FIS Horizons 2023 Brochure - Riding the wave - Flipbook - Page 12
The Edinburgh Reforms:
the next chapter for
UK financial services
regulation
Rachel Kent
Partner, London
Dominic Hill
Consultant, London
Virginia Montgomery
Senior Knowledge Lawyer, London
Melanie Johnson
Senior Knowledge Lawyer, London
December 2022 saw the long-awaited Edinburgh Reforms package of
measures providing further detail on the future of UK financial services
regulation post-Brexit.
The measures build on the Future Regulatory
Framework (FRF) Review and the Financial
Services and Markets Bill expected to come
into force in the first half of 2023.
With these reforms, the UK Government is
aiming to build an “agile, proportionate and
homegrown” rulebook and seeks to balance
stability and innovation to boost the
competitiveness of the UK post-Brexit.
The key aims of the reforms include ensuring
that the UK’s financial markets remain an open
and attractive place to do business promoting
effective use of capital. The UK wants to
maintain its position as a world leader in
sustainable finance. At all times and across all
products and services, it aims to deliver for
consumers and businesses whilst remaining at
the forefront of innovation and technology.
With these aims in mind, the ambitious list of
30 key measures will have a huge impact on
the financial services sector as we go into 2023
and beyond. Some of the detail of the measures
remains to be seen as the consultations are
due in the pipeline, but key areas include
the following: reform of the ring-fencing
regime; a review of the SM&CR; a commitment
to having a consolidated tape in place by 2024;
a review of the MiFID II reporting rules;
reform of short selling in the UK; consulting on
a UK CBDC; Consumer Credit Act reform of
the securitization prospectus regimes; and
repealing PRIIPs.
To meet its ambition to become a world leader
in sustainable finance, an updated Green
Finance Strategy will be published shortly,
together with proposals for ESG ratings
providers to come within the FCA’s remit.
Read the full article regarding the Edinburgh
Reforms on Hogan Lovells Engage here.
Article correct as of 09 December 2022.
Toolkit
The Edinburgh Reforms Navigation Toolkit
We have also published navigation aids to get to grips with the measures,
including a timeline and quick guide.
You can find out more about this toolkit here.
