Should the UK eventually leave the EU, the two jurisdictions should establish a high-level regulatory committee made up of supervisors from both sides to maintain financial stability, said the European Shadow Financial Regulatory Committee (ESFRC) in a statement.

As part of its commitment to greater transparency, the US Federal Reserve Board has released more details about how it will stress test banks under its watch.

US regulators are consulting on measures to discourage globally systemically important banks (G-SIBs) from purchasing large amount of each others' total loss-absorbing capacity (TLAC) debt in a bid to reduce interconnectedness between large banks.

In due course the prudential treatment of crypto-asset exposures by banks is to be clarified to reflect their high degree of risk, the Basel Committee on Banking Supervision said in a statement, which included guidelines on how banks should manage this type of asset.

US and UK financial regulators sign pact around information sharing should the latter leave the EU.

Maintaining the relevance and vitality of the Financial Stability Board will be based on three key tenets: engagement, vigilance and analysis, said Randal Quarles, vice chairman for supervision at the Federal Reserve Board and chair of the FSB.  

Financial firms based in third countries will face much greater scrutiny when selling services into the EU, following a deal struck between the European Commission, EU governments and the European parliament.

US and UK authorities have agreed measures to ensure the smooth functioning of derivatives markets and to safeguard against any potential Brexit-related disruptions and to remove uncertainty.

The Basel Committee discussed margin requirements for non-centrally cleared derivatives, interest rate benchmarks, crypto-assets, the net stable funding ratio and Basel III implementation by members at its meeting on February 27-28.