On 22 March 2024, HM Treasury (HMT) published a Policy Paper on the next phase of “Building a Smarter Financial Services Regulatory Framework for the UK”. The Policy Paper outlines the impact and progress of the programme so far, work underway and the Government’s approach on the next phase of the Smarter Regulatory (SRF) Framework. … Continue Reading
On 11 March 2024, the City of London Corporation published a paper that seeks to give a practical explanation of the Berne Financial Services Agreement which was published last December.… Continue Reading
On 29 February 2024, the Financial Services and Markets Act 2023 (Commencement No. 5) Regulations 2024 were made and published on legislation.gov.uk. This statutory instrument (SI) contains the fifth set of commencement regulations made under the Financial Services and Markets Act 2023 (FSMA 2023). The explanatory note to the SI provides further information on those … Continue Reading
On 26 February 2024, a draft statutory instrument (SI) – the Financial Services and Markets Act 2023 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024 – was published on legislation.gov.uk, along with a draft explanatory memorandum. One of the tools introduced by Financial Services Markets Act 2023 (FSMA 2023) is new … Continue Reading
On 30 January 2024, the Economic Secretary to the Treasury, Bim Afolami, announced in a statement to the House of Commons that HM Treasury (HMT) has reached a decision regarding the equivalence assessment for EEA states under the UK’s Overseas Funds Regime (OFR). The Government legislated in the Financial Services Act 2021 for a new … Continue Reading
On 20 December 2023, the FCA published Consultation Paper CP23/31 setting out detailed proposals for the reform of the UK listing regime. This follows on from the blueprint contained in its previous consultation (CP23/10) published in May 2023. We have published a new briefing which considers the key requirements for the new equity shares in … Continue Reading
On 21 December 2023, the UK Government announced that it had signed a ‘ground-breaking agreement’ with Switzerland to enhance cross-border market access of financial services between the two countries. The Berne Financial Services Agreement provides an institutional framework for cooperation and development of the UK’s financial services relationship with Switzerland. The foundation of the agreement … Continue Reading
On 19 December 2023, the Financial Services and Markets Act 2023 (Benchmarks and Capital Requirements) (Amendment) Regulations 2023 (SI 2023/1409) (the Regulations) were published, along with an explanatory memorandum. The Financial Services and Markets Act 2023 (FSMA 2023) repeals retained EU law (REUL) relating to financial services, to enable the Government to deliver its Smarter … Continue Reading
On 19 December 2023, the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) (No. 2) Order 2023 (the Order) (SI 2023/1411) was published, along with an explanatory memorandum. The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO) provides exemptions from the restriction on communicating financial promotions. These include exemptions that enable … Continue Reading
On 19 December 2023, the Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (SI 2023/1410) (the Regulations) were published, along with an explanatory memorandum. The Regulations make consequential amendments arising out of provisions in, or made under, the Financial Services and Markets Act 2023 (FSMA 2023) as part of HM Treasury’s programme to … Continue Reading
On 15 December 2023, the European Securities and Markets Authority (ESMA) issued a public statement in relation to the consequences of Brexit for the ESMA register for benchmark administrators and third country benchmarks (ESMA register) under the Benchmark Regulation (BMR). Key points in the public statement include:… Continue Reading
On 15 December 2023, there was published on legislation.gov.uk, The Retained EU Law (Revocation and Reform) Act 2023 (Commencement No. 1) Regulations 2023. These Regulations are the first commencement regulations made under the Retained EU Law (Revocation and Reform) Act 2023 (the Act). Regulation 2 brings into force Schedule 1 to the Act immediately before … Continue Reading
On 14 December 2023, statutory instrument 2023 No. 1382 (SI 2023/1382) – the Financial Services and Markets Act 2023 (Commencement No. 4 and Transitional and Saving Provisions) (Amendment) Regulations 2023 (the SI) – was published. The SI contains the fourth set of commencement regulations made under the Financial Services and Markets Act 2023 (FSMA 2023). … Continue Reading
On 28 November 2023, a draft statutory instrument (SI) – the Data Reporting Services Regulations 2023 – was published on legislation.gov.uk, along with an explanatory memorandum. The draft SI, which is part of HM Treasury’s programme to deliver a Smarter Regulatory Framework for financial services, establishes a new legislative framework for the regulation of Data … Continue Reading
On 28 November 2023, a draft statutory instrument (SI) – the Public Offers and Admissions to Trading Regulations 2023 – was published on legislation.gov.uk, along with an explanatory memorandum. The draft SI, which is part of HM Treasury’s programme to deliver a Smarter Regulatory Framework for financial services, replaces the Prospectus Regulation and creates a … Continue Reading
On 28 November 2023, a draft statutory instrument (SI) – the Securitisation Regulations 2023 – was published on legislation.gov.uk, along with an explanatory memorandum. The draft SI, which is part of HM Treasury’s programme to deliver a Smarter Regulatory Framework for financial services, establishes a new legislative framework for the regulation of certain activities related … Continue Reading
On 22 November 2023, HM Treasury (HMT) published a near-final draft Statutory Instrument (SI) and accompanying Policy Note on the UK Retail Disclosure Framework. These documents, published alongside the Chancellor’s Autumn Statement, set out HMT’s planned approach to replacing the EU Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation and creating a new UK retail … Continue Reading
On 22 November 2023, HM Treasury (HMT) published a report on the Future of Payments Review. The report, published alongside the Chancellor’s Autumn Statement, considers how payments are likely to be made in the future and makes recommendations on the steps needed to successfully deliver world leading retail payments, further boosting UK fintech competitiveness. The … Continue Reading
On 22 November 2023, HM Treasury (HMT) published a draft statutory instrument (SI), the Short Selling Regulations 2024, and accompanying policy note. The documents were published alongside the Chancellor’s Autumn Statement. HMT is publishing the draft SI to replace the EU-inherited Short Selling Regulation, as part of its programme to deliver a Smarter Regulatory Framework … Continue Reading
On 25 October 2023, HM Treasury (HMT) published a letter from the Chancellor, responding to a request from the Chair of the Treasury Committee for an update on the delivery of the Edinburgh reforms. In the letter, the Chancellor notes some of the key milestones so far in delivering the reforms, including: A full breakdown … Continue Reading
On 23 October 2023, HM Treasury published a joint statement, together with the European Commission, on the first EU-UK Financial Regulatory Forum which was held in London on 19 October 2023. The forum was established following the signing of the UK-EU Memorandum of Understanding (MoU) on Financial Services Cooperation on 27 June 2023. The statement … Continue Reading
On 17 October 2023, HM Treasury published a draft Statutory Instrument (SI) – the Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023, along with an explanatory memorandum. The draft SI removes references to retained EU law (REUL) throughout primary legislation and replaces the term with ‘assimilated law’. These changes are made … Continue Reading
In the latest episode of our Split the difference podcast series, which explores divergence and convergence between the EU and UK regulatory regimes in the markets space, Jonathan Herbst, Hannah Meakin, Floortje Nagelkerke, Anna Carrier and Simon Lovegrove discuss the UK/EU MoU on regulatory cooperation in financial services, equivalence and the impact on market infrastructure. … Continue Reading
On 20 September 2023, HM Treasury published Statutory Instrument (SI) 2023 No. 1018, the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2023. The SI extends, by twelve months, the transitional arrangements under Parts 2 and 3 of the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019 (SI 2019/589) which enable specified categories of Gibraltar-based firms … Continue Reading