Britain says UK-EU regulatory forum a ‘significant step’

LONDON (Reuters) – Britain said on Friday a long-delayed forum for cooperation between British and European Union financial regulators would be a “significant” first step to improving relations.

The forum was negotiated as part of Britain’s Brexit terms agreed with Brussels when it left the EU, and mirrors a similar regulatory set up the EU has with the United States.

Britain, which published details of how the forum would operate, said it looked forward to holding the first meeting as soon as possible.

“This is just the first yet significant step towards a more constructive financial services relationship between the UK and the EU – one that is built upon mutual benefit and in the spirit of cooperation,” UK financial services minister Andrew Griffith said in a statement.

The EU put the forum on ice for two years due to a dispute between London and Brussels over Northern Ireland, now resolved, helping to thaw relations.

The bloc said on Wednesday it would now push ahead with the forum.

(Reporting by Huw Jones; editing by Sarah Young)