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the Treasury to be sparing in its use of the proposed power to require regulators to review their rules, which could otherwise potentially weaken the independence of the regulators, and for the Treasury to fund any such regulatory reviews in order to avoid crowding out the regulators’ budgets.clear timetables for regulatory changes to specific EU financial services regimes be published by the FCA, the Prudential Regulation Authority and the Treasury to allow industry to plan for the changes it may need to make and to allow stakeholders to plan their engagement in the process.In respect of the prospective new regulatory framework post-Brexit, the report recommends:

The report is not in favour of a secondary international competitiveness objective for the regulators on the basis that this could lead to a weakening of the UK’s strong regulatory standards. While the report recognises the opportunity for the UK to tailor (and, where appropriate, simplify) legacy EU financial services regimes for the UK market, the report’s key conclusions and recommendations include a number of items addressed at concerns of potential watering down of the financial services regulatory landscape in the UK as well as the need to protect regulatory independence from the Treasury. On 16 June 2022, the UK Treasury Select Committee published a report on the “future of financial services regulation” in the UK post-Brexit.

enhancing market resilience by consulting on what future guidance should cover in relation to the operation of markets before and during an outage.

improving the quality of execution by removing restrictions preventing trading venues from using the same tick size used by trading venues established overseas where the overseas venues are the primary markets in a financial instrument and.

allowing UK trading venues to use reference prices from overseas venues, and allowing UK trading venues to calibrate the order management facility waiver according to the characteristics of their markets.

simplifying post-trade transparency reporting of over-the-counter (OTC) transactions by establishing designated reporting firms with responsibility for post-trade transparency (and removing systematic internaliser (SI) status as a determining factor).

improving the post-trade transparency regime by excluding non-price-forming transactions, improving the use of post-trade flags, and improving the consolidation of trade reports from multiple sources.

The proposals include the following changes: The FCA also proposes amendments to improve the quality of post-trade information and the efficiency of consolidating trade reports from multiple sources. The FCA’s proposals seek to improve requirements that have been identified as imposing compliance and operational costs on firms but that do not deliver demonstratable benefits to end users or to the functioning of equity markets.

The consultation is open for responses until 16 September 2022. CP22/12 is part of the Wholesale Markets Review, the review of UK wholesale financial markets being conducted by the FCA and the Treasury (discussed in our March 2022 Update). CP22/12 also seeks views on future FCA guidance on outages and the structure of UK markets for retail orders.

On 5 July 2022, the FCA published a Consultation Paper (CP22/12) on proposals to improve trade execution and post-trade transparency in equity markets. Alder also chairs the board of the International Organization of Securities Commissions (IOSCO) and sits on the Financial Stability Board’s Plenary and its Steering Committee.Īlder will succeed interim FCA Chair Richard Lloyd (who replaced Charles Randell on 1 June 2022) and is expected to take up his role in January for a five-year term. Alder is currently Chief Executive Officer of the Securities and Futures Commission in Hong Kong, a role he has held since 2011.

On 8 July 2022, the Treasury announced the appointment of Ashley Alder as the new Chair of the FCA.