News & Analysis as of

United Kingdom Prudential Regulation Authority (PRA) Financial Services and Markets Act

A&O Shearman

UK Prudential Regulator Granted Power to Disapply Rules

A&O Shearman on

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

A&O Shearman

UK Approach to Critical Third-Party Supplier Designation Published

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The Financial Services and Markets Act 2023 established a framework for the regulation of third parties who provide significant services to financial institutions, giving HM Treasury power to designate an entity as a...more

Skadden, Arps, Slate, Meagher & Flom LLP

PRA Announces Final Adjustments to ‘Solvency UK’ Rules and Consults on Requirements for ‘Solvent Exit’ Plans

As discussed in our previous updates, in June 2020 the UK government announced a wide-ranging review of the Solvency II framework in the UK, aimed at reforming the insurance regulatory framework inherited from the EU given...more

A&O Shearman

UK Fifth Commencement Regulations Under the Financial Services and Markets Act 2023 Published

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The Fifth Commencement Regulations - the Financial Services and Markets Act 2023 (Commencement No. 5) Regulations 2024 (SI 2024/250)- under the Financial Services and Markets Act 2023 were made on February 29, 2024. One of...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula Podcast | Developments on the Horizon for the UK Change-in-Control Regulatory Regime

In this episode of “The Standard Formula” podcast, which focuses on Solvency II developments, Skadden partner Rob Chaplin is joined by colleague Olivier Peeters to discuss the U.K.'s change in control regime for insurers and...more

A&O Shearman

UK Regulatory Gateway for Financial Promotions Applies from February 2024

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The Financial Services and Markets Act 2023 (Commencement No. 2 and Transitional Provisions) Regulations 2023, made on August 22, 2023, bring into force certain provisions of the Financial Services and Markets Act 2023 and...more

Hogan Lovells

Smarter, not harder - a new securitisation framework for the UK

Hogan Lovells on

The UK Securitisation Regulation will be replaced as part of HM Treasury’s proposals for a smarter regulatory framework for the UK, with some requirements devolving to regulators, enabling a more flexible framework that...more

A&O Shearman

UK Regulators Publish Revised Complaints Scheme

A&O Shearman on

The U.K. Financial Conduct Authority, Prudential Regulation Authority and Bank of England have jointly published their revised Complaints Scheme, which governs how complaints against the U.K. regulators should be made and...more

A&O Shearman

UK Prudential Regulation Authority Consults on Approach to Reviewing Rules

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The U.K. Prudential Regulation Authority opened a consultation on June 30, 2023, on its proposed approach to reviewing its rules, including a proposed statement of policy. The Financial Services and Markets Act 2023 transfers...more

A&O Shearman

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

A&O Shearman on

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

A&O Shearman

The UK’s Financial Services Bill – Proposed Amendments Towards Enhanced Accountability for Financial Regulators

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A detailed set of amendments to the Financial Services and Markets Bill (FSMB) were tabled by Lord Lilley on 23 January 2023, promoting enhanced accountability for the U.K.’s financial regulators.[1] These comprise the result...more

Latham & Watkins LLP

The “Edinburgh Reforms”: Timetable of Key Changes

Latham & Watkins LLP on

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

Hogan Lovells

UK Financial Services Future Regulatory Framework Review: HM Treasury publishes proposals for reform

Hogan Lovells on

HM Treasury has published its long awaited Future Regulatory Framework (FRF) Review consultation with proposals for reforms to the UK’s financial services regulatory framework to keep it fit for the future and to reflect the...more

Hogan Lovells

Insurance regulatory news, August 2021

Hogan Lovells on

Solvency II review: PRA QIS material and related Dear CEO letter on data gathering The Prudential Regulation Authority (PRA) has updated its Solvency II Review Quantitative Impact Study (QIS) webpage with the QIS materials,...more

Hogan Lovells

Securities and markets regulatory news, July 2021

Hogan Lovells on

Markets in Financial Instruments (Capital Markets) (Amendment) Regulations 2021 The Markets in Financial Instruments (Capital Markets) (Amendment) Regulations 2021 (SI 2021/774) have been published, together with an...more

Morgan Lewis

UK Government Proposes Amendments to Arrangements for Insolvent Insurers

Morgan Lewis on

On 20 May 2021, the UK government published a consultation paper in which it set out its proposals to revise the current regime for insolvent insurers (excluding Lloyd’s underwriters). The proposals seek to clarify and...more

A&O Shearman

UK Prudential Regulator Proposes Minor Policy Change for Systemic Risk Buffer

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The U.K. Prudential Regulation Authority has published a consultation paper entitled "The systemic risk buffer: Updates to the Statement of Policy," proposing minor updates to its Statement of Policy, "The PRA’s approach to...more

A&O Shearman

UK Secondary Legislation Published for Post-Brexit Temporary Permissions Regime

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A draft of one of several pieces of U.K. legislation has been published, that will establish a temporary permissions regime after the U.K.'s withdrawal from the EU. Temporary permission will be available for EEA firms...more

A&O Shearman

UK Regulators Consult Further on Extension of Individual Accountability Regime to All Financial Services Firms

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The UK Financial Conduct Authority and Prudential Regulation Authority have issued further consultations on aspects of the extension of the Senior Managers and Certification Regime to all firms authorized under the Financial...more

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