Brexit & Financial Services: Preparing for the End of the Transition Period
The UK Chancellor announces a growth-focused agenda for financial services. On 14 November 2024, the new Chancellor of the Exchequer, Rachel Reeves, delivered her first Mansion House speech....more
The Financial Action Taskforce has published a consultation paper on revisions to its anti-money laundering and counterterrorism financing standards relating to financial inclusion. The consultation is part of FATF's program...more
The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2024 have been published, with an accompanying explanatory memorandum. Regulations 3 to 7 make consequential amendments in connection with the...more
The Financial Conduct Authority has opened a consultation on extending the new payment optionality for investment research to pooled funds. This proposal will allow asset managers to use the new payment optionality that was...more
Following its consultation earlier this year, the Financial Conduct Authority has published a policy statement setting out its final position on the new U.K. bond and derivative transparency regime. In response to feedback,...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
Welcome to the third edition of our Horizon Scan for 2024: key recent and expected funds, regulatory and tax developments to look out for. As before, we focus on the most important developments and changes that we expect...more
The European Commission, the European Central Bank and the European Securities and Markets Authority have published a joint statement on the next steps to support the preparations towards a transition to T+1. Under the EU...more
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
From 1 August 2024, the UK changed its rules on how payments are made for investment research. UK firms may now use bundled payments for third-party research and trading commissions, subject to certain requirements being...more
Major UK Listing Reforms Cut Red Tape for Listed Companies - The FCA’s radical overhaul of the UK’s listing framework came into effect on 29 July 2024. All premium listed commercial companies have automatically been...more
Further to its consultation in spring 2024, the UK Financial Conduct Authority (FCA) has confirmed in Policy Statement PS24/9, “Payment Optionality for Investment Research,” that, with effect from today, 1 August 2024,...more
In our previous alert, Paying for Buy-Side Investment Research: Will the FCA’s Third Way Ease the US-UK Divide?, we discussed the consultation issued by the Financial Conduct Authority (FCA) on proposed rules on payment...more
The Financial Conduct Authority has launched a consultation on three proposed amendments to different aspects of the U.K. derivatives trading obligation. The consultation is part of the Wholesale Markets Review. The Markets...more
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
During his remarks at a meeting of the International Bar Association’s Asset Management Industry Conference on Global Challenges and Opportunities in Boston, Commissioner Uyeda commented on investment research and the...more
Key developments in May 2024: ESG: The Financial Conduct Authority (“FCA”) updated its webpage on the sustainability disclosure requirements (“SDR”) and investments labelling regime. Among other things, the webpage has been...more
Background - On 23 May 2024, Ashley Alder, the Chair of the UK Financial Conduct Authority (“FCA”), delivered a speech which outlined the regulator’s agenda for the asset management sector (the “Speech”). In particular,...more
Acknowledging that high-quality, easily available investment research supports deep capital markets, listed companies, and economic growth, the UK Financial Conduct Authority (FCA) recently issued a consultation paper...more
The Markets in Financial Instruments (Equivalence) (United States of America) (Commodity Futures Trading Commission) Regulations 2024 (SI 2024/638) were made on May 14, 2024 and entered into force on June 4, 2024. In...more
On 10 April 2024, the FCA published its consultation paper (CP24/7) on payment optionality for investment research. This followed the Investment Research Review’s report from summer 2023, which recommended that the FCA should...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
Financial Markets Infrastructure: The Bank of England published a speech by Sasha Mills, Executive Director, Financial Market Infrastructure, on operational resilience and its expectations of financial market infrastructures...more
Since 3 January 2018, firms that provide portfolio management or investment advice on an independent basis must pay for the research they obtain, either by absorbing the cost of the research themselves or by passing on that...more