Global Payments Newsletter, May 2021 | Hogan Lovells
Surveys and Reports Regulatory Developments United Kingdom: Financial Services Act 2021 becomes law On 29 April 2021, the Financial Services Bill 2019-21 received Royal Assent. In a press release, HM Treasury described the Financial Services Act 2021 (the Act) as a ‘major milestone in shaping a regulatory framework for UK financial services outside of the EU.’ The Act makes significant amendments to key legislation, including the Financial Services and Markets Act 2000 (FSMA) and onshored EU financial services regulation. Sections of particular relevance include the following: Section 29 ...