Tag: Brexit

New Split the difference podcast: Regulatory approach to branches

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

HM Treasury publishes the Financial Services and Markets Act 2023 (Commencement No.1) Regulations 2023

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

HM Treasury publishes near-final draft SI – The Securitisation Regulations 2023

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

HM Treasury publishes consultation response on Payment Accounts Regulations reforms

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

HM Treasury publishes outcome of Investment Research Review

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

HM Treasury publishes response to UK Short Selling Regulation call for evidence and launches further consultation

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

UK Government publishes Financial Services and Markets Bill amendments

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

New split the difference podcast: Markets in UK and EU – Equity secondary markets

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

New Regulation Tomorrow plus podcast – MoU establishing a framework for financial services regulatory cooperation between the EU and UK

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

HM Treasury publishes amendments to the Financial Services and Markets Bill regarding overseas CCPs

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

MoU establishing a framework for financial services regulatory cooperation between the EU and UK

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

New briefing: A blueprint for radical London listing regime reform – FCA CP23/10: Primary markets effectiveness review

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

Edinburgh Reforms

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

HM Treasury publishes draft SI – The Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order 2023

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

New briefing note – The Designated Activities Regime: what is it and how will it impact firms?

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

European Parliament study on recent trends in UK financial sector regulation and possible implications for the EU, including its approach to equivalence

On 9 February 2023, the European Parliament published a study on recent trends in UK financial sector regulation and possible implications for the EU, including its approach to equivalence. The study summarises and discusses recent trends in financial services legislation and regulation in the UK, divergence between the EU and UK and threats from this … Continue Reading

FCA updates TPR webpages

On 6 January 2023, the FCA updated the following webpages on the temporary permissions regime to reflect the end of 2022: In relation to the webpage ‘Considerations for firms leaving the TPR’ the FCA has added a new section concerning the Consumer Duty. It has also added text under the heading ‘Deadline for application from … Continue Reading
LexBlog