On 29 June 2023, the Financial Services and Markets (FSM) Bill received Royal Assent. The new Financial Services and Markets Act 2023 is a landmark piece of legislation, intended to ‘seize the opportunities of Brexit by tailoring financial services regulation to fit UK markets’.
Key provisions
The FSM Act contains a range of
On 28 June 2023, the PRA published Consultation Paper 10/23: Solvent exit planning for non-systemic banks and building societies (CP10/23).
In CP10/23 the PRA sets out proposals for non-systemic banks and building societies in the UK to prepare, as part of their business-as-usual activities, for an orderly ‘solvent exit’, and if needed, to
On 28 June 2023, the FCA published a report outlining quantitative research on firms’ preparedness for the Consumer Duty.
This report is the first of three waves of quantitative tracking research on firms in some of the sectors covered by the Consumer Duty and looks at their preparedness and support needs for the 31 July
On 27 June 2023, the Law Commission published its final report on digital assets, which sets out recommendations for reform and development of the law on digital assets with the aim of securing the UK’s position as a global crypto hub.
In March 2020, the UK Government asked the Commission to review the law on
On 27 June 2023, the Financial Action Task Force (FATF) published a report, Targeted update on implementation of the FATF standards on virtual assets and virtual asset service providers.
In October 2018, the FATF updated Recommendation 15 (R.15) to extend anti-money laundering / countering the financing of terrorism (AML/CFT
On 27 June 2023, the Joint Money Laundering Steering Group (JMLSG) announced that it has received Treasury Ministerial approval of its guidance material published in March 2023, November 2022 and August 2022.
The guidance includes various revisions to Part I and Part II.
On 27 June 2023, the Council of the EU announced that it has reached a provisional agreement with the European Parliament on proposed changes to the rules on central securities depositories (CSDs). The amendments to the Central Securities Depositories Regulation (CSDR) are intended to reduce the financial and regulatory burden on
On 27 June 2023, HM Treasury announced that the UK and EU have signed a Memorandum of Understanding (MoU) on regulatory cooperation in financial services.
The MoU sets out plans for UK/EU cooperation and is intended to help establish a constructive and mutually beneficial relationship between the UK and the EU in financial