On July 20, HM Treasury published two separate consultation papers related to proposed reforms to the regulatory framework for the approval of financial promotions under the Financial Services and Markets Act 2000 (FSMA). While separate, the government recommends that they are read in conjunction with each other.
Continue Reading HM Treasury Consults on Reforms to Financial Promotion Approvals and Expanding Rules to Cover Cryptoasset Promotions

On July 20, HM Treasury published a policy statement about changes it intends to make to the UK Financial Conduct Authority’s (FCA) process for cancelling firms’ authorizations.
Continue Reading HM Treasury Publishes Policy Statement on Intended Changes to FCA’s Cancellation of Authorization Process

On June 11, the House of Lords EU Financial Affairs Sub-Committee (the Committee) published a letter dated May 27 from HM Treasury to the Committee in relation to the Committee’s review of the financial services sector after Brexit (the Letter).
Continue Reading HM Treasury Responds to House of Lords EU Financial Affairs Committee Recommendations on Financial Services Post-Brexit

On May 11, the International Capital Market Association’s (ICMA) Sustainable Finance Committee published a report setting out its proposed high-level definitions for the most frequently used terminology in the sustainable finance sector (the Report).
Continue Reading ICMA Publishes a Report on Definitions for Sustainable Finance

On April 30, the Bank of England (BoE) and the UK’s Prudential Regulation Authority (PRA) published a joint statement, and the UK’s Financial Conduct Authority (FCA) published a statement on HM Treasury’s proposed use of the UK financial services regulators’ temporary transitional power (TTP) for up to two years after the end of the Brexit transitional period in December 2020 (the Statements). 
Continue Reading BoE, FCA and PRA Statements on Regulators’ Temporary Transitional Power

On May 4, the House of Commons EU Scrutiny Committee (the Committee) published a letter to HM Treasury on the proposed regulation (the Taxonomy Regulation) on the establishment of a framework to facilitate sustainable investment (the Letter).
Continue Reading ESG: House of Commons EU Scrutiny Committee Letter Regarding the Taxonomy Regime

On March 11, HM Treasury (HMT), the office of the United Kingdom (UK) government responsible for financial services legislation, published a consultation paper on a regime which would allow overseas retail funds to access the UK (the Consultation).
Continue Reading Brexit: HMT Consults on Overseas Retail Funds Regime