Off-Sen - HMT FaCLS Panel Procurement - Overseas Framework Review

HM Treasury are looking to procure external legal services to support the Government's review and considerations on the UK's financial services overseas regulatory perimeter. These services will primarily consider the "in the UK test" and how the UK's regime compares to overseas jurisdictions.

The 'In the UK' test relates to whether a regulated activity or service is considered to take place within or outside the UK. It is among the first few considerations for firms undertaking cross-border financial services (FS) activity with a UK client and is contained in section 19 of the Financial Services and Markets Act 2000 (FSMA) and the FCA's perimeter guidance manual (PERG). In a recent Call for Evidence by HM Treasury (HMT) on the UK's overseas regime, firms noted that determining whether a regulated activity is being carried on 'in the UK' is often a difficult exercise. We require legal advice as to the extent to which regulated activities (these include the majority of PERG activities) are classified as being conducted either in or outside the UK's regulatory perimeter, in order to inform HMT's policy choices on potential changes to the overseas regulatory perimeter.