Chancellor Jeremy Hunt unveiled the “Edinburgh Reforms” of financial services on Friday (9 December), which seek to boost growth in the sector and deliver a “smarter” post-Brexit regulatory framework for the UK.
Speaking at an industry roundtable in Edinburgh, Hunt announced over 30 regulatory reforms to repeal and replace retained EU laws governing financial services. This builds on the government's Financial Services and Markets bill, which hands broad powers to the UK's financial regulators to shape future regulatory policy and rework the rules the UK has inherited from the EU. The government's homegrown rulebook will be delivered by splitting up remaining EU law in tranches, the first one covering recent reviews into wholesale markets, listing rules, securitisation rules and Solvency II...
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