On 9 December 2022, the Chancellor of the Exchequer, Jeremy Hunt MP, unveiled at an industry roundtable in Edinburgh over 30 regulatory reforms. These “Edinburgh Reforms” followed on from the 2022 Chancellor’s Autumn Statement in which he highlighted financial services as one of the UK’s five key growth sectors. The reforms themselves are intended to turbocharge UK growth and deliver a smarter and home-grown regulatory framework for the UK.
Since the Chancellor’s announcement the Government has published various papers and the Financial Services and Markets Act 2023 which provides for the review, repeal, reform and replacement of EU-derived financial services legislation has been published.
This Regulation Tomorrow blog highlights our blogs and podcasts covering many of the papers that have so far been published.
General
- “Edinburgh Reforms” of UK financial services | Regulation Tomorrow
- The Edinburgh Reforms: What do they mean for markets? | Regulation Tomorrow 27 Jan 23
- The Edinburgh Reforms: Initial takeaways | United Kingdom | Global law firm | Norton Rose Fulbright 9 Dec 22
Financial Services and Markets Act 2023
- Text of Financial Services and Markets Act is published | Regulation Tomorrow
- HM Treasury publishes Financial Services and Markets Act 2023 explanatory notes | Regulation Tomorrow
- HM Treasury publishes the Financial Services and Markets Act 2023 (Commencement No.1) Regulations 2023 | Regulation Tomorrow
- HM Treasury publishes the Financial Services and Markets Act 2023 (Commencement No. 2 and Transitional Provisions) Regulations 2023 | Regulation Tomorrow
- HM Treasury publishes Statutory Instruments 2023 Financial Services and Markets the Financial Services and Markets Act 2023 (Commencement No.3) (Amendment) Regulations 2023 | Regulation Tomorrow
Repeal of EU law
- Edinburgh Reforms: HM Treasury Policy Statement and retained EU financial services law | United Kingdom | Global law firm | Norton Rose Fulbright
- Edinburgh Reforms – Building a smarter financial services framework for the UK | Regulation Tomorrow
- Edinburgh Reforms: HM Treasury Policy Statement and retained EU financial services law | United Kingdom | Global law firm | Norton Rose Fulbright
- HM Treasury Policy Paper ‘Building a Smarter Financial Services Regulatory Framework for the UK: HM Treasury’s Plan for Delivery’ | Regulation Tomorrow
International competitiveness and growth objective
- FCA updates webpage on FRF Review | Regulation Tomorrow
- BoE publishes speech on the PRA’s new competitiveness and growth objective | Regulation Tomorrow
MiFID II / MiFIR
- FCA provides further update on ancillary activities exemption for commodity derivatives | Regulation Tomorrow
- New split the difference podcast: Consolidated Tape | Regulation Tomorrow
- HM Treasury publishes policy paper on the Investment Research Review | Regulation Tomorrow
- FCA revokes its transitional direction on the share trading obligation | Regulation Tomorrow
- FCA updates statements of policy on the operation of the MiFID transparency regime | Regulation Tomorrow
- FCA updates statement on use of the temporary transitional power to modify the UK’s derivatives trading obligation | Regulation Tomorrow
- FCA Policy Statement on improving equity secondary markets | Regulation Tomorrow
- FCA announces further wholesale markets reforms | Regulation Tomorrow
Securitisation
- The Edinburgh reforms and securitisation: The road ahead | Regulation Tomorrow
- PRA consults on the general requirements for securitisation | Regulation Tomorrow
- HM Treasury publishes near-final draft SI – The Securitisation Regulations 2023 | Regulation Tomorrow
- FCA consults on proposed securitisation rules | Regulation Tomorrow
- FCA releases SFTR publications | Regulation Tomorrow
PRIIPs
- FCA Discussion Paper on Future Disclosure Framework | Regulation Tomorrow
- “Edinburgh Reforms” of UK financial services | Regulation Tomorrow (HM Treasury consultation, PRIIPs and UK Retail Disclosure)
- HM Treasury publishes consultation response on UK retail disclosure | Regulation Tomorrow
EMIR
Market abuse
- HM Treasury publishes draft SI on insider dealing | Regulation Tomorrow
- Joint HM Treasury ad FCA statement on the criminal market abuse regime | Regulation Tomorrow
Prospectus
- UK Prospectus Regime Review consultation response | Regulation Tomorrow
- HM Treasury publishes near-final draft SI – the Public Offers and Admissions to Trading Regulations 2023 | Regulation Tomorrow
Short Selling Regulation
- “Edinburgh Reforms” of UK financial services | Regulation Tomorrow (Call for evidence, Short Selling Regulation Review)
- HM Treasury publishes response to UK Short Selling Regulation call for evidence and launches further consultation | Regulation Tomorrow
Payments
- “Edinburgh Reforms” of UK financial services | Regulation Tomorrow (HM Treasury consultation, Information requirements in the Payment Accounts Regulations 2015)
- HM Treasury Payment Services Regulations 2017 Review and Call for Evidence | Regulation Tomorrow
- HM Treasury publishes consultation response on Payment Accounts Regulations reforms | Regulation Tomorrow
- HM Treasury publishes call for input to inform the Future of Payments Review 2023 | Regulation Tomorrow
- HM Treasury publishes response to consultation on payments regulation and the systemic perimeter | Regulation Tomorrow
- Policy_Note_FCA_Rulemaking_for_Payments_Illustrative_Statutory_Instrument__1_.pdf (publishing.service.gov.uk)
- Draft_Statutory_Instrument_Payment_Services_and_E-Money_Regulations__1_.pdf (publishing.service.gov.uk)
Ringfencing
- The Edinburgh Reforms – the future of ring-fencing | Global law firm | Norton Rose Fulbright
- Edinburgh Reforms: Ring fencing | Regulation Tomorrow
- HM Treasury publishes Call for Evidence on aligning the ring-fencing and resolution regimes | Regulation Tomorrow
Building societies
Consumer credit
- “Edinburgh Reforms” of UK financial services | Regulation Tomorrow (HM Treasury consultation, Reforming the Consumer Credit Act 1974)
- Reforming the Consumer Credit Act 1974 | Global law firm | Norton Rose Fulbright
- UK commits to reform of the Consumer Credit Act | Regulation Tomorrow
- HM Treasury publishes consultation response on Consumer Credit Act reform | Regulation Tomorrow
New Designated Activities Regime
- The Designated Activities Regime: what is it and how will it impact firms? | Global law firm | Norton Rose Fulbright
- FCA publishes updated perimeter report | Regulation Tomorrow
SMCR reforms
- Edinburgh Reforms – SMCR | Regulation Tomorrow
- Regulation Tomorrow podcast – Edinburgh Reforms Series: SMCR | Global law firm | Norton Rose Fulbright
- HM Treasury publishes SMCR Call for Evidence | Regulation Tomorrow
ESG