The uk-eu relationship in financial services

Partially implemented to date.
208 
HM Treasury, ‘Future Regulatory Framework (FRF) Review: Proposals for Reform
’, 
(9 November 2021): 
https://www.gov.uk/government/consultations/future-regulatory-framework-frf-
review-proposals-for-reform
[accessed 15 June 2022]
209 HM Treasury, ‘UK Wholesale Markets Review: a consultation’, (1 March 2022): 
https://www.gov.uk/
government/consultations/uk-wholesale-markets-review-a-consultation
[accessed 15 June 2022]
210 HM Treasury, ‘Solvency II Review: Consultation’, (28 April 2022): 
https://www.gov.uk/government/
consultations/solvency-ii-review-consultation
[accessed 15 June 2022]
211 Written Ministerial Statement 
HCWS490
, Session 2021–22
212 HM Treasury, ‘UK regulatory approach to cryptoassets and stablecoins: consultation and call for 
evidence’, (4 April 2022): 
https://www.gov.uk/government/consultations/uk-regulatory-approach-
to-cryptoassets-and-stablecoins-consultation-and-call-for-evidence
 [accessed 15 June 2022]. 
Stablecoins are cryptocurrencies, the value of which is pegged to that of another currency, commodity 
or financial instrument: Investopedia, ‘Stablecoin’: 
https://www.investopedia.com/terms/s/stablecoin.
asp
[accessed 7 June 2022]
213 HM Treasury, ‘The Kalifa Review of UK FinTech’, (16 April 2021): 
https://www.gov.uk/government/
publications/the-kalifa-review-of-uk-fintech
 [accessed 15 June 2022]

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43
THE UK-EU RELATIONSHIP IN FINANCIAL SERVICES
Regulatory Review
Status
Implementation
Review of UK Funds 
regime
214
Summary 
of responses 
published 
February 2022.
Further consultation and 
specialized reviews required.
UK Listings Review
215
Concluded, 
government 
response updated 
April 2021.
Ongoing. Implementation is 
split between the FCA and HM 
Treasury.
Payments Landscape 
Review
216
Consultation 
concluded. 
Response 
published October 
2021.
Ongoing.
Implementation 
of the Investment 
Firms Prudential 
Regime and Basel 3 
Standards
217
Consultation 
concluded April 
2021. 
Ongoing.
UK prospectus regime 
consultation
218
Outcome 
published March 
2022.
Legislation expected when 
parliamentary time allows.