FIN.

Government calls for views on cross-border financial services framework

Treasury has published a call for evidence asking for views on the UK’s framework for cross-border financial services.

Treasury wants to understand how the current overseas framework supports the UK’s position as a global financial centre, and how regulation can attract activity to the UK while supporting financial stability. It seeks views particularly on:

  • the overseas persons exclusion – which it understands is complicated and most firms need to seek legal advice when considering using it;
  • the FPO;
  • MiFIR Title VIII – which, if equivalence between the UK and EU were determined, would partly overlap with the overseas persons exclusion;
  • recognised overseas investment exchanges; and
  • overseas long-term insurers – including the limitations of the FPO exemptions, and how they will no longer apply to EEA insurers post-Brexit.

It asks for views by 11 March 2021.

Emma Radmore