The Key Details For Organisations – Financial Services Act 2021
by Liz Seyi Digital marketing managerThursday
29 April saw the Financial Services Act 2021 finally receive Royal Assent,
in the process, becoming the first financial services primary legislation the
UK Parliament has passed since the UK’s departure from the European single
market.
The
Act – formerly the Financial Services Bill 2019-21 – was introduced in the
House of Commons on 21 October 2020, and makes reforms to 22 distinct
areas.
The background
of the Act
The
history of the Bill can be traced to the 2019 Queen’s Speech background paper,
which expressed a desire to use the upcoming parliamentary session to bring
forward legislation to “ensure that the UK maintains its world-leading
regulatory standards and remains open to international markets after we leave
the EU.”
The
Bill’s stated objectives at the time of its introduction to the House of
Commons included enhancing the UK’s prudential standards and promoting
financial stability; promoting openness between the UK and international
markets; and maintaining an effective financial services regulatory framework
and sound capital markets.
The
Treasury later added another objective in acknowledgement of amendments made
during the Bill’s passage through Parliament, to “protect consumers who use a
range of financial services.”
What are the
standout changes in the Act?
Organisations using various services offered by London
Registrars such as directors’ service addresses, the preparation and submission
of the annual Confirmation Statement, and the maintenance of
statutory registers and more, are likely to take an
interest in the various measures contained in the Act.
Eye-catching
elements of the legislation include, among others, Section 30 on insider lists
and managers’ transactions, as well as the information on maximum sentences for
insider dealing and financial services offences in Section 31.
Section
30, for instance, amends UK Market Abuse Regulation (MAR) to clarify who is
required to maintain an insider list. Specifically, it sets out that issuers
and any person acting on their behalf or on their account all must maintain
such a list, as opposed to issuers or any person acting on their behalf or
account.
Also
included in this section is an amendment to Article 19(3) of UK MAR, to modify
the timetable within which issuers are required to disclose transactions by
PDMRs and PCAs to the public. Issuers are now expected to disclose transactions
within two days of the PDMRs and PCAs notifying them of those transactions,
rather than no later than three business days following the transaction date.
Meanwhile,
Section 31 extends the maximum sentence for criminal market abuse from seven to
10 years.
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doesn’t need to look elsewhere for company secretarial services
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relation to your company’s corporate governance and compliance efforts? If so,
the London Registrars team is available to discuss with you such key services
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Created on Jun 16th 2021 05:13. Viewed 181 times.
Very nice Article ..........
Jun 18th 2021 00:22