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On April 22, the House of Commons Treasury Committee (Committee) published a report on net zero and the future of green finance in the UK (the Report) along with a press release.

The key recommendations proposed by the Committee to achieve net-zero in the UK by 2050 include:
Continue Reading UK Treasury Committee Publishes Report on Net Zero and the Future of Green Finance

On April 28, the Financial Conduct Authority (FCA) launched a consultation paper (CP21/9), alongside HM Treasury, on changes to the conduct and organizational rules in the UK Markets in Financial Instruments Directive (MiFID II): research and best execution reporting.

The consultation proposes to:
Continue Reading FCA Consults on Changes to Conduct and Organizational Rules Under UK MiFID

On April 19, the Bank of England (BoE) and HM Treasury announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to explore a potential UK CBDC. A CBDC would be a new form of digital money issued by the BoE and would exist alongside cash and bank deposits to be used by households and businesses.
Continue Reading UK Announces New Central Bank Digital Currency Taskforce

On March 24, HM Treasury revised its advisory notice on money laundering and terrorist financing controls in overseas jurisdictions (AML/CTF). This replaces all previous notices issued by HM Treasury on this subject. The updated notice follows two statements published by the Financial Action Task Force on February 25, identifying jurisdictions with strategic deficiencies in their AML/CTF regimes.
Continue Reading AML: HM Treasury Updates Advisory Notice on Money Laundering and Terrorist Financing Controls in Higher-Risk Jurisdictions

On March 26, HM Treasury published a press release announcing it had concluded technical discussions on the text of the Memorandum of Understanding (MoU) for UK-EU regulatory cooperation in financial services (the Press Release).
Continue Reading UK Treasury Announces Technical Discussions on MoU on UK-EU Regulatory Cooperation in Financial Services

On December 30, 2020, HM Treasury (HMT) announced that the open access regime for exchange-traded derivatives (ETDs) introduced by the Markets in Financial Instruments Regulation (MiFIR) will continue to apply in the United Kingdom following the end of the transition period on December 31, 2020.
Continue Reading HMT Announces Open Access Regime for Exchange Traded Derivatives

On December 15, the UK’s HM Treasury published a call for evidence on the UK framework for financial services firms based overseas that are seeking to conduct activities in the UK.

The purpose of the call for evidence is to obtain information about how the existing UK rules work in practice. HM Treasury intends to use this information to develop the UK’s regulatory framework following the end of the Brexit transition period.
Continue Reading HM Treasury Call For Evidence on UK Overseas Framework and Overseas Persons Exclusion Post-Brexit

On December 15, the UK’s HM Treasury announced its intention to enact a statutory instrument under the UK’s retained version of the Short Selling Regulation (SSR), amending the initial notification threshold for the reporting of certain net short positions to the Financial Conduct Authority (FCA) (the Guidance).
Continue Reading HM Treasury Changes Notification Threshold Under UK Short Selling Regulation