Frequently Asked Questions - How will financial services be regulated in an independent Scotland?
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We propose that the key elements of prudential regulation will be discharged on a consistent basis across the Sterling Area.
Major financial institutions operating in the Sterling Area will therefore be subject to the same prudential supervision and oversight in both Scotland and the UK.
As the Fiscal Commission Working Group made clear, such an approach is in the clear economic and financial interests of Scotland and the UK. Macro-prudential policy and micro-prudential regulation of the most significant Sterling Area institutions will be discharged, by the Bank of England, as the shared central bank, or by the regulatory arm of the Scottish Monetary Institute in partnership with the UK body.
Source: Scotland's Future, Scottish Government, November 2013.