The Queen’s Speech, as expected, highlighted Brexit, noting the priority to deliver it on 31 January, and thereafter to seek a free trade agreement with the EU and other leading global economies.
The accompanying notes highlight the importance of the UK maintaining its position as an international financial services centre and keeping its world-leading standards and openness to international markets. The key elements of the legislation the Government intends to bring forward will:
- deliver the commitment for long-term market access between the UK and Gibraltar for financial services firms;
- simplify the process for allowing overseas investment funds to be sold in the UK; and
- enable the UK to implement Basel standards.
The UK will also continue to progress AML legislation – mentioning specifically the Registration of Overseas Entities Bill, but the FIN team understands broader legislation implementing MLD5 is also imminent.