On 21 December 2018, HM Treasury published a draft version of the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019. The draft Regulations amend the Financial Services and Markets Act 2000 (FSMA) (and related legislation) to ensure that the underlying policy of the legislations continues to operate following the UK’s withdrawal from the EU. The explanatory information for the draft Regulations was published on 22 November 2018 (our blog is here). The amendments to FSMA are set out in part 2 of the Regulations; with regards FMSA, HM Treasury has highlighted particularly that amendments are being made to:
- regulated and prohibited activities (Part 2);
- permission to carry on regulated activities (Part 4A);
- performance of regulated activities (Part 5);
- control of business transfers (Part 7);
- control over authorised persons (Part 12); and
- provision of financial services by members of the professions (Part 20).
The draft Regulations will be laid before Parliament in due course. You can track the financial services Brexit EU Exit statutory instruments (as well as gain access to our Brexit resources) on our Brexit Pathfinder hub. Registration is free via the NRF Institute portal. Conformed copies of the EU Exit statutory instruments are available exclusively through our PathfinderPLUS service. To gain access to PathfinderPLUS, please contact the financial services team.