Following the publication of the UK Financial Services Bill today, Adam Farkas, Chief Executive of the Association for Financial Markets in Europe (AFME), said:
“AFME welcomes today’s Financial Services and Markets Bill setting out the UK Government’s vision for the future of the financial services sector in the UK. This will deliver meaningful change and is complementary to AFME’s long standing position in support of high regulatory standards, financial stability, competitive markets, sustainable growth, appropriate levels of investor protection and responsive legislation for financial services.
“AFME is pleased to see the introduction of a new secondary objective on international competitiveness and economic growth for financial services regulators. This approach will ensure high regulatory standards are maintained while also putting an appropriate level of focus on competition.
“AFME also welcomes, in particular,the proposed legislative change to remove the share trading obligation (STO) and the double volume cap (DVC). These features were not conducive to supporting secondary market liquidity and their removal will help to boost the attractiveness of capital markets in the UK, making them more agile and promoting better outcomes for investors.
“We also look forward to engaging with the Bank of England and Financial Conduct Authority as they build their rulebooks in light of their new powers.”
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