The Edinburgh Reforms: Retained financial services EU law - the Big Repeal

10 days ago Lexology

The FSM Bill will repeal REUL in financial services (non-financial services REUL will be repealed via the Retained EU Law (Revocation and Reform) Bill). Each piece of financial services REUL will effectively be repealed once a statutory instrument ("SI") is brought into force, commencing the repeal. At that point the Treasury and the financial services regulators will move financial services firm-facing requirements from legislation into their rulebooks, establishing a comprehensive FSMA model of regulation. As part of the Edinburgh Reforms package the UK government published the "Building a smarter financial services framework for the UK" policy statement ("Policy Statement"). The Policy Statement identifies 43 "core" files, or areas of REUL (set out in Annex 1 to the Policy Statement).
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