For example, the document noted that market participants are expected to have systems and controls in place to: •  develop and promote a strong culture of ethical behavior and standards of conduct;  •  promote awareness and use of general dealing practices, procedures, and conventions;  •  ensure accurate and timely pre‐trade preparation and trade capture;  •  support robust and efficient back office operations including confirmation, netting, payment, and settlement; and  •  mitigate risk in FX transactions from the point of initial discussion regarding a potential transaction to settlement. The revised and expanded Global Preamble, published this past March, features even more substantive and detailed guidance on topics such as personal conduct, confidentiality and market conduct, and policies for execution practices. 13 The Global Preamble provided an important opportunity to integrate the recommendations from the FSB FXBG report into best practices at a global level. For example, it includes language related to protection of information and confidentiality, as well as the enforcement of internal systems and controls involving both certain types of transactions and information. The publication of the Global Preamble was a very important step in helping to provide a more globally harmonized and consistent framework for national codes of conduct and in integrating the FXBG recommendations, but it is not the final step. It is clear that further work is required both to strengthen best practices at a global level and to promote greater adherence to those practices.
In general, we will always listen to arguments when people disagree with us, and we will always take into account new evidence. This includes tailoring rules that are already in place in response to our own evaluations or to evidence from industry, broader civil society and other stakeholders. Page 6  This is what we did when we implemented an earlier Basel regulatory package known as CRR2. In that case, we implemented a new standard for banks’ long term funding after tailoring it to be more risk sensitive for activities that are important for the UK. That was a change we made in response to evidence-based arguments we received during the consultation. We are now taking the same approach to work on Solvency II rules for insurers. Debates between us and the Government have got a lot of public attention. But there are many areas where we fully agree about the benefits from simplifying the regime to better reflect the needs of the UK. And with the high-level policy decisions now clear, we are focused on implementation and on delivering detailed proposals for consultation. My colleague Sam Woods recently set out what we are committed to doing. [18] All of this will be on top of what we are already doing to remove unnecessary rules we inherited from our time in the EU. We have so far deleted 13 guidelines issued by EU regulators, five superseded Supervisory Statements and 26 technical standards onshored from the EU. This work will continue.