The U.K. Short Selling Regulations 2025 (“SSR 2025”) have been made. This paves the way for the U.K. to repeal and replace the regime implemented while the U.K. was in the European Union and then onshored into U.K. domestic...more
The UK financial services regulators, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), have recently set out their final policy on the assessment of acquisitions and increases in control of PRA...more
11/12/2024
/ Acquisitions ,
Corporate Governance ,
EU ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSMA ,
Limited Partnerships ,
Popular ,
Private Equity Firms ,
Prudential Regulation Authority (PRA) ,
UK
This is the final note in a three-part series on the regulation of artificial intelligence in the financial services sector in the United States, the European Union and the United Kingdom. Our first note, we provided a...more
10/21/2024
/ Artificial Intelligence ,
Consumer Protection Laws ,
Data Protection ,
Enforcement Actions ,
EU ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
Information Commissioner's Office (ICO) ,
Legislative Agendas ,
Liability ,
Privacy Laws ,
Regulatory Agenda ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
UK ,
United States
Rapid and accelerating developments in artificial intelligence have prompted governments around the world to consider how AI should be regulated and used responsibly by businesses, without stifling innovation.
This is...more
10/17/2024
/ Artificial Intelligence ,
Capital Markets ,
Data Protection ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
Innovative Technology ,
Intellectual Property Protection ,
Machine Learning ,
Privacy Laws ,
Regulatory Agenda ,
Technology Sector ,
UK ,
White Collar Crimes
Many governments are grappling with the question of how to regulate artificial intelligence to ensure it is adopted safely and used responsibly without hampering innovation. Governments have generally indicated similar...more
10/8/2024
/ Artificial Intelligence ,
Bank of England ,
Bergdorf Goodman ,
Data Collection ,
Data Processors ,
Data Selling ,
Documentation ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
Information Governance ,
Machine Learning ,
MiFID II ,
Personal Data ,
Popular ,
Privacy Laws ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Standards ,
Risk Management ,
Third-Party ,
Training ,
Transparency ,
UK
This client memorandum concerns a highly technical point of considerable practical importance.
It challenges aspects of the received wisdom that, for post-Brexit cross-border investment business conducted from the U.K....more
7/12/2024
/ EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Institutions ,
Financial Services Industry ,
Foreign Investment ,
Legislative Agendas ,
MiFID II ,
Regulatory Agenda ,
Reverse Solicitation ,
UK
On April 18, 2024, the Financial Services and Markets Act 2000 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024 were made. The Financial Services and Markets Act of 2023...more
The U.K. Financial Conduct Authority has opened a consultation setting out proposals for allowing firms to use joint (bundled) payments for third-party research and execution services, subject to certain requirements being...more
The recently published Accelerated Settlement Taskforce report makes several recommendations to the U.K. government for moving to faster settlement of securities trades in the U.K. The main recommendation is that the U.K....more
On March 8, 2024, legislation amending the EU's Markets in Financial Instruments Directive and Regulation were published in the Official Journal of the European Union. The amending Directive and amending Regulation aim to...more
On January 29, 2024, the Public Offers and Admissions to Trading Regulations 2024 (SI 2024/105) were published. The Regulations implement the new Public Offers and Admission to Trading Regime, part of the new designated...more
Of the many aims of the EU’s latest revisions to the European Market Infrastructure Regulation (EMIR), the most controversial and intensely debated is mandating clearing at EU CCPs. Since Brexit, the EU has been concerned...more
The Council of the European Union and European Parliament have reached provisional political agreement on the latest revisions to the European Market Infrastructure Regulation, publishing on February 14, 2024, the agreed text...more
On January 29, 2024, the Data Reporting Services Regulations 2024 (SI 2024/107) were made. The Data Reporting Services Regulations 2024 will enter into force on the same day that the Data Reporting Services Regulations 2017...more
Regulated financial services institutions and financial market infrastructure (FMI) providers often rely on third parties who provide significant services to them behind the scenes, including “cloud” services and IT services...more
Following its consultation last year, the U.K. Financial Conduct Authority has published its final framework for a consolidated tape for bonds. MiFID II introduced requirements for a CT for transactions in equity and...more
The U.K. is currently engaged in a wide-ranging review of the inherited package of EU financial services law. The rules on short selling, which impose disclosure obligations and restrictions on persons seeking an economic...more
The U.K. government has published a draft version of the Short Selling Regulations 2024. The draft SSR 2024 will replace the existing U.K. Short Selling Regulation, which was onshored from the EU and which is being repealed...more
U.K. EMIR (the onshored European Market Infrastructure Regulation) generally requires the clearing at a central counterparty of all interest rate swaps and credit default swaps. As announced earlier this year, HM Treasury has...more
The European Commission has published a legislative proposal for reducing the scope of the EU Benchmark Regulation. The EU BMR provides the authorization and registration requirements for benchmark administrators, including...more
A Commission Delegated Regulation extending the transitional period laid down for third-country benchmarks has been published in the Official Journal of the European Union....more
The Basel Committee on Banking Supervision published a press release in early October in which it announced...more
The draft Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023, laid before Parliament on October 16, 2023, will implement certain aspects of the Retained EU Law (Revocation and Reform)...more
The European Securities and Markets Authority has opened a call for evidence on shortening the settlement cycle in the EU. The existing EU settlement cycle for trades in transferable securities executed on trading venues is...more
The U.K. Joint Money Laundering Steering Group opened a consultation on July 28, 2023 on guidance on the U.K. travel rule for cryptoasset transfers. The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations...more
8/15/2023
/ Anti-Money Laundering ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Money Laundering ,
Terrorism Funding ,
Terrorist Financing Regulations ,
UK