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    Lords examines Financial Services and Markets Bill at report stage



    Lords examines Financial Services and Markets Bill at report stage

    The House of Lords began its latest examination of the Financial Services and Markets Bill (“FSMB”) this month.

    FSMB seeks to make wide-ranging changes to the regulation of UK financial services and implement the outcomes of the Future Regulatory Framework review. The proposals put forward by the Bill include;

    • Changes to the powers of the FCA and the PRA under a new regulatory framework.
    • Withdrawal and/or revisions of EU law retained relating to financial services (once replacement laws are in place).
    • Introduction of a regulatory gateway through which authorised firms must pass before they are able to approve the financial promotions of unauthorised firms.
    • A framework for regulating digital settlement assets to bring stablecoins into the scope of regulation when used as a form of payment.
    • HM Treasury to be granted powers to require a rule review by the regulator, where this is deemed in the public interest.

    FSMB is wide-ranging and will impact firms from a broad range of sectors in different ways. It is hoped that FSMB will see an increase regulatory scrutiny for firms as well as a removal of burdensome or inefficient regulations. Firms need to consider how these changes could impact their firm, especially those operating in both the UK and across Europe.

    You can track the progress of the FSMB via the Parliament website.

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