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The “Edinburgh Reforms”: Timetable of Key Changes

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The timetable sets out three tranches of extensive regulatory changes to UK and EU law in 2023 and 2024.

By Rob Moulton, Becky Critchley, Denisa Odendaal, and Dianne Bell

The “Edinburgh Reforms”, a series of announcements made on 9 December 2022 by the Chancellor of the Exchequer (see here), set out the UK government’s reforms to drive growth and competitiveness in the financial services sector. The Reforms build upon the reform agenda that the government is taking forward through the Financial Services and Markets (FSM) Bill and which implements the Future Regulatory Framework Review.

The Reforms include a written statement by the Chancellor to Parliament containing over 30 announcements (e.g., confirmations, launches, plans, and consultations), alongside the publication of a range of documentation (e.g., policy-related letters, consultations, calls for evidence, and legislation).

On 8 December 2022, HM Treasury (HMT) also issued new remit letters for the FCA and PRA with clear, targeted recommendations on growth and international competitiveness (i.e., the new secondary objective under the Financial Services and Markets Act 2000).

HMT has proposed to split the implementation programme involving retained EU law into three tranches and expects to make significant progress on Tranches 1 and 2 by the end of 2023. HMT also intends to review files in Tranche 3 and decide whether any of them should be brought forward into Tranche 2 or prioritised within Tranche 3.

Latham & Watkins’ timetable summarises all areas of regulatory reform and timings (where given) from 2023 to 2024 (as of 17 January 2023).

To see the full timetable, click on the thumbnail below.

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