Rishi Sunak has made a written statement about the UK’s approach to implementing key financial services reforms before the end of 2020. The statement notes the UK’s policy intention, and the manner in which it proposes to address the prudential changes now under consultation.
In addition to the documents just published, the Government plans to bring forward a review of certain features of Solvency II to ensure it best reflects the UK insurance sector.
On securities, the UK will not be implementing the settlement discipline regime set out in the CSDR, not the reporting obligation of the SFTR for NFCs,
Other initiatives will include amendments to the Benchmarks and Market Abuse Regulations, legislation to improve the functioning of the PRIIPs regime and legislation to complete the implementation of the EMIR REFIT.