The first significant post-Brexit changes to UK financial services regulation were announced on December 9 by Jeremy Hunt, Chancellor of the Exchequer. The so-called 'Edinburgh Reforms' represent an attempt to honour government election manifesto promises and include possible changes to the Senior Mangers Regime, short selling, Solvency II and research rules under MiFID 2, among others.
In this episode of Compliance Clarified, Lindsey Rogerson and Rachel Wolcott, senior editors in London, join Alexander Robson, editor-in-chief in London, to discuss the reforms and their potential impact.
Wholesale markets review
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1057897/Wholesale_Markets_Review_Consultation_Response.pdf
Securitisation review
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1040038/Securitisation_Regulation_Review.pdf
Hill Review
https://www.gov.uk/government/publications/uk-listings-review
Short selling
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1122840/SSR_CfE_-_Official_Publication.pdf
National AI strategy
https://www.gov.uk/government/publications/national-ai-strategy-ai-action-plan/national-ai-strategy-ai-action-plan
FCA board minutes mentioning Regulatory Decisions Committee annual report (section 6)
https://www.fca.org.uk/publication/minutes/fca-board-minutes-28-october-2022.pdf
Available only to subscribers of Regulatory Intelligence (behind a paywall)
ANALYSIS: Edinburgh Reforms leave much for finance firms to engage with in Hunt's post-Brexit rules overhaul
http://go-ri.tr.com/tAS9ij
Senior managers regime sets accountability bar high, few are rejected or punished
http://go-ri.tr.com/46kAH4
The Regulatory Intelligence podcast series "Compliance Clarified" covers the range of topics that affect compliance officers in financial services firms.
The podcasts have been designed to help compliance officers make sense of the often-challenging world of financial services regulation which is now overlaid with expectations that are not in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk.
Compliance Clarified covers the hot topics of the day and the challenges faced, and aims to offer up practical ideas for emerging good practice.
