Financial services legislation was presented in the December 2019 Queen’s Speech. The UK Government has stated that this will build on secondary legislation brought forward under the EU (Withdrawal) Act 2018 to ensure the effective operation of retained EU law, and thereby support the financial services sector.
The main elements of the legislation are likely to be:
- delivering on a commitment for long-term market access between the UK and Gibraltar for financial services firms;
- simplifying the process which allows overseas investment funds to be sold in the UK, in line with commitments made during the preparations for leaving the EU; and
- implementing the Basel standards to strengthen the regulation of global banks, in line with previous G20 commitments
More detailed proposals are yet to be published. Legislation is however expected before the end of the transition period on 31 December 2020.