News & Analysis as of October 19, 2024

European Union › Financial Conduct Authority (FCA) › HM Treasury

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +

The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

UK Prudential Regulation Authority Publishes Second Near-Final Policy Statement on Implementation of the Basel 3.1 Standards

A&O Shearman on 9/27/2024

The U.K. Prudential Regulation Authority has published its second near-final Policy Statement on the implementation of the Basel 3.1 standards. The PRA has decided to move the implementation date by a further six months to...more

UK Prudential Regulator Granted Power to Disapply Rules

A&O Shearman on 5/16/2024

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

Financial Markets and Funds Quick Take | Issue 25

Katten Muchin Rosenman LLP on 4/18/2024

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

Taking Stock of Commodity Derivatives Regulation in the UK and EU

Skadden, Arps, Slate, Meagher & Flom LLP on 3/25/2024

In July 2021, HM Treasury published the Wholesale Markets Review consultation (WMR), which included proposals to reform the U.K.’s secondary markets framework. There was broad support for reforms to (a) modify the ancillary...more

Key Regulatory Topics: Weekly Update 23-29 Feb 2024

A&O Shearman on 3/6/2024

Amongst the broad range of updates this week, at international level, the FSB published its thematic peer review on MMF Reforms and the BCBS published the outcomes of its meeting held on 28 and 29 February, including that it...more

The U.K.’s New Regime for Critical Third Party Supervision

A&O Shearman on 1/23/2024

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

A New UK Cryptoasset Framework: UK Government Publishes Consultation Response

Skadden, Arps, Slate, Meagher & Flom LLP on 11/10/2023

On 30 October 2023, the HM Treasury (HMT) published its much-anticipated response (Consultation Response) to its March 2023 consultation paper (Consultation) on the UK’s future financial services regime for cryptoassets....more

The Edinburgh Reforms - Where Are We Now?

Latham & Watkins LLP on 8/3/2023

As the pace of reform increases, we take a look at key developments and the timeline ahead. Significant progress has been made on the Edinburgh Reforms since they were announced in December 2022, with developments...more

A Boost for U.K. Financial Services - The U.K. Financial Services and Markets Act 2023

A&O Shearman on 8/1/2023

The U.K.’s newest Financial Services and Markets Act of 2023 (“FSM Act”) received Royal Assent on 29 June 2023. Certain parts came into force on its passing, others will come into effect two months after that, and the...more

UK/EU ESG Regulation Monthly Round-Up – March-June 2023

Hogan Lovells on 7/10/2023

As we reach the midway point of 2023, the Hogan Lovells Sustainable Finance and Investment practice thought it would be useful to provide a review of recent key ESG developments from March-June 2023 to assist with navigating...more

The “Edinburgh Reforms”: Timetable of Key Changes

Latham & Watkins LLP on 1/23/2023

The timetable sets out three tranches of extensive regulatory changes to UK and EU law in 2023 and 2024. The “Edinburgh Reforms”, a series of announcements made on 9 December 2022 by the Chancellor of the Exchequer, set...more

UK government reviews Payment Services Regulations and Payment Card Interchange Fee Regulations

Hogan Lovells on 1/18/2023

HM Treasury has published a review and call for evidence on the Payment Services Regulations 2017, as well as the outcome of a post-implementation review of the Payment Card Interchange Fee Regulations 2015. Both...more

UK Regulators Propose Changes to Margin Requirements for Non-Centrally Cleared Derivatives

A&O Shearman on 9/20/2022

The U.K. Prudential Regulation Authority and Financial Conduct Authority have issued a joint consultation paper on proposals to amend the U.K. Binding Technical Standards on margin requirements for non-centrally cleared...more

UK Treasury proposes a law to regulate ‘critical’ third party service providers in finance sector

Hogan Lovells on 6/17/2022

On 8 June 2022, HM Treasury published its policy statement, outlining a proposal to regulate third parties to financial services and financial market infrastructure firms (“Firms”). This proposal comes shortly after the EU,...more

Global Payments Newsletter, March 2022

Hogan Lovells on 3/31/2022

Key developments of interest over the last month include: In this Newsletter: For previous editions of the Global Payments Newsletter, please visit our Financial Services practice page. On 9 March 2022, President Biden signed...more

UK Temporary Transitional Power (TTP) comes to an end on 31 March: what does this mean for securitisation transactions?

Hogan Lovells on 3/30/2022

The UK’s Temporary Transitional Power (TTP) that allowed firms time to adapt to the new requirements following the UK’s withdrawal from the European Union on 31 December 2020, is ending on Thursday 31 March 2022. UK regulated...more

UK Government Consultation on Regulation of Central Counterparties and Central Securities Depositories

A&O Shearman on 2/17/2022

HM Treasury has released a further consultation under the Future Regulatory Framework Review concerning the regulation of central counterparties and central securities depositories. The Future Regulatory Framework Review is...more

UK Financial Conduct Authority Confirms Approach to Supervision of Commodity Derivatives Position Limits Regime

A&O Shearman on 1/18/2022

The U.K. Financial Conduct Authority has published a statement confirming its approach to supervising commodity derivatives position limits. The statement follows the FCA's Supervisory Statement on the operation of the...more

HM Treasury Proposes Reforms in Latest Financial Services Future Regulatory Framework Review Consultation

A&O Shearman on 11/29/2021

HM Treasury has launched a consultation, the Financial Services Future Regulatory Framework Review: Proposals for Reform. The consultation paper presents the government's response to the feedback received to the October 2020...more

Financial institutions general regulatory news, August 2021

Hogan Lovells on 8/2/2021

Draft Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 HM Treasury has published a draft version of the Markets in Financial Instruments, Benchmarks and Financial...more

Insurance regulatory news, July 2021

Hogan Lovells on 7/6/2021

UK Solvency II regime review: HM Treasury response to call for evidence HM Treasury has published a response to its October 2020 call for evidence on the review of the UK Solvency II prudential regime for insurers....more

HM Treasury Consults on UK Wholesale Markets Reform

Latham & Watkins LLP on 7/2/2021

Proposals signal that the UK government is willing to diverge significantly from EU rules. On 1 July 2021, HM Treasury published a consultation on its Wholesale Markets Review....more

Regulation Round Up - April 2021

Proskauer Rose LLP on 5/13/2021

Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more

Regulation Round Up - January 2021

Proskauer Rose LLP on 2/8/2021

29 January - The Joint Committee of the European Supervisory Authorities (“ESAs”) (that is, the EBA, EIOPA and ESMA) published two consultation papers on the mapping of external credit assessment institutions' (“ECAIs”)...more

HM Treasury’s consultation on a proposed UK regulatory framework for stable tokens

A&O Shearman on 1/22/2021

On 7 January 2021, HM Treasury issued a consultation setting out its proposed approach to UK regulation of cryptoassets, including a regulatory framework for "stable tokens”. The consultation sets out only high-level...more

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