On 29 June 2023 the Financial Services and Markets Act received Royal Assent. We've summarised the highlight's for you here and are already looking forward to blogging on some of the more interesting details.
Critical third parties
The Treasury can now decide who is a "critical" provider of services to regulated firms and financial market infrastructures.
The Act gives the Bank of England, PRA and FCA power to directly oversee critical third parties including powers to make rules, gather information and take enforcement action.
Financial Promotions
Cryptoassets
Digital settlement assets
FMI sandboxes
Regulatory frameworks for FMIs
SMCR for FMIs
Resolution regime for FMIs
Amendments to UK MiFIR
Cash
Mutual recognition
Retained EU law
Sustainability Disclosure Requirements
Changes that apply to PRA and FCA
Lots to digest, and lots more detail to follow no doubt in various consultation papers and policy statements in due course. Some of these new regimes are material for the sectors they affect, others such as accountability of the regulators will be more watching briefs to see what changes.
Needless to say we're watching too and we'll keep you informed of developments as they emerge. You can subscribe to our blogs if you'd like to stay in the loop.
