Inside this Topic Guide
The Financial Services and Markets Bill 2022-23, introduced on 20 July 2022, aims to implement the outcomes of the UK government's future regulatory framework (FRF) review and to make other significant changes to the structure and content of UK financial services regulation.
Key measures cover: the revocation of retained EU law; providing HM Treasury with new regulatory powers; changes to the UK regulators' objectives and accountability mechanisms; the implementation of other reviews, including in relation to wholesale markets, financial market infrastructure, digital settlement assets, critical third-party service providers, financial promotions, cash access and wholesale cash industry, and measures for insurers in financial difficulties; allowing HM Treasury to implement mutual recognition arrangements; requiring firms to have specific permission to approve financial promotions; and, extending powers to impose conditions on changes in control of authorised firms.
Regulators have already begun consultation on some of the reforms that would be made by the Bill and the enactment of the Bill will trigger an extensive programme of consultation on proposed changes that will be implemented over a period of months and years.
This Topic Guide brings together official materials and Clifford Chance resources relating to the Bill and tracks forthcoming changes.
Status: The Bill passed its second reading in the House of Commons on 7 September 2022 and has been sent to a House of Commons Public Bill Committee, which will scrutinise the Bill line by line and is expected to report to the House by 3 November 2022.
Absent an intervening general election, the Bill is expected to be passed and become law by the end of the current Parliamentary session in May 2023.
Once enacted, HM Treasury would be able to bring its provisions into force on days to be appointed (to the extent not specified) and the government and regulators could begin the process of adopting and implementing the regulations and rules contemplated by the new law.
|Caroline Dawson (London)||Monica Sah (London)|
|Simon Crown (London)||Christopher Bates (London )|
|Paul Ellison (London)||Diego Ballon Ossio (London)|
|Simon Gleeson (London)||Laura Douglas (London)|
|Caroline Meinertz (London)||Nancy Li (London)|
|Ashley Prebble (London)||Stephanie Peacock (London)|