On December 8, 2022, ISDA and the Association for Financial Markets in Europe responded to a discussion paper on the Prudential Regulatory Authority’s (PRA) future approach to policy. In the response, the associations highlight their support for the PRA as an independent regulator and endorse the PRA’s statement that its position as an independent regulator is an important safeguard for the UK financial system. The associations support the continuation of structured policy developments, built on ongoing dialogue and consultation between policymakers and the industry that delivers the clarity, certainty and predictability that international businesses and investors seek.