The FCA has published its final rules and guidance necessary to implement the Overseas Funds Regime (OFR).
The gateway for eligible funds to apply for recognition under the OFR is scheduled to open in September for new...more
The UK Financial Conduct Authority’s (FCA) anti-greenwashing rule (Rule) will come into effect on 31 May 2024 and applies to all FCA-authorised firms.
The Rule requires that references made to the sustainability...more
The UK Financial Conduct Authority (FCA) is planning to lift its ban on asset managers making joint or ‘bundled’ payments to broker-dealers for third-party investment research and execution services.
The change is being...more
Operators marketing EU UCITS in the UK under the FCA’s temporary marketing permissions regime (“TMPR”) will be able to continue to do so following the expiry of the TMPR, provided they register the UCITS in question for...more
The definition of a “cryptoasset” is unchanged from the February Consultation.
The cryptoasset activities that will come into scope of the new regime are unchanged from those in the February Consultation, with amendments...more
11/13/2023
/ AML/CFT ,
Cryptoassets ,
Disclosure Requirements ,
Due Diligence ,
EU ,
Financial Conduct Authority (FCA) ,
FSMA ,
Investment Adviser ,
Investment Management ,
Liability ,
Market Abuse ,
Regulatory Agenda ,
SFTR ,
UK
The European Council (Council) and the European Parliament (Parliament) announced on 30 June 2022 that they had reached a provisional agreement on the proposal for regulation on markets in cryptoassets (MiCA). The text of...more
10/6/2023
/ Cross-Border ,
Cryptoassets ,
Disclosure Requirements ,
E-money tokens ,
European Banking Authority (EBA) ,
European Council ,
European Parliament ,
European Securities and Markets Authority (ESMA) ,
Financial Instruments ,
Financial Services Industry ,
MiFID ,
Public Disclosure ,
Recordkeeping Requirements ,
Sustainability ,
Transparency ,
UK ,
Utility Tokens
In December 2022, the Financial Conduct Authority (“FCA”) carried out a consultation on the introduction of a new regulatory gateway for firms who approve financial promotions. On 12 September 2023, the FCA published Policy...more
From 8 October, firms wishing to make a “financial promotion” relating to a “qualifying cryptoasset” can only do so legally if:
The financial promotion is communicated by an FCA- or PRA-authorised person....more
10/3/2023
/ AIFs ,
Compliance ,
Criminal Penalties ,
Cryptoassets ,
Enforcement Actions ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Financial Promotions ,
Fines ,
FSMA ,
Investment ,
Investors ,
Marketing ,
Money Laundering ,
Non-Fungible Tokens (NFTs) ,
Proceeds of Crime Act 2002 (POCA) ,
Prudential Regulation Authority (PRA) ,
UK
Financial promotions of qualifying cryptoassets are now within the scope of the UK financial promotion regime.
The FCA has published its final policy statement on rules for communicating financial promotions of qualifying...more
6/15/2023
/ Compliance ,
Cooling-Off Rule ,
Cryptoassets ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Financial Promotions ,
Incentives ,
Investment ,
Marketing ,
Prudential Regulation Authority (PRA) ,
Risk Management ,
Securities ,
Stablecoins ,
UK
The United Kingdom HM Treasury (“HMT”) on 1 February 2023 launched its first consultation on the future regulatory regime for cryptoassets (the “Cryptoassets Consultation”). At the same time, it also published a response to...more
2/13/2023
/ Consumer Protection Laws ,
Cryptoassets ,
Data Reporting ,
Disclosure Requirements ,
Due Diligence ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services and Markets Act ,
Initial Coin Offering (ICOs) ,
Investment Management ,
Investors ,
Market Abuse ,
Trading Platforms ,
UK ,
Valuation
On 25 January 2023, the FCA published its key findings on the state of implementation of firms’ plans to embed the new Consumer Duty within their businesses. The Consumer Duty will apply from 31 July 2023 in relation to new...more
On 9 December 2022, in Edinburgh, the Chancellor of the Exchequer announced a set of reforms that are intended to drive growth and competitiveness in the financial services sector (the Edinburgh Reforms or the Reforms)....more
12/20/2022
/ Capital Markets ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSMA ,
Long-Term Investment Funds ,
MiFID ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Reporting Requirements ,
Scotland ,
Short Selling ,
Sustainable Finance ,
UK ,
Value-Added Tax (VAT)
After some delay, the United Kingdom’s financial services regulator, the Financial Conduct Authority (the “FCA”) has published Consultation Paper CP 22/20 (Sustainability Disclosure Requirements (“SDR”) and investment labels)...more
11/18/2022
/ AIFM ,
Alternative Investment Funds ,
Climate Change ,
Disclosure Requirements ,
Distributors ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Greenwashing ,
