FSMA 2023 & the Edinburgh Reforms - What You Need to Know

Introduction

In the wake of the UK's departure from the EU, large parts of EU legislation to which the UK had been subject were first ‘on shored’ for UK application, and since then work has started on a large exercise of assimilating the requirements fully into the UK regulatory framework, often with some adaptations.

The Financial Services and Markets Act 2023 (‘FSMA 2023’) gave UK regulators the necessary powers to do this, as well as setting a new regulatory framework for wider areas of financial services.

In anticipation of FSMA 2023, the previous Government announced a sweeping UK financial services regulatory reform agenda comprising the so-called ‘Edinburgh’ reforms.

4 years post Brexit, and 2 years post the announcement of the Edinburgh reforms, this short webinar will unpack the key reform areas under the Act and the Edinburgh reforms and provide an essential stocktake on what has been done and what is still on the regulatory agenda.

What You Will Learn

This short webinar will cover the following:

• The background to, and objectives of, the Financial Services and Markets Act
• The so called ‘Future Regulatory Framework’ measures, including:
• The process for the repeal and replacement of retained EU law
• The changes to the regulatory objectives and principles of the Prudential Regulation Authority and the Financial Conduct Authority
• The new ‘designated activities’ regime
• The key changes in the Act in respect of specific reform areas such as:
• Wholesale markets regulation
• The regulation of critical third parties
• The regulation of digital settlement assets
• The regulatory framework for Financial Market Infrastructure (‘FMI’) such as central counterparties (‘CCPs’)
• Insurance regulation
• An overview of the Edinburgh Reforms - the 30 measures proposed and their current status

This pre-recorded webinar will be available to view from Tuesday 1st April 2025

Alternatively, you can gain access to this webinar and 1,700+ others via the MBL Webinar Subscription. Please email [email protected] for more details.