Capital Markets: Asia-Pacific Region
The question
To ask the Chancellor of the Exchequer, what steps her Department is taking to align the implementation of Overseas Recognition Regimes with the UK's financial services trade objectives in Asia-Pacific markets.
Answered by Emma Reynolds
At Mansion House, HM Treasury published revised guidance on the UK’s approach to the unilateral recognition of overseas jurisdictions’ regulation of financial services, known as Overseas Recognition Regimes (ORRs). ORRs will replace the ‘equivalence’ regimes inherited from the EU after EU exit, which were repealed by FSMA 2023.
As the government progresses its programme of work to replace the existing equivalence regimes with ORRs, it is the intention to maintain all the existing decisions, including decisions in Asia-Pacific markets.
As set out in the guidance document, the government’s approach to new ORR designations will be aligned with the UK’s wider objectives.
Consideration of an overseas jurisdiction for a new designation under an ORR is initiated by HM Treasury, although overseas jurisdictions are welcome to indicate an interest to HM Treasury in being assessed, and these will be considered on a case-by-case basis.
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