Dubbed the 'Edinburgh reform', UK chancellor Jeremy Hunt announced the plans in the Scottish city on Friday as he heralded the 'golden opportunity; Brexit provided to reshape the rules governing the financial sector. Photograph: PA Images/Aaron ChownThe UK government has set out a package of more than 30 post-Brexit reforms to boost the country’s financial services industry, with changes including relaxing ring-fencing capital rules to lighten the burden on smaller banks.
The UK also said it would look to replace EU-era rules around the regulation of short selling. The new stand-alone regime will be “tailored to the needs of UK markets, companies and investors”, according to a Treasury document. Dubbed the Edinburgh Reforms,’ Mr Hunt’s package also includes plans to replace swathes of EU regulation covering areas such as disclosure for financial products, according to the Treasury. The government also said it will overhaul “overbearing EU rules which put companies off listing in the UK. Mr Hunt is set to meet banking CEOs in Edinburgh on Friday.
IrishTimes Bonfire of regulations. This won't end well. As usual.