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.