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BoE's Woods warns against rule-taking after Brexit

( May 16, 2019, 11:29 GMT | Official Statement) -- MLex Summary: The UK should not become a rule-taker in financial services after Brexit, deputy Bank of England governor Sam Woods has said, asserting that the UK should prioritize adaptability, proportionality and robustness. The EU’s approach of implementing a “large body of technical rules” in primary legislation is “radically different” from the UK tradition of granting greater discretion to regulators, and might not make sense after Brexit, he said. The stringency of the regulation should remain as it is now, Woods said.Speech attached....

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