HM Treasury
Brexit SI - Revised draft Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 - 7 September 2021
HM Treasury has published a revised draft version of the Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021, together with an explanatory memorandum.
The draft Regulations, which were originally published in July 2021, address deficiencies in retained EU law relating to the non-discriminatory access regime for exchange-traded derivatives and the low carbon regime. They also make technical amendments to certain exemptions to the financial promotions regime for relevant markets to ensure that they apply to UK markets following the UK’s departure from the EU.
A government webpage indicates the original version was withdrawn on 31 August 2021 to correct typographical errors, with the revised version also being laid on 31 August 2021. The draft Regulations are stated as coming into force on 13 October 2021.
Draft SI: The Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021
Explanatory memorandum
Impact assessment
Webpage
Updated webpage
TheCityUK
The UK’s status as a financial centre - TheCityUK publishes report setting out regulatory strategy - 7 September 2021
TheCityUK has published a report containing an international strategy for the UK-based financial and related professional services industry, with the aim of making the UK the world’s leading international financial centre within five years. The report highlights how the UK has, by some metrics, seen its share of global business decline relative to its international competitors such as New York and Hong Kong over the past decade.
The CityUK’s strategy takes a three-pronged approach, focusing on:
- Securing the UK’s international financial centre ecosystem by making it more globally competitive: among other things, this will involve introducing a regular review of the UK’s financial regulatory regime to ensure that it is proportionate, coherent and achieving stated goals in the most efficient way possible, and expediting the process for determining regulatory approvals;
- Growing the UK’s share of key global financial and related professional services markets: the UK should aim to liberalise trade with developed markets such as the US and the EU, conclude regulatory agreements (especially recognition and deference agreements) that enable UK financial institutions to supply products and services across borders, and secure investment protection provisions; and
- Building global market capability in the key areas of future global demand: this section includes recommendations that the UK should make the UK a global hub for data and technology, and should aspire to be a world-leader in green and sustainable finance. An important first step is to work with G7 and G20 jurisdictions to create international standards for green disclosures and develop principles to allow different countries’ ESG finance taxonomies to communicate with one another.
Publication: Making the UK the leading global finance centre: An international strategy for the UK-based financial and related professional services industry
Press release
