On 14 November 2024, Rachel Reeves set out in her first Mansion House Speech that “sustainable finance” was to be one of the UK’s five priorities in the government’s Financial Services Growth and Competitiveness Strategy (the...more
In the evolving landscape of financial services, there have been reports that the Financial Conduct Authority (FCA) has recently classified FNZ, a prominent wealth management platform provider, as a ‘co-manufacturer’ of...more
Background On 14 November 2024, the United Kingdom’s Chancellor of the Exchequer delivered a speech setting out the UK Government’s vision to grow and enhance the competitiveness of the financial services sector (the...more
11/18/2024
/ Bank of England ,
Competition ,
Economic Growth ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Investment Adviser ,
MiFID ,
Payment Systems ,
Pensions ,
Prudential Regulation Authority (PRA) ,
SMRC ,
Sustainability ,
UK
On 24 October 2024, the European Securities and Markets Authority (“ESMA“) released its 2024 European Common Enforcement Priorities (“ECEP“) for corporate reporting, drawing particular attention to sustainability and...more
On 11 November 2024, the Financial Reporting Council (“FRC”) launched a consultation with significant updates proposed to the UK Stewardship Code (the “Code”). The aims of the consultation are to streamline reporting...more
The recent ESMA Final Report on the Guidelines for funds’ names using ESG or sustainability-related terms (the “Guidelines”) marks a critical moment for asset managers. These Guidelines aim to clarify when the use of ESG or...more
11/14/2024
/ AIFM ,
Alternative Investment Funds ,
Asset Management ,
Climate Change ,
Environmental Impact Statements ,
Environmental Social & Governance (ESG) ,
EU ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Misleading Statements ,
National Private Placement Regimes (NPPR) ,
SFDR ,
Sustainability ,
UCITS
On 30 October 2024, the Corporate Sustainability Reporting Directive ("CSRD") standards for global groups with a significant European footprint took a notable public step forward. The European Financial Reporting Advisory...more
The European Council of the European Union has on 8 November published the text of the Regulation on the transparency and integrity of environmental, social and governance (ESG) rating activities (the “Regulation”).
The...more
On 1 November 2024, the Financial Conduct Authority (“FCA”) updated its sustainability disclosure and labelling regime website and added detailed examples of pre-contractual disclosures to its Sustainability Disclosure...more
The FCA’s Climate Financial Risk Forum has published a paper on “Nature-related Risk: Technical Data Guidance for Financial Institutions” (the ‘‘Paper’’). What does the FCA’s Paper cover?...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
11/6/2024
/ Appeals ,
Artificial Intelligence ,
Cryptoassets ,
Economic Sanctions ,
ELTIF ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
False Claims Act (FCA) ,
Financial Services Industry ,
FSMA ,
MiFID II ,
MiFIR ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
SFDR ,
UK
The Motor Finance Commission Claims – including Johnson v FirstRand Bank, Wrench v FirstRand Bank, and Hopcraft v Close Brothers – are a set of Court of Appeal cases addressing undisclosed or partially disclosed commission...more
The Taskforce on Inequality and Social-related Financial Disclosures (“TISFD”) launched on 23 September 2024.
Background -
The TISFD is a global initiative with the aim of developing recommendations and guidance for...more
Private equity firms could face significant sanctions risks when doing business with entities connected to sanctioned jurisdictions (such as Russia)...more
10/11/2024
/ Acquisitions ,
Asset Freeze ,
Audits ,
Contingency Plans ,
Contract Terms ,
Due Diligence ,
Economic Sanctions ,
EU ,
Investment Fund Vehicles ,
Investors ,
Licensing Rules ,
Policies and Procedures ,
Portfolio Companies ,
Private Equity Firms ,
Russia ,
Sanctions ,
Travel Ban ,
UK
On 7 October 2024, the FCA issued a “Dear CEO letter” (“Letter”) to firms whose primary business is financial advice or investment intermediation. The Letter contains a summary of the FCA’s priorities and expectations of...more
Background of the Corporate Sustainability Due Diligence Directive The Corporate Sustainability Due Diligence Directive (CSDDD) was entered force on 25 July 2024. The purpose of this Directive is to promote sustainable and...more
10/7/2024
/ Compensation ,
Compliance ,
Data Collection ,
Due Diligence ,
Enforcement ,
EU ,
European Commission ,
Human Rights ,
Noncompliance ,
OECD ,
Popular ,
Supply Chain ,
Sustainability
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
10/7/2024
/ Artificial Intelligence ,
Cryptoassets ,
ELTIF ,
Enforcement ,
Environmental Social & Governance (ESG) ,
European Banking Authority (EBA) ,
European Central Bank ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Office of Financial Sanctions Implementation (OFSI) ,
Prudential Regulation Authority (PRA) ,
Sanctions ,
UK
The deadline for EU member states (‘‘Member States’’) to implement the Corporate Sustainability Reporting Directive (“CSRD”) into national laws was 6 July 2024. Under EU infringement procedures, the European Commission...more
This post is an update of a previous post.
On 27 March 2024, government legislation (Financial Services and Markets Act 2000 (Financial Promotion) (Amendment and Transitional Provision) Order 2024 (SI 2024/301), the “March...more
In July 2024, the UK’s Financial Conduct Authority (“FCA”) published its “Quarterly Consultation Paper No. 44” (“Consultation”), which proposed introducing a requirement to provide criminal background checks on owners and...more
9/16/2024
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
Criminal Background Checks ,
FATF ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
HMRC ,
Prudential Regulation Authority (PRA) ,
UK
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
9/11/2024
/ Bank of England ,
Disclosure Requirements ,
Enforcement ,
Environmental Social & Governance (ESG) ,
EU ,
European Banking Authority (EBA) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Investigations ,
Investment ,
Labeling ,
Prudential Regulation Authority (PRA) ,
Sustainability ,
Transparency ,
UK
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
9/4/2024
/ Disclosure Requirements ,
Enforcement ,
Environmental Social & Governance (ESG) ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Transparency ,
UK
ESMA has translated their Guidelines on ESG-related fund names, which has started the clock for applicability. For information on the asset allocation thresholds and the exclusionary criteria, alongside the funds in scope and...more
On 30 July 2024, the United Kingdom Financial Conduct Authority (“FCA”) published a number of updates in relation to its work on complaints against motor finance firms.
In particular, the FCA published an update...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
8/7/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Artificial Intelligence ,
Capital Requirements Regulation (CRR) ,
Cryptoassets ,
ELTIF ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
International Competition Network ,
Listing Rules ,
MiFID II ,
MiFIR ,
Prudential Regulation Authority (PRA) ,
SFDR ,
Sustainability ,
UK