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UK Brexit United Kingdom Financial Services Industry

A&O Shearman

Financial Services and Markets Act 2023 (Commencement No 8) Regulations 2024 Published

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The U.K. Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024 have been made. The Regulations revoke certain pieces of EU law retained in the U.K. post-Brexit as well as bringing into force amendments...more

Jones Day

FCA Consulting on Proposed Changes to the Derivatives Trading Obligation

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The Background: In 2021, the Financial Conduct Authority ("FCA") and HM Treasury began consulting on the Wholesale Markets Review (the "Review"), a broad review of the structure, functioning, and regulation of secondary...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

Bank of England Consults on Revisions to Statement of Policy on Enforcement

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On March 28, 2024, the Bank of England published a consultation paper on revisions to its Statement of Policy and Procedure on its approach to enforcement, published in January 2024, to reflect enhancements to the BoE's...more

A&O Shearman

HM Treasury Publishes Policy Statement on Next Phase of Smarter Financial Services Regulatory Framework

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On March 21, 2024, HM Treasury published a paper on the next phase of its Smarter Financial Services Regulatory Framework, the U.K.'s program of post-Brexit regulatory reforms for financial services. The original policy...more

A&O Shearman

UK Conduct Authority Consults on New Approach to Enforcement and Publication of Enforcement Investigations

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On February 27, 2024, the U.K. Financial Conduct Authority published a consultation on revisions to its Enforcement Guide, setting out proposals which aim to simplify the guidance and increase transparency around the FCA's...more

Latham & Watkins LLP

FCA’s 2024/25 Business Plan Signals Focus on Wholesale Markets Reform

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Fighting financial crime, protecting consumers’ needs, and bolstering wholesale markets are the regulator’s key priorities for the year ahead. On 19 March 2024, the FCA published its Business Plan for 2024/25, setting...more

Cadwalader, Wickersham & Taft LLP

The Impact of the Retained EU Law - Revocation and Reform - Act 2023

The Retained EU Law (Revocation and Reform) Act 2023 (the “Act”) addresses domestic law that originally derived from the European Union, known as “retained EU law”. “Retained EU law” continued to apply to the UK at the end of...more

A&O Shearman

UK Financial Conduct Authority Publishes Rule Review Framework

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The U.K. Financial Conduct Authority has published its Rule Review Framework, setting out how it will set, measure and monitor the outcomes of its Handbook rules. The Rule Review Framework was mandated under the Financial...more

A&O Shearman

Retained EU Law and EU Interpretive Principles Revoked from UK Statute Book

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The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (with related Explanatory Memorandum) came into force on January 1, 2024, clarifying that certain changes provided for under the...more

A&O Shearman

The UK’s Lighter-Touch, Post-Brexit, Short Selling Regime

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The U.K. is currently engaged in a wide-ranging review of the inherited package of EU financial services law. The rules on short selling, which impose disclosure obligations and restrictions on persons seeking an economic...more

A&O Shearman

Draft Legislation Published for Implementing UK's Retained EU Law (Revocation and Reform) Act 2023

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The draft Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023, laid before Parliament on October 16, 2023, will implement certain aspects of the Retained EU Law (Revocation and Reform)...more

Katten Muchin Rosenman LLP

UK Financial Insights from Katten | Issue 3

UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more

Katten Muchin Rosenman LLP

Financial Markets and Funds Quick Take | Issue 18

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

A&O Shearman

Revocation of the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 is Postponed

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The Financial Services and Markets Act 2023 (Commencement No. 3) (Amendment) Regulations 2023 were made on August 25, 2023, postponing the revocation of the Collective Investment in Transferable Securities (Contractual...more

A&O Shearman

FCA Reviews Treatment of Politically Exposed Persons

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The U.K. Financial Conduct Authority has launched a review of the treatment by regulated financial services firms of Politically Exposed Persons based in the U.K. Firms are currently obliged, under the Money Laundering,...more

A&O Shearman

HM Treasury Publishes Response to Payments Regulation and Systemic Perimeter Consultation

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HM Treasury has published a response to its consultation on payments regulation and the systemic perimeter. The consultation was prompted by the U.K. government's Payments Landscape Review and HM Treasury's concern that some...more

A&O Shearman

UK Financial Conduct Authority Consults on Securitization Rules

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The U.K. Financial Conduct Authority is consulting on its proposed rules for securitization markets, which will replace many of the firm-facing requirements under the existing U.K. Securitization Regulation. The U.K....more

A&O Shearman

HM Treasury Publishes Response on UK Retail Disclosure Consultation

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HM Treasury has published a response to its consultation on the future of U.K. retail disclosures. HM Treasury's consultation (which we discussed in our client note, "UK Government Publishes Edinburgh Reforms for Financial...more

A&O Shearman

HM Treasury Consults on First Financial Market Infrastructure Sandbox – the Digital Securities Sandbox

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HM Treasury has published a consultation on the establishment of a financial market infrastructure sandbox, known as the Digital Securities Sandbox. The sandbox will be established using new powers granted by the...more

A&O Shearman

HM Treasury Consults on UK Future of Payments Review

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HM Treasury has published a Call for Input on the U.K. Future of Payments Review, an investigation into how future payments are likely to be made and how the U.K. can offer world-leading retail payments. The review is focused...more

A&O Shearman

UK Government Consults on Revised Securitization Regime

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HM Treasury has published a near-final draft statutory instrument and related Policy Note setting out its proposed reforms to the U.K. securitization regime. Comments on the draft S.I. can be submitted until August 21, 2023....more

A&O Shearman

UK Regulator Issues Statement on New Growth and International Competitiveness Objective

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The U.K. Financial Conduct Authority has published a statement setting out how its work to support the 'key drivers' of productivity will facilitate delivery of its new secondary objective and how it intends to report on...more

A&O Shearman

UK Regulator Proposes Framework for a Consolidated Tape

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On July 5, 2023, the U.K. Financial Conduct Authority launched a consultation on a proposed U.K. consolidated tape for bonds. MiFID II introduced requirements for a "consolidated tape" for transactions in equity and...more

A&O Shearman

First Commencement Regulations Under UK Financial Services and Markets Act 2023

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The Financial Services and Markets Act 2023 (Commencement No. 1) Regulations 2023 were made on July 10, 2023 and will bring into force provisions under the Financial Services and Markets Act 2023 from either July 11, 2023,...more

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