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
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 Catherine Pluck discuss Consolidated Tape in the EU and UK. The episode can be found here.… Continue Reading
In the latest in our podcast series, Split the difference, which explores divergence between the EU and UK regulatory regimes in the markets space, Jonathan Herbst, Hannah Meakin, Floortje Nagelkerke and Simon Lovegrove explore the regulatory approach to branches.… Continue Reading
On 14 July 2023, the FCA published a new webpage: Repeal and replacement of retained EU law. This webpage sets out information on the repeal and replacement of retained EU law with the FCA’s rules under the Financial Services and Markets Act 2023, including key documents, next steps and the FCA’s core principles for managing … Continue Reading
On 11 July 2023, HM Treasury published the Financial Services and Markets Act 2023 (Commencement No.1) Regulations 2023, a statutory instrument (SI) setting out the first commencement regulations made under the Financial Services and Markets Act 2023. The explanatory note to the SI provides further information on those provisions of the Act that are being … Continue Reading
On 11 July 2023, HM Treasury published a near-final draft of the Securitisation Regulations 2023 (the draft SI), along with an accompanying policy note. The draft SI creates a new framework for the regulation of securitisation, replacing the Securitisation Regulation and related legislation. An illustrative version of the draft SI was published on 9 December … Continue Reading
On 11 July 2023, HM Treasury published its response to the consultation on information requirements in the Payment Accounts Regulations 2015 (PARs). The consultation was published on 9 December 2022 as part of the Edinburgh Reforms. As well as providing an overview of the feedback to the consultation, the response document also outlines the government’s … Continue Reading
On 10 July 2023, HM Treasury published the outcome of the Independent Research Review, which was announced on 9 December 2022 as part of the Edinburgh Reforms and launched on 9 March 2023. The purpose of the review was to consider levels of financial services investment research in the UK and its contribution to UK … Continue Reading
On 11 July 2023, HM Treasury published its response to the call for evidence on the UK Short Selling Regulation (SSR). As well as summarising responses received to the call for evidence published on 9 December 2022 as part of the Edinburgh Reforms, HM Treasury’s response sets out the next steps for replacing the SSR … Continue Reading
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 new measures … Continue Reading
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 services. The … Continue Reading
On 26 June 2023, the UK Government published a Commons Disagreement and Reason document relating to the Financial Services and Markets (FSM) Bill. The document, published after the House of Commons debated amendments made to the FSM Bill by the House of Lords, sets out: The House of Lords will now consider the amendments proposed … Continue Reading
On 20 June 2023, the House of Lords announced that the Financial Services and Markets Bill has completed the last of its Lords stages. The Bill had its third reading on 19 June 2023, which was a chance for members to make sure the eventual law is effective, workable and without loopholes. No changes to … Continue Reading
In the latest in our podcast series, split the difference, which explores divergence between the EU and UK regulatory regimes in the markets space, Hannah Meakin, Jonathan Herbst, Floortje Nagelkerke, Anna Carrier and Simon Lovegrove discuss the FCA’s recent Policy Statement on the UK equity secondary markets regime and how the new rules compare with … Continue Reading
On 2 June 2023, the UK Parliament website issued a press release stating that the House of Lords will begin its further examination of the Financial Services and Markets Bill at report stage, on Tuesday 6 June. Three days of report stage have been scheduled.… Continue Reading
In this podcast Jonathan Herbst, Matthew Gregory and Simon Lovegrove discuss the pros and cons of the Memorandum of Understanding establishing a framework for financial services regulatory cooperation between the EU and the UK.… Continue Reading
On 26 May 2023, HM Treasury (HMT) published a policy paper outlining amendments to the Financial Services and Markets Bill (FSM Bill), concerning overseas central counterparties (CCPs). In January 2023, HMT introduced an amendment to the FSM Bill which, if enacted, would give the Bank of England (the Bank) the power to extend the maximum … Continue Reading
On 19 May 2023, HM Treasury published a Memorandum of Understanding (MoU) establishing a framework for financial services regulatory cooperation between the European Union and the United Kingdom of Great Britain and Northern Ireland. The MoU has been made pursuant to the Joint Declaration on Financial Services Regulatory Cooperation between the EU and the UK … Continue Reading
On May 3, 2023 the FCA published its long-awaited consultation setting out the proposed approach to reform of the London listing regime, focusing on equity shares of commercial companies (ESCC), with the aim of attracting a more diverse range of companies and bolstering the competitiveness of the UK markets whilst maintaining high standards of disclosure and transparency. … Continue Reading
On 9 December 2022, the Chancellor of the Exchequer announced a set of reforms, known as the ‘Edinburgh Reforms’. Since this announcement, we have put together a collection of podcasts, briefing notes and blog posts, to help you navigate the implementation of the Edinburgh Reforms. Blog posts Edinburgh Reforms – SMCR | Regulation Tomorrow The … Continue Reading
In our latest briefing note on the Edinburgh Reforms, we look at HM Treasury’s call for evidence on aligning the ring-fencing and resolution regimes.… Continue Reading
On 30 March 2023, HM Treasury published a draft of The Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order 2023, along with a draft explanatory memorandum. The draft statutory instrument (SI) amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO), which specifies types of activities and investments … Continue Reading
The Financial Services and Markets Bill, which was laid in front of Parliament in July 2022 and is expected to be finalised in the coming months, includes the introduction of a new designated activities regime (DAR). The DAR’s initial aim is to bring activities that are currently regulated under retained EU law into the Financial … Continue Reading
