On December 9, UK chancellor Jeremy Hunt announced 30 new measures in the Financial Services and Markets Bill to significantly boost the City of London’s attractiveness. The UK Treasury is looking to implement many of these reforms by 2024, particularly those related to supporting a UK consolidated tape.
Romin Dabir, a partner at law firm Reed Smith, says the reforms will result in significant changes to the UK’s regulatory regime. He singled out measures such as changes to the prospectus regime and ring-fencing rules as being specifically designed to boost the City’s attractiveness. Most of the broad changes have been well flagged over the past couple of years, and there were few surprises. Of greater interest will be the details behind the various measures, which should become clearer over the course of 2023.
