“Onshoring” Statutory Instruments Comment Series: Financial Services and Markets Act 2000: 25 January 2019

The draft Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 onshores the Financial Services and Markets Act 2000.  In particular, it amends those provisions of FSMA which are dependent on provisions in E.U. legislation, such as definitions which are found originally in E.U. law or are based on an activity being carried out within the E.U.  In this letter, the FMLC has drawn attention to an issue of legal uncertainty in relation to the updated financial promotion rules.

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