Last year, HM Treasury launched the Financial Services Future Regulatory Framework Review, a long-term review looking at how the UK’s regulatory framework needs to adapt to the future, and in particular to the UK’s position outside of the EU.
Today, in a Financial Services Update given via a Written statement published by the Chancellor of the Exchequer, the UK announced a number of changes to key regulatory reforms that ISLA, its members, and the broader industry have been focused on for some time. The UK’s statement will be discussed in the relevant working groups to ascertain impacts and responses, especially in relation to both the Securities Finance Transaction Regulation (SFTR), and the Central Securities Depositories Regulation (CSDR); SFTR will not apply to non-financial counterparties (NFCs), whilst the EU’s new settlement discipline regime, as set out in CSDR will not be implemented in the UK.
Reforms relate to the following regulations:-
- Bank Recovery and Resolution Directive II (BRRD II)
- Benchmarks Regulation
- Capital Requirements Directive (CRDV)
- Capital Requirements Regulation (CRR)
- Central Securities Depositories Regulation (CSDR)
- European Market Infrastructure Regulation (REFIT)
- LIBOR transition
- Market Abuse Regulation
- Securities Financing Transactions Regulation
- Solvency II
The full statement can be found here