The Review recommends scrapping research unbundling, but also proposes a range of other changes to the UK research landscape.
On 10 July 2023, HM Treasury published the final report produced by the independent UK...more
The consultation sets out four potential models for reform, and also considers reform to sanctions supervision.
On 30 June 2023, HM Treasury published a consultation on reforms to anti-money laundering (AML) and...more
With the implementation deadline looming, the FCA has set out some additional guidance for firms.
With one month to go until the Consumer Duty (Duty) implementation deadline of 31 July 2023 (for new and existing products...more
An evolving landscape of reforms in the ESG ratings sector continues to pose challenges to providers of ratings and scores.
International momentum to regulate ESG ratings continues as the European Commission released a...more
6/16/2023
/ Consultation ,
Corporate Governance ,
Data Collection ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Global Market ,
HM Treasury ,
India ,
IOSCO ,
Japan ,
Ratings ,
Regulatory Agencies ,
Regulatory Agenda
As the “most ambitious legislative proposal since the inception of EU financial regulation”, the changes would make significant amendments to MiFID II and PRIIPs.
On 24 May 2023, the European Commission (Commission)...more
6/6/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Best Interest Standard ,
Capital Markets Union ,
EU ,
European Commission ,
Member State ,
MiFID ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Proposed Amendments ,
Retail Investors ,
Solvency II ,
UCITS
The spring of 2023 saw more dislocation in the global financial sector than any time since the 2008-09 financial crisis. In the US, banking institutions with over $500 billion in total assets failed, and other banks that were...more
6/5/2023
/ Banking Crisis ,
Banking Sector ,
Capital Requirements ,
Deposit Insurance ,
EU ,
Financial Crisis ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
Global Economy ,
Liquidity ,
Regulatory Oversight ,
UK
The FCA has published the findings from its review of firms’ fair value assessment frameworks and set out implementation priorities for firms.
On 10 May 2023, the FCA published a speech by Sheldon Mills, FCA Executive...more
The Future Regulatory Framework and Consumer Duty will be key areas of focus for the coming year.
On 5 April 2023, the FCA published its Business Plan for 2023/24. The Business Plan sets out a number of priority areas...more
The tone of the Call for Evidence indicates the controversial research unbundling rules could be primed for reform.
On 3 April 2023, HM Treasury published a Call for Evidence as the first step in the independent review...more
The tone of the papers suggests that a fundamental reform of the Regime will be unlikely.
On 30 March 2023, the PRA and the FCA published a joint Discussion Paper (FCA DP23/3 and PRA DP1/23) seeking feedback on the...more
The consultation considers what a potential regulatory regime would look like, and its proposed scope.
On 30 March 2023, HM Treasury published a consultation on regulating ESG ratings providers, which ties in with and...more
3/31/2023
/ Consultation ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Green Finance ,
HM Treasury ,
IOSCO ,
Rating Agencies ,
Rating System ,
Ratings ,
Regulatory Oversight ,
Third Country Entities (TCEs) ,
UK
The regulator is concerned that ESG-related disclosures are not meeting expectations.
The FCA has published a Dear CEO letter sent to benchmark administrators on 20 March 2023, expressing concerns about the quality of...more
Assertive regulators are bringing greater clarity and new challenges as they step up oversight of fintech innovation.
As the fast-growing fintech industry thrives, the sector has begun to attract greater regulatory...more
Proposed changes seek to reflect the integration of sustainability considerations into MiFID II.
The European Securities and Markets Authority (ESMA) is consulting on updates to its Guidelines on the MiFID II suitability...more
HM Treasury has confirmed that it will bring certain unregulated cryptoassets within scope of the financial promotions regime.
On 18 January 2022, the UK government confirmed its intention to bring the promotion of certain...more
1/20/2022
/ Consultation ,
Corporate Counsel ,
Cryptoassets ,
Cryptocurrency ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Promotions ,
HM Treasury ,
Proposed Amendments ,
Proposed Regulation ,
UK
The regulators suggest improvements to the supervision of firms passporting retail products and services in the EU.
The French and Dutch financial services regulators (the AFM and the AMF) have published a joint position...more
FCA makes clear that it expects a cultural shift in how firms focus on consumers.
On 7 December 2021, the FCA published its second Consultation Paper (CP21/36) on introducing a new Consumer Duty....more
12/10/2021
/ Consultation ,
Consumer Financial Products ,
Duty of Care ,
Enforcement ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Good Faith ,
Public Comment ,
Retail Investors ,
SMCR ,
UK
UK regulators are considering how they can strengthen the regime to enhance standards and reduce risk.
On 3 December 2021, the FCA published a Consultation Paper (CP21/34) on changes to its rules regarding the Appointed...more
The regulator is inviting views on potential criteria for classifying and labelling investment products, and on further entity- and product-level sustainability-related disclosures.
On 3 November 2021, the FCA published...more
11/5/2021
/ Comment Period ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Institutional Investors ,
Investors ,
Product Labels ,
Regulatory Oversight ,
Regulatory Standards ,
Sustainability ,
Sustainable Business Practices ,
Sustainable Finance ,
UK
This decision shines a spotlight on the activities of unregulated introducers.
In a recent decision, the Court of Appeal upheld the FCA’s findings that unregulated introducers had been carrying on regulated activities...more
10/13/2021
/ Alternative Investment Funds ,
Appeals ,
Criminal Liability ,
Enforcement Actions ,
False Statements ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSMA ,
Pensions ,
Statutory Violations ,
UK ,
UK Regulated Activities Order (RAO Amendments) ,
Unregulated Entities
The global asset management community has long been among the leaders in recognising the investment and risk management benefits of tracking the environmental, social, and governance (ESG) performance of the assets it invests...more
10/4/2021
/ Asset Management ,
Business Strategies ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Services Industry ,
Germany ,
Global Standards ,
Hong Kong ,
Investment Management ,
Multinationals ,
Publicly-Traded Companies ,
Singapore ,
Sustainability ,
UK
The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q3 2021.
In this edition, we include a summary of the latest sustainable...more
9/28/2021
/ Afghanistan ,
AML/CFT ,
Anti-Money Laundering ,
Banks ,
Diversity and Inclusion Standards (D&I) ,
Enforcement ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Green Finance ,
MiFID II ,
Non-Fungible Tokens (NFTs) ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Sustainable Finance ,
UK ,
UK Brexit
The revised criteria allow UK-listed SPACs to avoid a suspension of their shares when announcing a de-SPAC deal.
The UK, acting through the Financial Conduct Authority (FCA), will implement a new SPAC listing regime from...more
UK rules will diverge from the much-criticised EU framework.
On 20 July 2021, the FCA published a Consultation Paper (CP21/23) on amending the UK PRIIPs Regulation. The FCA has long held concerns about the PRIIPs...more
7/22/2021
/ Consultation ,
Corporate Bonds ,
Debt Securities ,
Disclosure Requirements ,
EU ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Financial Instruments ,
Financial Services Industry ,
Investment Funds ,
Market Participants ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Regulation Technical Standards (RTS) ,
Retail Investors ,
UK ,
UK Brexit
FCA has published guiding principles on the design, delivery, and disclosure of ESG and sustainable investment funds.
On 19 July 2021, the FCA published a letter sent to chairs of authorised fund managers, which sets out...more