On December 15, the UK’s HM Treasury published a call for evidence on the UK framework for financial services firms based overseas that are seeking to conduct activities in the UK.
The purpose of the call for evidence is to obtain information about how the existing UK rules work in practice. HM Treasury intends to use this information to develop the UK’s regulatory framework following the end of the Brexit transition period.
The key requests for feedback in the call for evidence by the HM Treasury include:
- the overseas persons exclusion;
- investment services equivalence under Title VIII of the Markets in Financial Instruments Regulation (MiFIR);
- recognized overseas investment exchanges; and
- the Financial Promotion Order in general, and specifically in relation to the distribution of certain overseas long-term insurance products in the UK.
HM Treasury aims to improve consistency, as some activities overlap in the framework.
The deadline for comments on the call for evidence is March 11, 2021.
The call for evidence is available here.