Explainer-Britain and regulators square up over post-Brexit financial reform

FILE PHOTO: The City of London financial district can be seen as people walk along the south side of the River Thames, amid the coronavirus disease (COVID-19) outbreak in London, Britain, March 19, 2021. REUTERS/Henry Nicholls

Britain's government proposed a far-reaching financial services law last month to exploit "freedoms" to write its own capital market rules since leaving the European Union.

Approval of what is the biggest markets reform in two decades is expected by May 2023.