On 21 August 2024, the Financial Conduct Authority (FCA) published Thematic Review TR24/2 (Review), as part of its on-going scrutiny of the general insurance sector, focusing on pricing and value for money provided by...more
As the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) consider feedback to their consultation on guidance regarding the UK change-in-controller regime (consultation paper 25/23), we provide a...more
9/9/2024
/ Banking Sector ,
Corporate Governance ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Investment Management ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
UK
On 7 August 2024, the UK Financial Conduct Authority (FCA) published an update regarding its ongoing assessment of crypto firms’ adherence to the cryptoasset financial promotions rules introduced in October 2023. See our 23...more
On 30 July 2024, the Bank of England published a discussion paper on its approach to innovation in money and payments (the Discussion Paper). A recurring theme is the Bank of England’s focus on the potential use of...more
As implementation of the EU’s Digital Operational Resilience Act (DORA) approaches, financial market participants and their technology service providers (both in and out of Europe) face a critical compliance deadline. The new...more
7/19/2024
/ BaFin ,
Cybersecurity ,
Data Privacy ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agenda ,
Technology Sector ,
UK
The Bank of England’s Financial Policy Committee (FPC) and the Prudential Regulation Authority (PRA) recently delivered a series of speeches1 raising their concerns about the evolution of private equity financing and the...more
5/29/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Bank of England ,
Capital Markets ,
Conflicts of Interest ,
Financial Conduct Authority (FCA) ,
Financial Policy Committee ,
Limited Partnerships ,
Private Equity ,
Prudential Regulation Authority (PRA) ,
Risk Management ,
UK
On 22 April 2024, the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England published their strategic approaches to regulating AI in response to the UK government’s July 2022 AI...more
5/3/2024
/ Artificial Intelligence ,
Corporate Counsel ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Popular ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Requirements ,
Technology ,
UK
In July 2023, the UK government published its findings from the Investment Research Review (Review) as part of the UK government’s Edinburgh Reforms. The Review made a number of recommendations to encourage research...more
In this alert we consider various reforms and proposals to the banking sector announced by UK regulators.
On 11 January 2024, HM Treasury published a consultation paper on enhancing the UK’s Special Resolution Regime for...more
On 6 November 2023, the Bank of England (the UK’s central bank) issued a discussion paper on the regulation on stablecoins, alongside another paper by the UK Financial Conduct Authority (FCA) (DP23/4) and a “Dear CEO” letter...more
On 30 October 2023, the HM Treasury (HMT) published its much-anticipated response (Consultation Response) to its March 2023 consultation paper (Consultation) on the UK’s future financial services regime for cryptoassets....more
11/10/2023
/ Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
HM Treasury ,
Regulatory Agenda ,
Regulatory Requirements ,
UK
The landscape of cryptoasset regulation in the UK entered a new phase in October 2023 with the extension to cryptoassets of marketing restrictions for financial products and services. In particular, crypto firms based outside...more
As discussed in our November 2022 and July 2023 newsletters, the UK government is implementing a comprehensive set of proposals for regulation of financial services in the UK, including for insurers. This follows the UK’s...more
In July 2023, the Investment Research Review (the Review) commissioned by the UK government published its findings into investment research in UK capital markets. The Review made the following seven recommendations, seeking...more
8/1/2023
/ Capital Markets ,
Equity Markets ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Initial Public Offering (IPO) ,
Investors ,
Listing Rules ,
MiFID II ,
Retail Market ,
UK
On 7 June 2023, the UK Parliament passed the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023, which brings cryptoassets within the scope of rules that regulate the marketing of financial...more
In February 2023, the UK Treasury (HMT) published its consultation and call for evidence on the future financial services regulatory regime for cryptoassets (Consultation Paper). This is part of Phase 2 of HMT’s effort to...more
3/30/2023
/ Cryptoassets ,
Cryptocurrency ,
EU ,
Financial Conduct Authority (FCA) ,
FSMA ,
Market Abuse ,
Non-Fungible Tokens (NFTs) ,
Proposed Regulation ,
Securities ,
Stablecoins ,
UK
The UK’s Financial Conduct Authority (FCA) published final guidance (FG22/5) and a policy statement (PS22/9) for the new consumer duty (Duty) on 27 July 2022. The main rules will come into force on 31 July 2023 for existing...more