POST-BREXIT REGULATIONS: FINANCIAL SERVICES BILL INTRODUCED

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 –

  1. 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;
  2. increase the maximum prison sentence for market abuse from 7 to 10 years in line with other sentences for financial crimes;
  3. 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
  4.  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.

https://www.gov.uk/government/news/financial-services-bill-introduced-today

https://bills.parliament.uk/bills/2792

https://publications.parliament.uk/pa/bills/cbill/58-01/0200/en/200200en.pdf

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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