Financial Services and Markets Act 2023
From ACT Wiki
Financial services - regulation - UK - Brexit.
(FSMA 2023).
The UK's FSMA 2023 revoked retained EU law relating to financial services, allowing HM Treasury to determine the timing of the revocations, to allow appropriate replacement - over time - with domestic UK regulations.
- UK purpose-built regulation
- "The process of revoking and replacing retained EU law is expected to take several years.
- Consequently, retained EU law will, typically, continue to apply for a transitional period until replacement rules are in place.
- This means that we should (in most cases) first expect regulators to draft and consult on their proposal for new rules to be implemented, before an instrument is replaced.
- However, the regulators are excused the consultation requirements in the FSMA where the new rules will change existing rules and, in its opinion, the changes are 'not material'...
- It will be interesting to see to what extent the regulators rely on this process exemption and whether or not it will noticeably impact changes that financial services firms are hoping to see to requirements stemming from retained EU law already entrenched in the regulators’ rulebooks."
- Dentons - Overview of the Financial Services and Markets Act - July 2023.
See also
- Bank of England (BoE)
- Edinburgh reforms
- Financial Conduct Authority (FCA)
- Financial markets
- Financial services
- Financial Services Act 2021
- HM Treasury
- Materiality
- Prudential Regulation Authority (PRA)
- Regulation
- Retained EU law
