Background
9.1 In addition to enhancing the effectiveness of our current regulatory framework, the government is actively considering its longer-term vision for capital markets in order to ensure that the UK's approach enables firms and regulators to address the challenges and opportunities of the future, as well as the present.
9.2 The Chancellor has been clear in setting his vision for financial services that he is committed to a sector that is regulated to the highest standards. On 1 July 2021, he published 'A new chapter for financial services', which sets out our four themes to guide the UK's vision for financial services:
• Open and Global financial centre: The UK will use its strengths as a global financial hub to establish and enhance strong relationships with jurisdictions all around the world, attracting investment and increasing opportunities for cross-border trade. The government will promote international standard setting to encourage the global financial system to suppo
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