On 21 October, HM treasury published a news release advising that a new Bill designed, it says, “to ensure the UK’s world-leading financial services sector continues to thrive and grasp new opportunities on the global stage” has been introduced into Parliament. It is described as the first step in shaping a regulatory framework for the UK’s financial services sector outside of the EU. It includes provisions to –
- deliver long-term market access between the UK and Gibraltar for financial services firms on the basis of alignment and cooperation, now that the UK and Gibraltar have left the EU;
- increase the maximum prison sentence for market abuse from 7 to 10 years in line with other sentences for financial crimes;
- increase beneficial ownership transparency for trusts – which will clarify the Government’s ability to enforce and make changes to extra-territorial trust registration powers; and
- streamline the FCA’s process for removing a firm’s authorisation and taking them off the public register, to improve accuracy and reduce the risk of fraud.
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