Britain to UNVEIL City with 300-Page STRATEGY to RIP UP Hated EU Rules

The UK Government’s eagerly anticipated legislation will aim to cause a “Big Bang” in the City of London by ripping up cumbersome EU rules.

The upcoming Financial Services and Markets Bill, which is 300 pages long, represents the most significant financial services reforms since Tony Blair’s Labour government implemented broad changes that resulted in significant consumer protections.

The bill includes measures to help consumers navigate technological change, such as changes to company listings and capital market rules.

It will repeal portions of the EU’s massive MiFID II rules, which were designed to protect investors and improve the functioning of financial markets.

The trading cap on “dark pools,” or private venues, will be lifted in order to entice share trading back to Amsterdam and boost London’s existing business.

Specific types of stablecoins, or digital assets designed to maintain a consistent value, will be regulated as a means of payment.

The proposal also seeks to assist financial regulators in promoting economic growth, with the primary goal of ensuring the financial system’s safety.

HM Treasury said in a statement introducing the legislation on July 20: “The Bill seizes the opportunities of EU Exit, tailoring financial services regulation to UK markets to bolster the UK’s competitiveness as a global financial centre and deliver better outcomes for consumers and businesses.”

RELATED ARTICLE
Anti-Brexit and China-Linked Authoritarian Jeremy Hunt is Now Chancellor of the Exchequer