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The Financial Services Bill receives royal assent

The Financial Services Bill has received royal assent and is now law. The Act creates a regulatory framework for financial services in the UK post-Brexit. Areas covered include:
  • empowering the implementation of a prudential regime for investment firms, and of remaining Basel III standards;
  • rules on benchmarks;
  • the promotion of overseas funds’ access to financial services markets; and
  • miscellaneous provisions, such as permitting the Treasury to extend the UCITS firm exemption from PRIIPS KID production to beyond December 2021, and for up to 5 years.
You can find the act here.