treasury and the U.S. Department of the Treasury, and from UK and U.S. independent regulatory agencies, including the Bank of England (BOE), the Financial Conduct Authority (FCA), the Board of Governors of the Federal Reserve System (Federal Reserve Board), the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), the Office of Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC). UK and U.S. participants shared views on issues in their respective areas of responsibility.
The Working Group meeting focused on seven themes: (1) international and bilateral cooperation, (2) benchmark transition, (3) financial innovation, (4) sustainable finance, (5) non-bank financial intermediation, (6) operational resilience, and (7) cross-border regimes.
At the meeting, participants took stock of market developments since Russia’s unprovoked and unjustifiable invasion of Ukraine. The Working Group also discussed ongoing international and bilateral cooperation and areas of mutual interest where cooperation can continue to be strengthened to promote global standards. The Working Group Co-Chairs highlighted their continued commitment to, and support for, robust financial markets and international financial regulatory standards that promote financial stability and mitigate unintended market fragmentation. They also exchanged views on respective international financial sector priorities at the G7, the G20, the Financial Stability Board (FSB), and the International Organisation of Securities Commissions (IOSCO).
Participants discussed risks in the Non-Bank Financial Intermediation (NBFI) sector and interconnectedness with other financial and non-financial actors. Participants discussed the need to take steps toward strengthening the resilience of the sector, including strengthening liquidity risk management practices and expressed support for future cooperation, including in relevant international fora, in this regard.
The Working Group also discussed the mutual desire to promote multilateral cooperation around risk management in global derivatives and banking markets. It also discussed the importance of minimizing regulatory fragmentation by limiting differences in the substance and timing of implementation of international standards that would otherwise disincentivise market participants from undertaking certain cross-border activities.
On Basel III reforms, participants reaffirmed their commitment to the final prudential standards and reiterated the value of global cooperation in their implementation. Participants agreed to discuss further when respective authorities bring forward their implementation proposals.
On the topic of financial innovation, participants reflected on the outcomes of the U.S.-UK Financial Innovation Partnership meeting in June 2022. This included exchanging views on crypto-asset regulation and recent market developments, including those in relation to stablecoins, and the exploration of central bank digital currencies (CBDCs). All participants committed to continued cooperation to support safe financial innovation, as well as to strengthen regulatory outcomes for stablecoins across jurisdictions. Participants also considered future opportunities for further discussion on broader crypto-asset regulatory initiatives. Participants recognised the continued importance of the ongoing partnership on global financial innovation and acknowledged the importance of both maintaining and further engaging in multilateral discussions on these topics.
Participants took stock of ongoing efforts in relation to LIBOR transition, the FCA’s recent consultation on winding down ‘synthetic’ sterling LIBOR and its request seeking views on the need for any synthetic U.S. dollar LIBOR rates, and the importance of continuing to transition to robust alternative reference rates across jurisdictions, whilst welcoming the successful completion of the important end-2021 milestones. They noted the importance of maintaining a coordinated approach in the lead up to the cessation of remaining USD LIBOR settings at the end of June 2023.
Participants discussed domestic and international progress made on work relating to sustainable finance this year and discussed priorities and issues for continued work and cooperation, both multilaterally and bilaterally. They also provided respective domestic updates. U.S. participants discussed work undertaken by U.S. agencies, including as outlined in the U.S. Financial Stability Oversight Council’s Report on Climate-Related Financial Risk. UK participants discussed the Climate Biennial Exploratory Scenario and the UK noted the usefulness of scenario analysis as a tool for supervisory risk assessments and financial institutions. Participants also discussed Environmental, Social, and Governance (ESG) data and ratings providers and provided updates on the development of climate-related financial disclosures regimes.
UK and U.S. participants also welcomed the progress of the International Sustainability Standards Board (ISSB) as it develops a global baseline for corporate reporting on sustainability, noting the importance of interoperability of reporting across different jurisdictional approaches
In addition, participants discussed ongoing cooperation on international efforts to address climate change issues within the financial sector, including the FSB’s Roadmap for Addressing Climate-Related Financial Risk, and the G20 Sustainable Finance Working Group and Sustainable Finance Roadmap.
Participants discussed regulatory approaches to ‘critical’ third-party providers, in particular those that provide services across borders and across sectors, and noted the need for financial authorities to understand and manage the financial stability and market confidence risks that could arise as a result of failure of or disruption at third-party providers. Participants discussed the value of developing shared, international approaches to identifying critical services and providers; expectations for their use in the financial sector; and collaborative methods of assurance, and the importance of promoting cooperation on a bilateral and multilateral basis between relevant authorities on this issue.
Participants will conduct follow-up work on the above topics and other issues of mutual interest through bilateral engagement and in multilateral fora ahead of the next Working Group meeting, which is expected to occur later in 2022.