Financial Services and Markets Bill introduced to Parliament
The UK Government sets out its stall for a significant revamp of the regulation of financial services in the UK following Brexit.
On 20 July 2022, HM Government introduced the Financial Services and Markets Bill 2022-23 (the Bill) to Parliament along with explanatory notes.
This had been flagged in the Chancellor of the Exchequer's Mansion House speech of the previous day,
The Bill, which runs to over 300 pages, proposes major changes to the regulation of the UK financial services sector and addresses issues arising from Brexit, including (but not limited to) the following:
- revocation of all retained EU law relating to financial services set out in Schedule 1, including rules implementing the AIFMD, MiFIR and UCITS Directive in the UK - note, though, revocation of a given law will not happen until there is appropriate domestic law ready to replace it
- revisions to retained EU law
- introduction of a regulatory gateway through which authorised firms must pass before they are able to approve the financial promotions of unauthorised firms
- a framework for the designation of critical third parties
- revisions to the powers of the FCA and the PRA under a new regulatory framework
- a framework for regulating digital settlement assets to bring stablecoins into the scope of regulation when used as a form of payment
- new regimes that will apply to central counterparties (CCPs) and insurers in financial difficulties
We will be publishing fuller summaries of different aspects of the Bill shortly - links to those will be added to this page when they are available.
