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Episode 76 — UK FinReg Focus Areas in 2024: Regulatory Divergence

February 29, 2024
Latham lawyers from London and Frankfurt consider the level of regulatory divergence between the UK and the EU post-Brexit, and whether we can expect to see further divergence in 2024 and beyond.

The UK’s announcement of the Edinburgh Reforms in 2022 made clear the government’s intention to chart its own course in rulemaking for the UK financial services sector, and no longer prioritise equivalence with EU legislation. The UK is currently in the process of repealing and restating all retained EU legislation, which will result in divergence from the EU in several areas. Priority areas of reform have already seen significant progress, particularly those reflecting areas in which the government is keen to boost the UK’s attractiveness as a place to do business, including the UK listing and prospectus regimes, MiFID II, the Securitisation Regulation, Solvency II, PRIIPs, and the Money Market Funds Regulation.

In this episode of Connected with Latham, the latest in a 10-part series complementing Latham’s “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2024” report, London partners Rob Moulton and Nicola Higgs and Frankfurt partner Markus Krüger discuss the pace and focus of UK/EU regulatory divergence seen to date and what firms can expect in 2024. They also explore areas of potential regulatory convergence between the EU and the UK, including in relation to retail market investor protection, ESG reforms, and implementation of the Basel III Endgame international capital standard.

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