Source · Select Committees · Treasury Committee
Recommendation 14
14
Paragraph: 96
The Treasury and regulators should publish a forward-looking schedule of approximately when they expect each...
Recommendation
The Treasury and regulators should publish a forward-looking schedule of approximately when they expect each EU financial regulatory file to move across to the regulatory rulebooks, including timelines for consultation, and when they expect the overall project to conclude. This should give industry a better opportunity to plan for the changes they may need to make, and give the various stakeholders (including industry, consumer groups, academics, and other experts) more time to plan their engagement in the process.
Paragraph Reference:
96
Government Response
Acknowledged
HM Government
Acknowledged
The government notes this recommendation. The process of moving from retained EU law to a comprehensive FSMA model of regulation will be a significant undertaking (for the Treasury, regulators, industry and other stakeholders) which will take several years. A large-scale programme of secondary legislation, similar to the exercise conducted at the end of the transition period, will be required to give effect to the changes. The Treasury is already working with the regulators on the potential prioritisation for the repeal of retained EU law. The government recognises that it will be important to set out further information on the programme. This will ensure stakeholders have an opportunity to engage with the programme of work. The government expects to set out further information in due course.