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Regulatory Agenda Financial Services Industry United Kingdom

A&O Shearman

UK Financial Conduct Authority Reports on Payment Account Access and Closures

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This new report sets out four thematic findings from the follow-up work the FCA has carried out, which are as follows: The FCA summarizes its expectations of payment account providers, including in respect of the Consumer...more

A&O Shearman

UK Financial Services and Markets Act 2023 (Commencement No 7) Regulations 2024 Published

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The Financial Services and Markets Act 2023 (Commencement No 7) Regulations 2024 (SI 2024/891) have been made. The Regulations revoke certain instruments listed in the Financial Services and Markets Act 2023 relating to...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investing in Fintechs – Navigating the UK Regulatory Approval Process

As the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) consider feedback to their consultation on guidance regarding the UK change-in-controller regime (consultation paper 25/23), we provide a...more

Proskauer Rose LLP

Regulation Round Up - August 2024

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

White & Case LLP

Q3 2024 Financial Institutions Outlook & Trends

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This article, updated quarterly, looks ahead to the areas expected to be prioritised by financial services regulators across the globe; we look at the key regulatory trends emerging from the past year which inform our...more

A&O Shearman

UK Prudential Regulation Authority Publishes Policy Statement on Leverage Ratio Treatment of Omnibus Account Reserves

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The Prudential Regulation Authority has published a policy statement on the leverage ratio treatment of omnibus account reserves and minor amendments to the leverage ratio framework. PRA rules require firms to exclude from...more

Skadden, Arps, Slate, Meagher & Flom LLP

Bank of England Seeks Innovation in Money and Payments, With a Focus on Distributed Ledger Technology

On 30 July 2024, the Bank of England published a discussion paper on its approach to innovation in money and payments (the Discussion Paper). A recurring theme is the Bank of England’s focus on the potential use of...more

Skadden, Arps, Slate, Meagher & Flom LLP

The EU’s Digital Operational Resilience Act (DORA) – 2024 Update

As implementation of the EU’s Digital Operational Resilience Act (DORA) approaches, financial market participants and their technology service providers (both in and out of Europe) face a critical compliance deadline. The new...more

A&O Shearman

On the existence of a pan-European reverse solicitation regime under MIFID II, and importance on a 'Hard' BREXIT

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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

Mayer Brown

Labour's Plans for Financial Services Regulation: What We Know

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Labour have won the general election, with a landslide victory of 412 seats. We address the question for financial services firms: what are their regulatory plans for financial services? Although their election manifesto was...more

A&O Shearman

UK Financial Conduct Authority Policy Statement on Regulated Fees and Levies 2024/25

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The U.K. Financial Conduct Authority has finalized its regulated fees and levies 2024/25. These include the FCA periodic fees, the Financial Ombudsman Service general levy, Money and Pensions Service levies, Devolved...more

A&O Shearman

UK June Financial Stability Report Published

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The U.K. Financial Policy Committee has published the financial policy summary and record of the FPC meeting on June 11, 2024, as well as its June financial stability report. The FPC considers the overall risk environment to...more

Mayer Brown

UK Election Bulletin: What would a Labour government mean for businesses?

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Overview - On 22 May 2024, UK Prime Minister Rishi Sunak announced that he had requested permission from King Charles III to dissolve parliament and call a general election. The election will take place on 4 July 2024....more

A&O Shearman

UK Financial Conduct Authority Publishes Mortgage Charter Uptake Data

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The Financial Conduct Authority has published a new webpage on Mortgage Charter Uptake data. The webpage sets out the latest uptake data from firms who have signed the Government's Mortgage Charter. The Charter was introduced...more

White & Case LLP

The Shadow Financial System

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The concept of the shadow financial system rose to international prominence in the aftermath of the 9/11 terrorist attacks. In an interview with a Pakistani newspaper a month later, Osama bin Laden stated that Al Qaeda were...more

A&O Shearman

UK Delays Legislation for Amending Ancillary Activities Test

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The Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) (Amendment) Order 2024 was published on May 29, 2024 and enters into force on December 31, 2024. The 2024 Amendment Order amends the...more

A&O Shearman

UK FCA Financial Crime Guide consultation: more obligations, or old news?

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As financial crime compliance pressures grow, the UK Financial Conduct Authority (FCA) continues to emphasise the significance of its Financial Crime Guide (FCG) as part of the overarching regulatory framework for financial...more

White & Case LLP

2024 Financial Institutions Outlook & Trends

White & Case LLP on

This article, updated quarterly, looks ahead to the areas expected to be prioritized by financial services regulators across the globe; we look at the key regulatory trends emerging from the past year which inform our...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - April 2024 Updates

The big news in crypto policy came out of the Senate this month. On April 17, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) partnered once again in the digital asset space, this time introducing the...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Regulators Publish Approaches to AI Regulation in Financial Services

On 22 April 2024, the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England published their strategic approaches to regulating AI in response to the UK government’s July 2022 AI...more

Skadden, Arps, Slate, Meagher & Flom LLP

The UK’s Pursuit of Open Finance

In April 2024, the UK government reiterated its vision for open finance, with UK Economic Secretary Bim Afolami (MP) announcing the creation of the Open Finance Taskforce at the 2024 Innovate Finance Global Summit. The...more

A&O Shearman

Key Regulatory Topics: Weekly Update 8 - 14 Mar 2024

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There were some key publications this week in relation to financial crime, including a Commission request for the EBA to advise on standards and guidelines under the future AML/CFT framework in Europe and, in the UK, an HMT...more

A&O Shearman

Unpacking the FCA’s survey on non-financial misconduct

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The Financial Conduct Authority’s (FCA) latest survey issued to certain regulated firms suggests that tackling non-financial misconduct remains a key strategic priority for the UK regulator. This comes hot on the heels of...more

A&O Shearman

Is more regulation the best route to deliver Net Zero?

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How to accelerate the transition to a sustainable economy is a hot regulatory topic for most major economies around the world – and is set to continue ascending the agenda in the years to come. As sustainability-related...more

A&O Shearman

10 lessons in sustainability regulation

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Creating an effective regulatory framework will be critical to deliver Net Zero. But does that mean more – or less – regulation? From trade agreements to taxonomies, carbon adjustment mechanisms to corporate sustainability...more

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