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.
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