FACTBOX: UK sets out financial sector reforms

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LONDON, Dec 9 (Reuters) – Britain on Friday set out plans to overhaul the financial sector including a review of rules to make bankers accountable for their decisions and easing capital requirements on smaller lenders.

Here are some of the measures announced:

  • Issuing new remit letters for the PRA and FCA with clear, targeted recommendations on growth and international competitiveness
  • Reforming securitisation regulation
  • Welcoming the PRA consultation on removing rules for the capital deduction of certain non-performing exposures held by banks
  • Overhauling the UK’s regulation of prospectuses
  • Committing to establish the independent Investment Research Review
  • Committing to having a regime for a UK consolidated tape in place by 2024
  • Consulting on reform to the VAT treatment of fund management
  • Consulting in Q1 2023 on bringing Environmental, Social, and Governance ratings providers into the regulatory perimeter
  • Consulting on a UK retail central bank digital currency alongside the Bank of England in the coming weeks
  • Publishing a response to the consultation on expanding the Investment Manager Exemption to include cryptoassets
  • Laying regulations in early 2023 to remove well-designed performance fees from the pensions regulatory charge cap

(Reporting by William James)

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