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

On December 2, the UK’s Financial Conduct Authority (FCA) published a draft transitional direction alongside an explanatory note, for share trading obligation under the Markets in Financial Instruments Regulation (600/2014) (MiFIR) in preparation for the end of the Brexit transition period (the Direction).
Continue Reading FCA Publishes Draft Transitional Direction for Share Trading Obligation Under MiFIR

On November 16, the UK’s HM Treasury, Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) jointly published a statement on the introduction of the new Investment Firms Prudential Regime (IFPR) and the UK implementation of Basel standards reflecting the CRR II Regulation (the Statement).
Continue Reading Regulatory Capital – UK Authorities Jointly Publish Statement on New UK Prudential Rules

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