In the UK, 14 million people used “buy now, pay later” (BNPL) at least once in the six months leading up to January 2023. Frequent users were more than four times as likely as other consumers to have missed a payment on a...more
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
On the 4 March 2021, the UK’s Financial Conduct Authority (“FCA”) updated its website with further guidance on the Temporary Permissions Regime (“TPR”), which came into force at the end of the transition period on 31 December...more
Barely a month since the end of the post-Brexit transition period, the FCA is consulting on changes to the onshored SCA-RTS and to the guidance in its Payment Services and E-Money Approach Document (and PERG). ...more
TMPR: FCA update on adding new sub-fund to umbrella scheme - The UK Financial Conduct Authority (FCA) has updated its webpage on adding a new sub-fund to an umbrella scheme in the temporary marketing permissions regime (TMPR)...more
EEA Firms and funds relying on EEA passporting to do business in the UK should act now if they want to continue carrying on business in the UK on the same basis into 2021....more
Britain’s Prime Minister, Boris Johnson, secured victory in the December 2019 general election with a promise to “get Brexit done.” The UK duly left the European Union (EU) on 31 January, 2020, and the UK and the EU have...more
The U.K. Financial Conduct Authority has announced that during the Brexit implementation period, all existing regulatory reporting will continue under the EU regime. The FCA's announcement follows the adoption by the Council...more
The Financial Services (Consequential Amendments) Regulations 2020 have been published by the U.K. Government. The Regulations delay the application of various financial services temporary permissions and transitional regimes...more
At 11pm (local time) on 31 January 2020, the United Kingdom ("UK") will leave the European Union ("EU"), an event often referred to as "Brexit". A transitional period will take effect as of this date and will last until 31...more
The U.K. Financial Conduct Authority has extended the date by which firms must implement Brexit contingency plans following the extension of the Brexit deadline from October 31, 2019 to January 31, 2020...more
With Parliament prorogued and the Government suggesting it may ignore legislation obliging it to request a further Brexit extension from Brussels, it remains a possibility that the UK may leave the EU on 31 October 2019...more
The Financial Conduct Authority (FCA) has confirmed that the deadline for notifications for the temporary permissions regime (TPR) will be extended to the end of 30 October 2019....more
FCA issues final report in investment platforms market study - The FCA has published the final report in its investment platforms market study. While the FCA found competition generally to be working well, it was...more
Following the Ministry of Economy and Finance press release of 24 January 2019, last night the Italian Government approved the law decree aimed at ensuring financial stability and market integrity in the event of hard Brexit...more
The UK is due to leave the European Union on March 29, 2019 (“Brexit”). Within the EEA, “passport rights” permit financial services institutions and funds authorised in any EEA Member State to conduct business cross border...more