Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the effect on the UK’s status as a FinTech hub of innovative Exchange Traded Notes issuers (a) remaining and (b) establishing operations in the UK.

With a limited number of exemptions, issuers of exchange traded notes (ETNs) in the UK are obliged to produce a prospectus under the Prospectus Regulation – which replaced the Prospectus Directive from 21 July 2019 – when offering ETNs to the public or admitting them to trading on a regulated market in the UK.

Issuers looking to admit securities, including ETNs, to trading on an exchange in another jurisdiction – including NASDAQ and the Nordic Growth Markets - must also comply with the admission requirements and rules of that jurisdiction.

The Government is committed to ensuring that the UK remains the best place in the world for FinTech.