Financial regulation unfairly impacting UK SMEs and emerging markets
The International Chamber of Commerce (ICC) Banking Commission has released its 2017 Trade Register report - Global Risks in Trade Finance. The report reveals the low-risk nature of transactions that support global trade, and again confirms the low risk nature of trade finance.The findings from the report support ICC United Kingdom’s view that regulators still consider trade finance in the same way they do high risk investment finance. ICC United Kingdom supports a more proportionate regulatory regime for the treatment of low risk trade finance and, with a global trade finance gap of US$1.5 trillion, argue that regulators should be encouraging banks to lend to SMEs, particularly in emerging markets.
“It’s time for financial regulators to support UK trade policy. SMEs and emerging markets are the top priorities for UK trade - 10 years on from the economic crisis and with Brexit looming, it’s time for fresh thinking.” said Chris Southworth, Secretary General of ICC United Kingdom. "Financial regulators must acknowledge the evidence and show more urgency in getting behind national and international trade priorities. More proportionate regulations would help unleash SME trade - particularly in emerging markets."
MEDIA CONTACTS
Chelsy Shipman
Press & Communications, ICC United Kingdom
Tel: + 44 (0)20 7377 4992
press@iccwbo.org
About the International Chamber of Commerce (ICC) United Kingdom
ICC is the world’s largest business organisation representing 6.5 million companies from all sectors and company sizes in over 130 countries. We are the only business organisation with UN Observer Status. ICC United Kingdom works with British business groups worldwide to represent the voice of British business at inter-governmental level - the United Nations, G20 and World Trade Organization.
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