"The Working Group was formed to deepen our 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," the release said, adding that the "cooperation is especially important given transition in the UK’s regulatory relationships as it withdraws from the European Union."
READ MORE: May Says EU Citizens Won't Get Preferences After Brexit — Reports
At a recent inaugural meeting for the working group, US and UK participants discussed the outlook for financial regulatory reforms and future priorities, including possible areas for deeper regulatory cooperation to facilitate further financial services activity between US and UK markets, the release said.
The prospect of Brexit has already diminished London’s role as Europe’s financial hub, according to published reports.