Asked by: Baroness Lawlor (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government which EU financial services laws have been repealed to promote the international competitiveness and growth of that sector and its contribution to the UK economy under the Financial Services and Markets Act 2023.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Financial Services and Markets Act 2023 repeals assimilated law (formerly known as retained EU law), replacing it with rules set by financial services regulators, operating within a framework set by government and Parliament. This repeal is subject to commencement by the Treasury.
As of July 2024, 350 instruments relating to financial services have been replaced – 45% of the total number of instruments. HM Treasury has made or laid instruments to replace assimilated law in areas including Solvency II, the Prospectus Regime, Data Reporting Service Providers, and Securitisation.