Written by Pritpal Virdee
On 20 July 2023, the FCA published an updated version of its perimeter report webpage.
The FCA last updated the webpage in March 2023 and the following notable revisions, among others, have been made to incorporate regulatory developments since then. A number of the changes have been made in light of the Financial Services and Markets Act 2023 (FSMA 2023) coming into force (see our related blog post here).
The section explains that the Act provides for the repeal of financial services related provisions in retained EU law, enabling regulators, through new rule-making powers, to make rules to replace those provisions. The Act includes various measures that will affect the FCA’s remit and responsibilities, including the creation of the Designated Activities Regime.
The FCA refers to the passing of FSMA 2000 (Financial Promotion) (Amendment) Order 2023 into law and explains how the promotion of qualifying cryptoassets falls within the scope of the financial promotion regime and the rationale behind this (see our related blog posts
The financial promotions gateway: CP22/27: Introducing a gateway for firms who approve financial promotions in February, the FCA plans to publish its policy statement on how it intends to operationalise the financial promotions gateway by the end of the year.
The FCA has stated that following the closing of
The FCA has updated the open banking section of the webpage by making reference to the Joint Regulatory Oversight Committee’s recommendations published in
ESG data and ratings providers: Draft Voluntary Code of Conduct for ESG Ratings and Data Product Providers published by the International Capital Market Association and the International Regulatory Strategy Group in July. The consultation period will end on 5 October 2023 and the FCA anticipates the future Code will help promote more rapid development of best practice.
The FCA has commented on the
For further UK financial services regulatory updates, please visit the Burges Salmon blog.