In this alert, we reflect on recent climate reporting updates and analyze expectations for 2025 that are relevant for international businesses....more
1/16/2025
/ California ,
CARB ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Enforcement ,
Environmental Social & Governance (ESG) ,
EU ,
Greenhouse Gas Emissions ,
New Legislation ,
Popular ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Sustainability ,
UK
Following the turn of the new year, our UK Regulatory specialists have examined the key regulatory developments in 2025 impacting a range of UK and European firms within the financial services sector. The key dates have been...more
1/16/2025
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Anti-Money Laundering ,
Asset Management ,
Compliance ,
Cryptoassets ,
Digital Operational Resilience Act (DORA) ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
MiFID II ,
Money Market Funds ,
Regulatory Agenda ,
Securities Regulation ,
SFDR ,
Sustainability ,
UK
On 8 January 2025, the EU Platform on Sustainable Finance (PSF) published a draft report and launched a call for feedback on proposed updates to the EU taxonomy. This includes revisions to the Climate Delegated Act and new...more
1/10/2025
/ Climate Change ,
Environmental Policies ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
Greenhouse Gas Emissions ,
Investment ,
Mining ,
Renewable Energy ,
Reporting Requirements ,
Sustainability ,
Sustainable Finance ,
Taxonomy
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
1/6/2025
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Corporate Governance ,
CPTPP ,
Cryptoassets ,
Dear Colleague Letter ,
Digital Operational Resilience Act (DORA) ,
EU ,
European Benchmark Regulation (BMR) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
FSMA ,
MiFID II ,
MiFIR ,
Prudential Regulation Authority (PRA) ,
SFDR ,
UK ,
UK Competition and Markets Authority (CMA)
On 12 December 2024, the European Securities and Markets Authority (“ESMA”) published a consultation paper (“Consultation”) on draft regulatory technical standards relating to open-ended loan originating AIFs under the...more
On 17 December 2024, the EU Platform on Sustainable Finance (the “Platform”), an advisory body to the European Commission (the “Commission”), has published a briefing note to the Commission, outlining their proposals for a...more
On 13 December 2024, the European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published Q&As with further details on three specific aspects of the practical application of...more
On 12 December 2024, the EU Regulation on ESG Ratings Providers and their transparency and integrity was published in the Official Journal of the European Union (the “Regulation”).
It means that the Regulation will enter...more
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
12/10/2024
/ Artificial Intelligence ,
Cryptocurrency ,
EMIR ,
Enforcement ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Services Industry ,
FSMA ,
MiFID II ,
MiFIR ,
Prudential Regulation Authority (PRA) ,
Retail Investors ,
UK
On 15 October 2024, the Luxembourg Commission de Surveillance du Secteur Financier (the “CSSF”) imposed a fine of EUR 56,500 against a fund manager, Aviva Investors Luxembourg S.A. (the “Manager”), with regards to the...more
On 13 November 2024, the European Commission published 90 frequently asked questions (‘‘FAQs’’) with the aim of enhancing stakeholders’ understanding and compliance with the sustainability reporting requirements under the...more
In the United Kingdom, prior approval must be obtained from the Financial Conduct Authority (the “FCA”) or the Prudential Regulation Authority (the “PRA”) prior to becoming a “controller” of an FCA or PRA authorised firm (an...more
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