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UK Finance
The collective voice for the banking and finance industry, representing around 300 firms.
Last Friday, UK Finance submitted its response to "CP23/15: The framework for a UK consolidated tape" with the advisory support of law firm CMS.
Our response sets out UK Finance members’ views on the Financial Conduct Authority (FCA) proposals for a bonds consolidated tape (CT) framework and the initial FCA discussion points on an equities CT which will be fed into a separate consultation paper on an equities CT expected in 2024. ?
Our response
The FCA proposals are largely in line with those put forward by UK Finance members. The proposals try to strike a balance between different, and at times, competing considerations to ensure that the CT is commercially viable and will lead to a reduction in the cost of accessing market data. ?
In this blog we share key principles that should underpin a CT framework to achieve its expected outcomes.
Read the full blog post by Avanthi Weerasinghe, Principle and Ali Campbell, Analyst, Capital Markets and Wholesale Policy at UK Finance.
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The government announced last week that it would act to ensure the 1.5 per cent Stamp Duty Reserve Tax (SDRT) charge on the issuance of UK shares into clearance or depository receipt services will not be re-introduced on 1 January 2024.
This decision follows extensive engagement by UK Finance with officials, policymakers, and other industry groups to clarify the government’s position and call for the existing 0 per cent charge to remain.
There had been growing industry concern that a 1.5 per cent stamp duty or stamp duty reserve tax charge would be re-applied, with effect from 1 January 2024, on the issuance of shares and marketable securities of UK incorporated companies into a clearance service or depositary receipt service once the supremacy of EU law and case law ceased under Section 2 of the Retained EU Law (Revocation and Reform) Act 2023 (“REUL Act 2023”).
We had made several representations to HM Treasury, HMRC, and the City minister to highlight the potential consequences for the UK’s markets should the 1.5 per cent charge be reintroduced – including limiting the ability of existing UK public companies to raise additional capital on non-UK markets, and creating a possible deterrent for growing companies that might be considering a UK listing.
Inaction would have been at odds with the government’s welcome programme of ongoing reforms aimed at strengthening the competitiveness and attractiveness of the UK’s capital markets.
Last week’s announcement by the government is therefore welcome news.?
Read the?full blog post?by?Sabba Akhtar, Senior Manager, Banking and Capital Markets Tax, KPMG, Secondee, Direct Tax Policy, UK Finance and Will Clamp-Gray, Manager, Capital Markets and Wholesale, UK Finance.