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12 Apr 2024, 8:45 am by Simon Lovegrove (UK)
UK 14 April 2024 -On 14 March 2024, HM Treasury (HMT) published a near final version of the Payment Services (Contract Terminations Amendment) Regulations 2024 together with a policy note. [read post]
HM Treasury published the outcome of the Independent Research Review on 10 July 2023 and this contained certain recommendations that included the introduction of a Research Platform to help generate research and introducing additional optionality for paying for investment research. [read post]
Importantly, the FCA confirms that it plans to consult on proposals to amend the Senior Managers and Certification Regime in Q2 2024 and highlights that HM Treasury has, in parallel, launched a Call for Evidence to look at the legislative aspects of the regime. [read post]
Background The Financial Services and Markets Act 2023 gave HM Treasury (HMT) the power to legislate to create financial market infrastructure (FMI) sandboxes to be operated by regulators. [read post]
28 Mar 2024, 9:53 am by Simon Lovegrove (UK)
FSMA 2023 amends the BA 2009 to confer new powers on the BoE to oversee certain participants in the wholesale cash industry recognised by HM Treasury by order as having market significance which perform relevant functions in relation to wholesale cash distribution activity (recognised persons), and individuals who are specified by HM Treasury by order (specified persons). [read post]
28 Mar 2024, 5:28 am by Anita Edwards and Simon Lovegrove (UK)
The FCA and HM Treasury are observers on the industry-led Group, which is considering the implementation of fund tokenisation in the UK. [read post]
22 Mar 2024, 9:37 am by Anita Edwards and Simon Lovegrove (UK)
On 22 March 2024, HM Treasury (HMT) published a Policy Paper on the next phase of “Building a Smarter Financial Services Regulatory Framework for the UK”. [read post]
21 Mar 2024, 11:46 am by Anita Edwards and Simon Lovegrove (UK)
On 21 March 2024, HM Treasury (HMT) published a Policy Paper on its approach to designation of critical third parties to the UK financial services sector. [read post]
14 Mar 2024, 8:04 am by Simon Lovegrove (UK) and Anita Edwards
On 14 March 2024, HM Treasury published a near final version of the Payment Services (Contract Terminations Amendment) Regulations 2024 together with a policy note. [read post]
12 Mar 2024, 7:40 am by Anita Edwards and Simon Lovegrove (UK)
On 11 March 2024, HM Treasury (HMT) published a consultation on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs), which place requirements onto a range of businesses to identify and prevent money laundering and terrorist financing. [read post]
12 Mar 2024, 4:42 am by Beatrice Yahia
  Britain will deploy its HMS Diamond warship to the Red Sea and the Gulf of Aden to take over from HMS Richmond in defending shipping in the region, the government said today. [read post]
8 Mar 2024, 8:39 am by Simon Lovegrove (UK)
The report further states that neither of the Government’s flagship policies on gender equality (the gender pay gap reporting regulations introduced in 2017 and HM Treasury’s Women in Finance Charter introduced in 2016), have brought about the extent of change that was hoped for. [read post]
7 Mar 2024, 10:04 am by Anita Edwards and Simon Lovegrove (UK)
On 6 March 2024, HM Treasury (HMT) published a consultation setting out the Government’s proposal for a new innovative market that aims to allow private companies to scale and grow, and to boost the pipeline of future initial public offerings (IPOs) in the UK. [read post]
On 6 March 2024, HM Treasury (HMT) published a consultation setting out the Government’s proposal for a new innovative market that aims to allow private companies to scale and grow, and to boost the pipeline of future initial public offerings (IPOs) in the UK. [read post]
The FCA also notes that if its work identifies relevant information relating to lending outside its remit, it will share this with appropriate government departments – in particular HM Treasury as it considers reforming the Consumer Credit Act. [read post]
27 Feb 2024, 3:35 am by Anita Edwards and Simon Lovegrove (UK)
One of the tools introduced by Financial Services Markets Act 2023 (FSMA 2023) is new section 138BA of the Financial Services and Markets Act 2000 (FSMA), which provides a power for HM Treasury to make regulations to grant the financial services regulators the ability to disapply or modify rules made by the regulators under FSMA. [read post]
26 Feb 2024, 4:41 am by Simon Lovegrove (UK)
Consultations closing for comments: 28 February 2024 – On 8 December 2023, HM Treasury and the FCA jointly published Discussion Paper 23/5: Advice Guidance Boundary Review – proposals for closing the advice gap (DP23/5). [read post]
This includes: addressing the “chronic underfunding” and the severe backlog of the criminal justice system; an immediate “upwards shift in the prioritisation of [violence against women and girls] offences in policing” as recommended in a 2021 report by HM Inspectorate of Constabulary, Fire and Rescue Services; increased funding to non-governmental organizations working on gender equality and violence; and reform to the accommodation of housing asylum seekers. [read post]