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FACTBOX – UK sets out financial sector reforms

Reportedly, the authority plans to publish a response to the consultation on expanding the Investment Manager Exemption to include crypto assets

FACTBOX – UK sets out financial sector reforms

Britain on Friday set out plans to overhaul the financial sector including a review of rules to make bankers accountable for their decisions and easing capital requirements on smaller lenders. Here are some of the measures announced:

– Reforming the Ring-Fencing Regime for Banks

– Issuing new remit letters for the PRA and FCA with clear, targeted recommendations on growth and international competitiveness

– Reforming securitisation regulation

– Launching a Call for Evidence on reforming the Short Selling Regulation

– Welcoming the PRA consultation on removing rules for the capital deduction of certain non-performing exposures held by banks

– Overhauling the UK’s regulation of prospectuses

– Committing to establish the independent Investment Research Review

– Committing to having a regime for a UK consolidated tape in place by 2024

– Consulting on reform to the VAT treatment of fund management

– Consulting in Q1 2023 on bringing Environmental, Social, and Governance ratings providers into the regulatory perimeter

– Consulting on a UK retail central bank digital currency alongside the Bank of England in the coming weeks

– Publishing a response to the consultation on expanding the Investment Manager Exemption to include cryptoassets

– Laying regulations in early 2023 to remove well-designed performance fees from the pensions regulatory charge cap

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First published on: 09-12-2022 at 03:24:15 pm