Until recently, the UK and EU post-Brexit market abuse regimes remained substantially aligned. However, the passing of the EU Listing Act reforms in 2024 has meant that UK and EU MAR have started to diverge meaningfully for...more
5/12/2025
/ Capital Markets ,
Corporate Governance ,
Disclosure Requirements ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
Financial Regulatory Reform ,
Insider Trading ,
Listing Standards ,
New Legislation ,
PDMR ,
Regulatory Reform ,
Reporting Requirements ,
Securities Regulation ,
UK
On 26 November 2024, the PRA and the FCA published a joint Consultation Paper on changes to the remuneration rules (PRA CP16/24, FCA CP24/24). The changes are relevant to banks, building societies, and PRA-designated...more
The ESAs urge the European Commission to consider a labelling rather than a disclosure regime to help consumers understand the sustainability goals of financial products....more
6/27/2024
/ Banking Sector ,
Consumer Financial Products ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Supervisory Authorities (ESAs) ,
Insurance Industry ,
Labeling ,
Marketing ,
SFDR ,
Sustainability ,
Sustainable Business Practices
Guidelines indicate when asset managers may legitimately use ESG or sustainability-related terms in their fund names.
On 14 May 2024, ESMA published its final Guidelines on funds’ names using ESG- or...more
5/24/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Climate Change ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Final Guidance ,
Investment Funds ,
SFDR ,
Sustainability ,
Sustainable Business Practices
The European Parliament and the Council of the EU have made some significant changes to the European Commission’s proposal.
Key Points:
..The agreed text includes important clarifications on the scope of the regime and...more
Benchmark administrators should review the quality of their ESG benchmark disclosures ahead of a review by EU regulators during 2024.
On 13 December 2023, the European Securities and Markets Authority (ESMA), the EU’s...more
The changes will significantly modernise the regime and enhance consumer protections.
The EU has adopted a new Consumer Credit Directive, known as CCD2, which repeals and replaces the existing EU consumer credit regime...more
The proposal would substantially reduce the number of benchmarks in scope of the EU BMR.
On 17 October 2023, the European Commission published a legislative proposal that would significantly alter the benchmarks in scope...more
An evolving landscape of reforms in the ESG ratings sector continues to pose challenges to providers of ratings and scores.
International momentum to regulate ESG ratings continues as the European Commission released a...more
6/16/2023
/ Consultation ,
Corporate Governance ,
Data Collection ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Global Market ,
HM Treasury ,
India ,
IOSCO ,
Japan ,
Ratings ,
Regulatory Agencies ,
Regulatory Agenda
As the “most ambitious legislative proposal since the inception of EU financial regulation”, the changes would make significant amendments to MiFID II and PRIIPs.
On 24 May 2023, the European Commission (Commission)...more
6/6/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Best Interest Standard ,
Capital Markets Union ,
EU ,
European Commission ,
Member State ,
MiFID ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Proposed Amendments ,
Retail Investors ,
Solvency II ,
UCITS
The spring of 2023 saw more dislocation in the global financial sector than any time since the 2008-09 financial crisis. In the US, banking institutions with over $500 billion in total assets failed, and other banks that were...more
6/5/2023
/ Banking Crisis ,
Banking Sector ,
Capital Requirements ,
Deposit Insurance ,
EU ,
Financial Crisis ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
Global Economy ,
Liquidity ,
Regulatory Oversight ,
UK
Proposed changes seek to reflect the integration of sustainability considerations into MiFID II.
The European Securities and Markets Authority (ESMA) is consulting on updates to its Guidelines on the MiFID II suitability...more
The regulators suggest improvements to the supervision of firms passporting retail products and services in the EU.
The French and Dutch financial services regulators (the AFM and the AMF) have published a joint position...more
The global asset management community has long been among the leaders in recognising the investment and risk management benefits of tracking the environmental, social, and governance (ESG) performance of the assets it invests...more
10/4/2021
/ Asset Management ,
Business Strategies ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Services Industry ,
Germany ,
Global Standards ,
Hong Kong ,
Investment Management ,
Multinationals ,
Publicly-Traded Companies ,
Singapore ,
Sustainability ,
UK
UK rules will diverge from the much-criticised EU framework.
On 20 July 2021, the FCA published a Consultation Paper (CP21/23) on amending the UK PRIIPs Regulation. The FCA has long held concerns about the PRIIPs...more
7/22/2021
/ Consultation ,
Corporate Bonds ,
Debt Securities ,
Disclosure Requirements ,
EU ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Financial Instruments ,
Financial Services Industry ,
Investment Funds ,
Market Participants ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Regulation Technical Standards (RTS) ,
Retail Investors ,
UK ,
UK Brexit
New ESMA guidance less strict than the established UK position on PFOF. On 13 July 2021, ESMA published a statement on payment for order flow (PFOF), the practice of brokers receiving payments from third parties for...more
7/16/2021
/ Brokers ,
Conflicts of Interest ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
MiFID II ,
Retail Investors ,
Securities Traders ,
Trading Policies ,
Trading Restrictions ,
UK
Proposals signal that the UK government is willing to diverge significantly from EU rules.
On 1 July 2021, HM Treasury published a consultation on its Wholesale Markets Review....more
7/2/2021
/ Commodities ,
Consultation ,
Derivatives ,
Equity Markets ,
EU ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
MiFID ,
MiFID II ,
Regulatory Reform ,
Secondary Markets ,
Trading Policies ,
UK
The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q2 2021.
In this edition, we cover sustainable finance developments, the...more
6/29/2021
/ Asset Protection ,
Banking Sector ,
Climate Change ,
Consultation ,
Consumer Protection Laws ,
Dear CEO Letter ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
FinTech ,
Libor ,
MiFID ,
Outsourcing ,
Prudential Regulation Authority (PRA) ,
Regulatory Standards ,
Retail Investors ,
Sustainable Finance ,
UK
The consultation proposes changes to rules on research and best execution reporting.
On 28 April 2021, the FCA published a Consultation Paper (CP21/9) on proposed changes to UK MiFID relating to research unbundling and...more
Important changes ahead for investment firms as the FCA’s Discussion Paper (DP20/2) indicates that the UK may depart from EU capital rules.
Key Points:
..FCA consults on a UK capital regime that in some respects breaks...more
The English High Court’s findings are likely to have wide implications, not just for SIPP operators but for all regulated firms.
Key Points:
..Regulatory obligations are not intended to take precedence over contractual...more
The three draft delegated regulations set out sustainability criteria and ESG disclosure requirements for benchmarks provided in accordance with the EU Benchmarks Regulation.
Key Points:
..The measures follow amendments...more
The draft RTS introduce new, potentially more onerous obligations on the administrators of all categories of benchmarks.
Key Points:
..The draft RTS contain new guidance that makes clear who is responsible for which...more
On 17 March 2020, the FCA published a new webpage providing information on its expectations of firms’ response to the coronavirus. It will update the webpage over the coming weeks and expects to adapt its guidance...more
3/30/2020
/ Banks ,
Benchmarking ,
Coronavirus/COVID-19 ,
Corporate Governance ,
EU ,
Financial Conduct Authority (FCA) ,
Libor ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
State of Emergency ,
UK Brexit
Not too long ago, an investment manager looking to invest in a company might conduct due diligence, attend investor relation calls, peruse quarterly or annual filings, and consider standard ratios such as price to earnings...more
3/5/2020
/ California Consumer Privacy Act (CCPA) ,
Data Privacy ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
Financial Institutions ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
Investment Advisers Act of 1940 ,
MiFID ,
Regulation S-P ,
Risk Management ,
Risk Mitigation ,
Securities Exchange Act