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one in one out applied to the introduction of new regulatory measures. In its
report to the OECD, the government claimed that 3,095 regulations were scrapped or improved and thereof 1,376 changes [had] a material benefit – apparently amounting to more than £1.2 billion. The Deregulation Act 2015 enacted many of the reforms identified by this exercise.
The New Labour years saw the rise of Regulatory Impact Assessments for new legislation and policies (later increasingly known as Impact Assessments), and the ascendancy of the Better Regulation Executive and
Regulatory Policy Committee. This tendency might have been thought to have reached its apogee when the one-time Department of Trade and Industry (now the Department of Business, Energy and Industrial Strategy) became the Department for Business, Enterprise and Regulatory Reform. However, it was under the Coalition Government that the Small Business, Enterprise and Employment Act 2015 introduced a statutory obligation on g
United Kingdom: HM Treasury consults on regulatory approach to cryptoassets and stablecoins
On 7 January 2021 HM Treasury (HMT) published a combined consultation paper and call for evidence on the regulatory approach to cryptoassets and stablecoins.
In outline, the consultation proposes:
A policy approach that would involve specific requirements being implemented by independent regulators (e.g. via rules or codes of practice) within a wider framework of objectives and considerations set out by HMT.
Expansion of the regulatory perimeter, with the introduction of a regulatory framework for “stable tokens” (i.e. tokens which maintain a stable value by referencing asset(s)), drawing on existing e-money and payments legislation. The FCA would authorise and supervise relevant entities carrying out certain activities in the UK. A stable token arrangement could also be subject to Payment Systems Regulator (PSR) and Bank of England regulation under certain circumstances.
George Hepburne-Scott
Prior to our departure by far the highest volume of extradition cases were through the European Arrest Warrant (EAW) scheme. The UK-EU Trade and Cooperation Agreement (TCA) was signed on the 24 December 2020 and came into force at 11:01pm on 31 December 2020. Among other things, the TCA created a new extradition warrant called simply the Arrest Warrant (AW).
The AW surrender arrangements are contained in Title VII of Part 3 in the TCA.
Legislatively, as incorporated into the Extradition Act 2003 (the 2003 Act) by the European Union (Future Relationship) Act 2020 (the 2020 Act), the new AW scheme is largely consistent with that operated under the EAW scheme and averted the need to fall back on the 1957 Convention on Extradition.
Brexit
Please see the other sections for product-specific updates relating to Brexit.
Please see our Brexit financial services webpage which contains, amongst other things, tables detailing Brexit statutory instruments, equivalence decisions, EEA transitional regimes and UK regulators’ publications.
FCA and PRA on passporting in and out of Gibraltar after the transition period
On 31 December, the FCA published a new webpage on Gibraltar passporting arrangements, with the PRA publishing its respective webpage on 4 January. The regulators explain that the transitional arrangements preserving passporting rights between the UK and Gibraltar after the end of the transition period have been extended until 31 December 2021 and can be further extended until such time as the permanent arrangements of the Gibraltar Authorisation Regime are in place. The webpages set out information for firms on how to apply, the application process and applicable timelines, as well as other specifics f