UK Financial Conduct Authority Updates Timings on Smarter Regulatory Framework Work

The Financial Conduct Authority has published a new webpage on the repeal and replacement of assimilated law. The new webpage predominantly reproduces the FCA webpage on the replacement of retained EU law originally published in July 2023. The timings for the FCA's work on the following files has been updated:

Consumer Composite Investments
The FCA plans to publish a consultation paper in H2 and a policy statement in H1 2025.

Long Term Investment Funds
The FCA will review responses to its consultation on removing references to LTIF from the Handbook, aiming to implement any changes in Q4.

MiFID II Directive, U.K. MiFIR and Wholesale Market Review reforms
The FCA aims to start a tender process later in 2024 to appoint a single consolidated tape provider for bonds and will update on an equities tape before the end of the year. The FCA will also publish a policy statement on commodity derivatives and a discussion paper on transaction reporting in Q4, followed by a consultation paper in H1 2025. The FCA also plans to publish a consultation paper on the MiFID Organisation Regulation in Q4.

Money Market Funds Regulation
The FCA will publish a policy statement in 2025.

Revised Payment Services Directive and Electronic Money Directive
Following its September consultation on changes to the safeguarding regime for payments and e-money firms, the FCA will publish a policy statement in 2025. We briefly outline the FCA's proposal in "UK Financial Conduct Authority Consults on Changes to the Safeguarding Regime for Payments and E-Money Firms".

Prospectus regime
The FCA will publish a policy statement in 2025 following its July consultations on the new U.K. public offers regime.

Securitization
The date for the FCA consultation on further changes to the securitization regime is now 2025 not Q4 2024/Q1 2025.

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