On 8 December 2022, the Financial Services and Markets Bill completed all of its stages in the House of Commons and moved to the House of Lords for further consideration. On 7 December 2022, Hansard published consideration of the Bill as amended in the Public Bill Committee of the Hose of Commons.… Continue Reading
On 8 December 2022, the European Securities and Markets Authority (ESMA) issued a peer review report on Member State competent authorities’ (NCAs) handling of firms’ relocation to the EU in the context of the UK’s withdrawal from the EU. The report gives further insight into the supervisory approaches adopted by NCAs when authorising relocating firms … Continue Reading
On 30 November 2022, HM Treasury published the Central Counterparties (CCPs) (Transitional Provision) (Extension and Amendment) Regulations 2022. The Regulations extend the temporary recognition regime (TRR) for overseas central counterparties (CCPs) by 12 months, so that the expiry date is pushed back until 31 December 2024. This will allow overseas CCPs, currently in the regime, … Continue Reading
On 28 November 2022, the House of Commons published an Amendment paper to the Financial Services and Markets Bill. The paper notes the report stage being 28 November 2022. The paper lists all amendments tabled to the Bill. Any withdrawn amendments are listed at the end of the document. The amendments are arranged in the … Continue Reading
On 24 November 2022, the House of Commons’ Treasury Committee published correspondence confirming the Government will not proceed with the proposed intervention power in the Financial Services and Markets Bill. The proposed power would have enabled the Government to make, amend or revoke regulators’ rules. The Government adds that it will keep the matter under … Continue Reading
On 22 November 2022, HM Treasury published the Financial Services (Miscellaneous Amendments) Regulations 2022. The Regulations contains a range of measures to address deficiencies in retained European Union (EU) law. Among other things the Regulations provide that: HM Treasury can use its power under article 5(4) of the Short Selling Regulation in relation to Gibraltar … Continue Reading
On 4 November 2022, HM Treasury published the Financial Services and Markets Bill, as amended in Public Bill Committee. In a letter to the Interim Chair of the Treasury Select Committee, the Economic Secretary to the Treasury, Andrew Griffith MP states that in light of the appointment of the new Prime Minister the Government was … Continue Reading
On 17 October 2022, HM Treasury published a draft of the Financial Services (Miscellaneous Amendments) Regulations 2022. The draft Regulations: Ensure that HM Treasury can use its power under article 5(4) of the onshored Short Selling Regulation in relation to Gibraltar firms with net short positions in shares admitted to trading on a UK trading … Continue Reading
On 27 September 2022, Sarah Pritchard, FCA Executive Director, Markets, gave a speech at the City and Finance Global’s ‘The future of the UK Financial Services Regulation’ Summit. In her speech Ms Pritchard addresses how regulation can promote economic growth. Ms Pritchard addresses this endeavour by highlighting the following areas: Growth – The FCA recognises … Continue Reading
On 22 September 2022, the House of Commons published the Retained EU Law (Revocation and Reform) Bill (the Bill). Background The Bill is part of the government’s commitment to put the UK statute book on a more sustainable footing. The Bill The Bill includes the following provisions: Sun setting retained EU Law – The Bill … Continue Reading
On 1 September 2022, the FCA updated their webpage on cancelling a temporary permission. The webpage has updated the question ‘your firm wants to exit the TPR but has UK business to run-off’. … Continue Reading
On 12 August 2022, the FCA updated the following webpages on the temporary permissions regime (TPR): Considerations for firms leaving the TPR – Under the section, ‘Firms that previously passported into the UK under schedule 3 or schedule 4 to FSMA’, the FCA has added the following text: “All firms in the TPR that we … Continue Reading
On 11 August 2022, the House of Commons’ Treasury Committee published a letter from the Bank of England (BoE) regarding the Financial Services and Markets Bill. In the letter the BoE welcomes the Future Regulatory Framework measures contained in the Bill, which are intended to establish a strong, responsive and internationally respected approach to financial … Continue Reading
On 3 August 2022, UK Finance published a blog ‘What does the Financial Services and Markets Bill mean for UK capital markets?’ UK Finance has been readily engaged in driving and shaping the market reform agenda. Over the last twelve months UK Finance has worked with members to respond to key initiatives such as the … Continue Reading
On 21 July 2022, the House of Commons’ European Scrutiny Committee published a report on the future of retained EU law concluding that the ‘principle of the supremacy of EU law’ should be scrapped. It added that allowing this to continue would be ‘incongruous’ with the UK’s legal framework.… Continue Reading
On 14 July 2022, the FCA updated its webpage regarding rules that apply to firms and fund operators in the Temporary Permissions Regime (TPR). The webpage summarises the rules that apply to firms in the TPR and fund operators in the temporary marketing permissions regime (TMPR). The updated text reads: “In the UK the exemption … Continue Reading
On 5 July 2022, HM Treasury published a draft of The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022. The draft Regulations make various miscellaneous amendments to existing Brexit related Regulations including the: Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (CCP Regulations). The draft Regulations amend Part 6 of the CCP … Continue Reading
Over the course of the last few weeks, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority have continued to allot landing slots to firms that are currently providing services in the UK under the Temporary Permissions Regime (TPR). These landing slots usually provide a period of 3 months during which time the firm … Continue Reading
On 23 June 2022, the House of Commons’ Treasury Committee published a report on future parliamentary scrutiny of financial services regulations. The report provides that the Treasury Committee believes that the full impact of Brexit on the flow and volume of regulatory proposals in financial services is yet to be seen. However, the transfer of … Continue Reading
On 23 June 2022, the House of Lords’ European Affairs Committee published a report on the UK-EU relationship in financial services. The report is based on an inquiry undertaken between February and April 2022. The scope of the inquiry included the impact so far on the UK financial services sector of the UK’s exit from … Continue Reading
On 16 June 2022, the House of Commons’ Treasury Committee issued a new report regarding the Future of Financial Services Regulation. Among other things, the report recommends: That there should be a secondary objective for the FCA and the PRA to promote long-term economic growth. When designing the new secondary objective, there should be some … Continue Reading
On 14 June 2022, the House of Commons’ European Scrutiny Committee launched a post-Brexit regulatory divergence inquiry. The inquiry will look into the benefits and challenges to business and the UK economy of diverging from copied EU regulations when the UK left the block, and where the Government should rewrite or repeal these laws. The … Continue Reading
Following Brexit, European firms that were previously providing services in the UK (either through a UK branch or on a cross-border basis) in reliance upon passporting rights, are able to continue to do so under the UK’s temporary permissions regime (TPR) until they are assigned a “landing slot” by the PRA / FCA to apply … Continue Reading
On 1 April 2022, the International Regulatory Strategy Group (IRSG) issued its response to the final phase of the Government’s consultation on the UK’s future regulatory framework. The IRSG response to this phase of the consultation builds on points from that report and a follow-up report produced in 2020. In addition to responding to the … Continue Reading
