FIN. TeamHM Treasury has published its Policy Note (6 December 2023) incorporating a near-final version of the statutory instrument (SI) to replace the Money Market Funds Regulation and create a new framework for Money Market Funds.
The SI is a crucial element of HM Treasury’s initiative to establish a tailored Smarter Regulatory Framework (SRF) for UK Financial Services. The Financial Services and Markets Act 2023 will revoke EU laws concerning financial services, allowing the government to create a more adaptive regulatory framework.
The new system will replace EU laws with regulations devised by independent UK regulators within a framework outlined by the government and Parliament.
Additionally, this legislation will oversee how the UK engages with financial services regulations in other countries, providing provisions for recognising overseas regulatory approaches where relevant. The government encourages feedback on the draft SI by 24 January 2024.
