The Financial Services and Markets Bill, which was laid in front of Parliament in July 2022 and is expected to be finalised in the coming months, includes the introduction of a new designated activities regime (DAR). The DAR’s initial aim is to bring activities that are currently regulated under retained EU law into the Financial Services and Markets Act 2000 (FSMA) model in a proportionate way, with the potential to add more activities in future. Some further detail on the intended use of the DAR was published in December 2022 as part of the Edinburgh Reforms.
We have published a new briefing note looking at the proposed DAR, its likely impact and some practical considerations for firms.