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With a length of 330 pages, Financial services and market billsIntroduced at a glittering ceremony held at the Mansion House in London on July 20, it is the largest financial services law since the 2000 Financial Services and Markets Act.
The bill is a rejection of hundreds of different EU retention laws and a pioneer of laws that “work for the benefit of the British people,” as it tends to be repeated among new parts of UK financial law. is.
The bill implements the government’s vision for an “open, environmentally friendly, technologically advanced and globally competitive” sector while maintaining a high level of consumer protection.
Speech at Mansion House on Wednesday night, Minister of Finance, Nadim The Howie The bill is described as a “landmark of UK financial services.”
“Through the introduction of this bill, we are taking advantage of Brexit to remove hundreds of nasty EU regulations and ensure that the financial sector works for the benefit of British people and businesses. “He said in his speech.
The bill is Review of future regulatory frameworks It also gives financial regulators more control over the setting of requirements for UK financial services.
This relocation of responsibility ensures the safety and soundness of the enterprise, protects and strengthens the integrity of the UK financial system, promotes competition for the benefit of consumers and allows consumers to obtain the appropriate degree. Of protection, it is set to complement the regulator’s existing purpose of ensuring that it does.
The bill also includes stakeholder engagement and accountability, and an enhanced mechanism for parliamentary and Treasury oversight and oversight of regulators. This includes a new “rule review” authority that allows governments to instruct regulators to review rules for the public good.
To maintain Britain’s position as an international, open and competitive financial center, the bill reforms EU-derived legislation that governs capital markets, and rulebooks are fair and result-based. We guarantee that you will maintain high regulatory standards.
This includes the EU’s stock trading obligations from 2018 and the removal of double volume caps. MiFID IIMore authority because companies have traditionally restricted the ways and places they can carry out transactions Financial Conduct Authority (FCA) is set to leverage new forces to enhance market transparency and effective functioning.
The bill also empowers governments and regulators to better implement mutual recognition agreements. This is an agreement between two trading partners designed to remove technical and regulatory barriers to trade.
Stable focus on stablecoin
With respect to the sustainable utility to new technologies, especially the new use of cryptocurrencies and digital assets as a means of payment, Section 22 of the bill regulates certain types of stablecoin and is a mainstream transaction.
The scope of this regulation includes: “Digital payment assets” This includes a digital representation of value or rights, whether cryptographically protected or not. ‘(A) Can be used to settle payment obligations. Use technologies that can (b) be transferred, stored, or traded electronically and (c) support the recording or storage of data (which may include distributed ledger technology).
In facilitating these new innovations, the bill will also allow the creation of financial market infrastructure sandboxes, allowing companies to test the use of new technologies and practices in financial markets, and the efficiency, transparency and transparency of new products. Increases resilience.
In response to this Blair HolidayGreat Britain GeminiRegulated crypto exchanges, wallets and custodians describe the bill as “a positive move to recognize the important role these assets will play in our economy and financial system in the future.”
Halliday details how “fundamentally important” regulations are important to the company, and the bill “ensures stronger consumer protection while encouraging innovation and adoption of a wider range of digital assets. It paves the way for us. “
The bill revealed the start of another consultation process on a broader crypto asset regulatory approach, scheduled for later this year.
“We hope that this talk will balance the size of the opportunity for the UK to reach its potential as a crypto asset hub and the need for appropriate safeguards for the country’s crypto investors,” Halliday said. I am commenting.
In addition to the reaction of this industry David CarlyleVice President of Policy and Regulation for London-based blockchain analytics provider OblongTalks about the benefits the bill will bring to UK financial innovation.
“By providing stablecoin with a clear legal framework, the UK can use stablecoin to innovate the payments sector while ensuring financial stability and soundness,” Carlyle said. I will explain. “With this bill, the UK has set the pace of global competition at the forefront of cryptocurrency innovation.
“Technology companies and innovators building on Stablecoin Space will see the UK as a clear leader in this space. In the coming years, Stablecoin Space companies will make the UK the place they go. You can expect to see it. I want to do business.
“The EU’s recent agreement on a MiCA regulatory framework requires the UK to take bold and proactive steps to keep the financial sector at the forefront of innovation. Increasingly, the government sees crypto as an essential foundation for future work and economic growth, as evidenced by this week’s announcement in Dubai to pursue opportunities.
“It’s clear that the government is no longer looking at cryptocurrencies as a fad, but as a key feature of future financial markets that must strive to use them now, or else this new innovation. There is a risk of missing the waves.
“Now all eyes are on the United States, and it is hoped that bipartisan legislation on stablecoin will soon be introduced in Congress. Earlier this year, President Biden said he would put the United States at the forefront of crypto innovation. He has set out a bold vision, but legislative action has been delayed.
“Because the UK and EU are already open, the US faces increasing pressure to pass the Stablecoin Act or could lag behind this rapidly accelerating competition to innovate through digital assets. Probably. “
As part of a plan to ensure consumer protection, the law includes measures to protect access to next-generation cash. The authority to allow payment system regulators to instruct banks to refund victims of APP fraud. It will also establish new regulatory channels to allow businesses to approve financial promotions and better reflect the FCA rules that promotions should not be fair, clear and misleading.
As part of this approach, the government will ensure greater financial inclusion through the authority of credit unions that offer low interest rate credit forms to offer a wide range of products to their members.
