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Factbox: UK sets out financial sector reforms

By:
Reuters
Published: Dec 9, 2022, 08:06 UTC

LONDON (Reuters) - Britain on Friday set out plans to overhaul the financial sector including a review of rules to make bankers accountable for their decisions and easing capital requirements on smaller lenders.

Union Jack flags fly in the wind in front of the Parliament at Westminster bridge, in London

LONDON (Reuters) – Britain on Friday set out plans to overhaul the financial sector including a review of rules to make bankers accountable for their decisions and easing capital requirements on smaller lenders.

Here are some of the measures announced:

– Reforming the Ring-Fencing Regime for Banks

– Issuing new remit letters for the PRA and FCA with clear, targeted recommendations on growth and international competitiveness

– Reforming securitisation regulation

– Launching a Call for Evidence on reforming the Short Selling Regulation

– Welcoming the PRA consultation on removing rules for the capital deduction of certain non-performing exposures held by banks

– Overhauling the UK’s regulation of prospectuses

– Committing to establish the independent Investment Research Review

– Committing to having a regime for a UK consolidated tape in place by 2024

– Consulting on reform to the VAT treatment of fund management

– Consulting in Q1 2023 on bringing Environmental, Social, and Governance ratings providers into the regulatory perimeter

– Consulting on a UK retail central bank digital currency alongside the Bank of England in the coming weeks

– Publishing a response to the consultation on expanding the Investment Manager Exemption to include cryptoassets

– Laying regulations in early 2023 to remove well-designed performance fees from the pensions regulatory charge cap

(Reporting by William James)

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