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ARTICLE · 28 DECEMBER 2022

The Edinburgh Reforms: Post-Brexit Financial (de)regulation

Proskauer Rose LLP
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On 9 December 2022, the United Kingdom's Chancellor of the Exchequer announced an expansive set of reforms to the UK's financial regulatory regime – labelled the "Edinburgh Reforms".

European UnionFinance and Banking
Amar Unadkat
Amar Unadkat
John Verwey
John Verwey
Kirsten Lapham
Kirsten Lapham
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Background

On 9 December 2022, the United Kingdom's Chancellor of the Exchequer announced an expansive set of reforms to the UK's financial regulatory regime – labelled the "Edinburgh Reforms".

Following the UK's exit from the European Union, much of the EU financial regulatory regime was transposed and "onshored" into the UK's statute books. In the UK Government's own words the Edinburgh Reforms "set out plans to repeal, and replace, hundreds of pages of burdensome EU retained laws governing financial services". The vision is for a more agile UK regulatory framework that drives growth and competitiveness.

Key Proposals

Some of the key proposals in the Edinburgh Reforms include:

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