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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 Financial Services Bill was published on 21 October 2020.
The main elements of the legislation are:
- provide a framework for the UK’s own Investment Firms Prudential Regime, to be similar in substance to that being introduced in the EU and largely implemented in rules to be made by the UK Financial Conduct Authority (FCA);
- establish a new Gibraltar Authorisation Regime to allow financial services firms based in Gibraltar to continue to offer regulated activities in the UK; and
- implementing the Basel standards to strengthen the regulation of global banks, in line with previous G20 commitments
Lead Committee: Justice Committee
Any SPICe briefings produced regarding this Bill will appear here once published.
Legislative Consent Memorandum
The UK Government has sought legislative consent from the Scottish Government. The Scottish Government published a Legislative Consent Memorandum on 20 January 2021, which includes a draft motion to consent to the Bill.
Consideration by Scottish Parliament Committees