Since the 2007–09 global financial crisis, the pace of regulatory change for UK-based firms in the financial sector has been relentless, and 2023 was no exception. It continues to be a challenge just for firms to keep on top of the latest developments. But there are significant opportunities, too. Firms that get to grips with the detail of regulatory proposals and know what they want can meaningfully participate in advocacy and help to shape policy. Lawyers and compliance professionals can add real value to the businesses they advise, if they are thinking several steps ahead.
In Edinburgh just over a year ago, the UK chancellor announced “a bold collection of reforms”, which has led to the publication of more than 100 consultation papers, policy statements, draft pieces of legislation and other supporting documents. While the Edinburgh Reforms were recently criticised as a “damp squib” by the chair of the House of Commons Treasury Committee, the reforms will undoubtedly affect a number of key areas. For example, the government has recently published the legislation that will enable the overhaul of the UK’s prospectus and public offers regime. This is an area which has long been earmarked for reform, following a sustained decline in activity levels in the UK capital markets. As such, firms cannot take their eyes off the ball.
