The Financial Services Bill: new rules for capital, funds and LIBOR transition
03 November 2020On 21 October 2020, the Financial Services Bill 2019/21 (the Bill) had its first reading in Parliament.
The Bill provides a glimpse into the contours of the post-Brexit financial services regulatory regime in the UK, granting HM Treasury, the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) broad rule-making powers. The second reading of the Bill is due on 9 November.
The aim of the Bill ostensibly is to address the technical point of ensuring that the UK’s regulatory framework works effectively following the end of the Brexit transition period. However, given the range and importance of the topics covered, the Bill is likely to prove to be one of the key pillars of the UK financial services regulatory landscape following 31 December.
Whilst a variety of financial services firms will be affected, the proposed amendments in the Bill will be of particular interest to buy-side firms.
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