Investment ,
Labeling ,
Marketing ,
Retail Investors ,
SFDR ,
Sustainability ,
UCITS ,
UK
This latest edition of the regulatory initiatives paper sets out at a high level the core regulatory issues that are likely to impact private fund managers in the coming months, including an overview of the key actions needed...more
9/22/2022
/ Alternative Reference Rates Committee (ARRC) ,
AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
CFTC ,
China ,
Climate Change ,
Commission Delegated Regulation ,
Coronavirus/COVID-19 ,
Cryptoassets ,
Custody Rule ,
Cybersecurity ,
Digital Currency ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Economic Sanctions ,
ELTIF ,
Environmental Social & Governance (ESG) ,
EONIA ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Act ,
Form PF ,
FSOC ,
Fund Managers ,
Hedge Funds ,
Hong Kong ,
ICE Benchmark Administration (IBA) ,
Investors ,
Libor ,
MiFID ,
MiFID II ,
Non-Fungible Tokens (NFTs) ,
Private Funds ,
Proposed Amendments ,
Regulatory Standards ,
REIT ,
Rulemaking Process ,
Russia ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
SFDR ,
Supply Chain ,
Temporary Permissions Regime (TPR) ,
UCITS ,
UK ,
UK Brexit ,
Ukraine
On 20 July 2022, just over 18 months after the end of the transition period that marked the UK’s full departure from the EU, HM Treasury laid the Financial Services and Markets Bill 2022-2023 (the Bill) before Parliament for...more
On 30 June 2022, the European Council (Council) and the European Parliament (Parliament), announced that they had reached a provisional agreement on the proposal for regulation on markets in cryptoassets (MiCA), which covers...more
7/15/2022
/ Asset Management ,
Blockchain ,
Corporate Counsel ,
Cryptoassets ,
Distributed Ledger Technology (DLT) ,
EU ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Investment Opportunities ,
Investor Protection ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Regulatory Agenda ,
Regulatory Standards ,
Stablecoins ,
Token Sales
As set out in our earlier OnPoint, “Is Brexit Green?”, the UK has adopted a different approach to regulating ESG in the asset management sector compared to the EU by not “on-shoring” the EU’s Sustainable Finance Disclosure...more
4/4/2022
/ Asset Management ,
Climate Change ,
Consultation Papers ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Management ,
Policy Statement ,
Regulatory Requirements ,
SFDR ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
In a letter dated 25 November 2021, the European Commission’s Director-General for Financial Stability, Financial Services and Capital Markets Union (the Director-General) confirmed that the date of application of the...more
On 25 November 2021, the European Commission (the Commission) adopted a package of measures aimed to deliver on several key commitments in the 2020 Capital Markets Union (CMU) action plan. The package includes four...more
11/30/2021
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets ,
Capital Markets Union ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
MiFIR ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
UCITS
Introduction - Reflecting the fact that many firms are likely to adopt or continue to operate remote/hybrid working methods as a result of the COVID-19 pandemic, the Financial Conduct Authority (FCA) has, in a note published...more
As set out in our earlier OnPoint “Is Brexit Green?”1, the UK has adopted a different approach to ESG compared to the EU, by not “on-shoring” the EU’s Sustainable Finance Disclosure Regulation (“SFDR”) and focussing...more
This note sets out at a high level the core regulatory issues that are likely to impact fund managers in the coming months, including an overview of the key actions needed with regard to ESG, LIBOR and Brexit. The paper also...more
5/10/2021
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Cryptoassets ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinTech ,
Fund Managers ,
Investment Management ,
Libor ,
Private Funds ,
Securities and Exchange Commission (SEC) ,
UK ,
UK Brexit
Brexit simplifies? - FCA consultation on changes to UK MiFID's conduct and orgnisational requirements - On 28 April 2021, the FCA published a consultation paper (CP21/9) setting out proposals to change certain conduct and...more
On 4 February 2021, less than six weeks before the 10 March 2021 date on which the main operative provisions of the Sustainable Finance Disclosure Regulation (SFDR) start to apply, the European Supervisory Authorities (ESAs)...more
Amid the uncertainty brought about by the end of the Brexit transition period and the ongoing COVID-19 pandemic, firms should be aware that the FCA will retain an active approach to financial crime and regulatory enforcement...more
2/16/2021
/ Asset Management ,
BSA/AML ,
Economic Sanctions ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Markets ,
Market Abuse ,
Senior Managers ,
Short Selling ,
UK