The impact of Brexit on financial services regulation has been significant. For more information, see Practice Note: Brexit—impact on financial services.
In the UK, the Financial Services and Markets Act 2023 (FSMA 2023) was introduced to the House of Commons and given its first reading on 20 July 2022 and received royal assent on 29 June 2023. Practice Note: The Financial Services and Markets Act 2023—essentials sets out the background to FSMA 2023, provides an overview of FSMA 2023 and considers its key reforms. It also considers how FSMA 2023 interacts with the Retained EU Law (Revocation and Reform) Act 2023 (REUL(RR)A 2023).
On 9 December 2022, the chancellor of the exchequer, Jeremy Hunt, announced a package of proposed measures for UK financial services, collectively termed the Edinburgh Reforms. Practice Note: Edinburgh Reforms tracker outlines the key developments relating to each of the measures comprised in the Edinburgh Reforms and provides links to relevant documents.
From 1 January 2024. Retained EU Law (REUL) introduced by the European Union (Withdrawal)
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