On 2 September 2024, the Financial Services and Markets Act 2023 (Commencement No. 7) Regulations 2024 were made and published on legislation.gov.uk.
These Regulations are the seventh commencement Regulations made under the Financial Services and Markets Act 2023 (FSMA 2023).
Section 1 of FSMA 2023 revokes retained EU law which is referred to
On 17 July 2024, the Financial Conduct Authority (FCA) published Policy Statement PS24/7 on implementing the Overseas Funds Regime (OFR). In PS24/7, the FCA sets out the final rules and guidance necessary to implement the OFR, as well as responding to feedback to its consultation CP23/26.
The new gateway for
On 11 July 2024, the Financial Conduct Authority (FCA) published Primary Market Bulletin No. 50 (the PMB).
Published alongside Policy Statement PS24/6, which sets out widespread changes to the UK listing regime, the PMB provides an update on the FCA’s work in relation to the sponsor regime, and also launches a
On 11 July 2024, the Financial Conduct Authority (FCA) published its eagerly awaited new UK listing rules, in Policy Statement PS24/6. The changes are intended to create a simplified and more competitive regime, with streamlined rules to encourage more companies to choose to list in the UK. The rules come into force
On 5 July 2024, the FCA published a Direction it had made under regulation 67A(2) of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (the Regulations).
The Direction provides that the operator of: (i) a stand-alone scheme that is a recognised scheme by virtue of regulation 62 of the Regulations; or (ii)
The joint roadmap for implementing the Overseas Funds Regime (OFR), published by HM Treasury and the Financial Conduct Authority (FCA) in May 2024, indicated that the FCA’s final rules and guidance would be published shortly, before they enter into effect in July 2024.
In our new briefing, we outline the
In the latest in our series of Global Regulation Tomorrow podcasts focusing on the future of asset management regulation in the UK, Claire Guilbert, Uzmah Yunis and Anita Edwards discuss the key practical points firms should be considering following the Financial Conduct Authority’s recent consultation on implementing the Overseas Funds Regime and subsequent developments.
Listen
On 24 May 2024, there was published a joint statementbetween HM Treasury and the European Commission covering the second EU-UK Financial Regulatory Forum. This forum was established following the signing of the UK-EU Memorandum of Understanding on Financial Services Cooperation on 27 June 2023.
In the joint statement the UK and EU summarise their
On 14 May 2024, a statutory instrument (SI) – the Financial Services and Markets Act 2000 (Overseas Funds Regime) (Equivalence) (European Economic Area) Regulations 2024 – was published on legislation.gov.uk.
The SI enacts the equivalence decision, announced by the Government in January 2024, for EEA states under the UK’s Overseas Funds Regime (
On 29 April 2024, the House of Lords’ International Agreements Committee issued its 9th Report, which considers the UK-Switzerland Agreement on the Mutual Recognition of Financial Services.
The Agreement, which was signed on 21 December 2023 and laid before Parliament on 13 March 2024, aims to facilitate cross-border trade in wholesale financial services.