FMLC writes to Treasury on Brexit regulations

FMLC has written to Treasury with its key observations on the FSMA (EU Exit) Regulations.  The Committee is concerned at some wording proposed in relation to the financial promotion rules. Specifically, FCA has power to make rules that apply to authorised persons in relation to communications they make or approve if rules are necessary to ensure compliance with “listed requirements”. The Brexit SI proposes that this means requirements under UK laws that “appear to the FCA to correspond to the requirements of” various EU legislation, including MiFID 2, the UCITS Directive and the IDD. The FMLC says this definition has a “significant penumbra of uncertainty” and calls for a more specific list.