In a recent speech, Nikhil Rathi, CEO of the UK Financial Conduct Authority (FCA), set out the FCA’s latest views on the role of artificial intelligence (AI) in financial services. The speech highlights many benefits but also...more
7/28/2023
/ Artificial Intelligence ,
Competition ,
Consumer Privacy Rights ,
Cyber Attacks ,
Cyber Crimes ,
Deep Fake ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Identity Theft ,
Machine Learning ,
Privacy Laws ,
Regulatory Agenda ,
Risk Assessment ,
Scams ,
SMCR ,
UK
On 12 July 2023, the UK Financial Conduct Authority (FCA) published Feedback Statement 23/4: The potential competition impacts of Big Tech entry and expansion in retail financial services (FS23/4). This summarised the...more
The UK Financial Conduct Authority (FCA) has published its policy statement PS23/11 (PS), containing final guidance (the guidance) on trading venues. A firm requires trading venue authorisation from the FCA if it operates...more
Following its August 2022 consultation on the broader retail distribution of interests in a Long Term Asset Fund (LTAF), the FCA published its Policy Statement PS23/7 including final Handbook rules on 29 June 2023....more
In our Alert Marketing Cryptoassets and Services in and Into the UK: Shifting Regulatory Sands, we noted the policy statement issued by HM Treasury (HMT) on cryptoasset promotions and the Financial Conduct Authority (FCA)...more
With more fintech’s looking to expand their businesses internationally, it can be daunting to navigate varying regulations across borders. This article focuses on regulations in the United Kingdom....more
5/1/2023
/ Anti-Money Laundering ,
Compliance ,
Cross-Border ,
Cross-Border Transactions ,
Cryptoassets ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinTech ,
FSMA ,
MiFID ,
Payment Services Directive ,
Regulatory Requirements ,
UK ,
UK GDPR
On March 16, 2003, the UK Financial Conduct Authority (FCA) published its letter Portfolio Letter: FCA priorities for payments firms to the CEOs of UK Payment Institutions (PIs), Electronic Money Institutions (EMIs), and...more
3/21/2023
/ Anti-Money Laundering ,
Customer Due Diligence (CDD) ,
Economic Sanctions ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Fraud ,
Internal Controls ,
Investment Funds ,
Money Laundering ,
Payment Systems ,
Popular ,
Prudential Standards ,
UK
The UK Financial Conduct Authority (FCA) has just announced its first authorisation of a Long Term Asset Fund (LTAF). We have written about the FCA’s increased focus on continuing access by retail investors to wholesale or...more
On 1 February 1 2023, HM Treasury (HMT) issued a further policy statement on cryptoasset promotions in the UK, "Government approach to cryptoasset financial promotions regulation policy statement”. It updates HMT’s January...more
3/9/2023
/ Consultation ,
Cryptoassets ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Promotions ,
Financial Services Industry ,
HM Treasury ,
Marketing ,
Policy Statement ,
Regulatory Requirements ,
UK
In our previous client alert, The UK Consumer Duty: Next Steps for Private Fund Managers, we explored the new consumer duty rules contained in PS22/9: A new Consumer Duty. As we noted, the duty applies to managers who provide...more
2/8/2023
/ Alternative Investment Funds ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Protection Laws ,
Dear CEO Letter ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Fund Managers ,
Private Funds ,
Retail Investors ,
UK
Welcome to our January 2023 Horizon Scan, where we focus on some of the principal recent and expected developments and changes that we expect to be of interest to those in the non-listed funds sector. We have grouped the...more
1/19/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Climate Change ,
Consultation ,
Corporate Taxes ,
Divestment ,
ELTIF ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Greenwashing ,
Investment Funds ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Regulatory Authority ,
Securities and Exchange Commission (SEC) ,
Sustainable Finance ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
In a previous client alert (New Risk Warning Rules for UK Private Fund Managers: Action Required), we discussed the rules governing the main risk warnings for financial promotions of high-risk investments, which came into...more
In our previous client alert, we mentioned the need for managers to review new rules contained in PS22/10, published by the UK Financial Conduct Authority (FCA). The rules governing the main risk warnings for financial...more
In our previous client alert, FCA ESG Rules: The Next Deadline for UK Private Fund Managers, we noted the likely expansion of the Environmental, Social, and Governance Sourcebook (ESG Rules) of the UK Financial Conduct...more
10/31/2022
/ Corporate Governance ,
Corporate Social Responsibility ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Greenwashing ,
Private Investment Funds ,
Securities and Exchange Commission (SEC) ,
Sustainability ,
Sustainable Business Practices ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
In our previous client alert, Back to Work: The FCA's 2022-23 Priorities for Private Fund Managers, we mentioned the need for FCA-authorised private fund managers with assets under management (AuM) of over £5 billion and who...more
10/18/2022
/ Asset Management ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Dear CEO Letter ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Fund Managers ,
Investment Funds ,
Popular ,
Sustainable Business Practices ,
Task Force on Climate-related Financial Disclosures (TCFD)
In our previous Client Alert, Back to Work: The FCA's 2022-23 Priorities for Private Fund Managers, we mentioned the need for managers to consider the new consumer duty rules contained in PS22/9: A new Consumer...more
The advance of the regulation of crypto-assets and crypto-related service providers has been piecemeal in the U.K. The latest round of changes took place in the Money Laundering Regulations 2017 (MLR) on 1 September...more
9/21/2022
/ Acquisitions ,
Anti-Money Laundering ,
Change in Control ,
Change of Ownership ,
Corporate Counsel ,
Crypto Exchanges ,
Cryptoassets ,
Due Diligence ,
EU ,
Financial Conduct Authority (FCA) ,
FSMA ,
Investment Firms ,
Notice Requirements ,
Popular ,
Regulatory Oversight ,
Regulatory Standards ,
UK