The UK’s approach to regulatory reforms before the end of the Brexit transition period—UK Parliament Written Statement from Rishi Sunak, HM Treasury Policy Statement on the UK prudential regime for banks and investment firms and FCA Discussion Paper (DP20/2)

Article summary

The UK Parliament has published a Written Statement (HCWS309) from the Chancellor of the Exchequer, Rishi Sunak, which provides a high-level update on the UK’s approach to financial services EU regulatory reforms that are currently in progress. In addition, HM Treasury published a Policy Statement (June update) providing an update on its approach to legislating for new prudential standards in the forthcoming Financial Services Bill, and the FCA published its initial views on the EU Investment Firms Regulation (IFR) and the Investment Firms Directive (IFD), requesting industry feedback on the design of an equivalent UK regime in discussion paper DP20/2. The FCA is asking for comments and/or responses to the questions raised in the DP by 25 September 2020, ahead of a consultation paper which is...