Back in 2018, a senior member of the Financial Conduct Authority (FCA) stated that “non-financial misconduct is misconduct, plain and simple”. Since then, the FCA has issued multiple discussion and consultation papers,...more
HM Treasury (HMT) and the Financial Conduct Authority (FCA) have launched consultations proposing a streamlined regulatory framework for UK AIFMs. The key proposals include: These reforms aim to introduce a more proportional...more
On 8 May 2025, the United Kingdom Financial Conduct Authority (the FCA) released the findings from its multi-firm review aimed at smaller asset managers and alternatives firms. The review was conducted across three phases in...more
The Financial Conduct Authority (FCA’s) report, which sets out its findings and feedback from its Private Market Valuation Review (PMVR) includes a number of practical action points for firms regarding their private assets...more
His Majesty’s Treasury issued consultation paper—and the Financial Conduct Authority's (FCA) Call for Input—in April, setting out proposals for a revised regime under the Alternative Investment Fund Managers (AIFM)...more
5/7/2025
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Diversity ,
Enforcement Actions ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Investment Funds ,
MiFID II ,
Private Equity ,
Proposed Rules ,
Regulatory Reform ,
Regulatory Requirements ,
Sustainability ,
UK
The Treasury and the Financial Conduct Authority are seeking industry views on proposals to change the regulatory framework for fund managers in the United Kingdom. On 7 April 2025, the Treasury issued a Consultation Paper...more
The Financial Conduct Authority (FCA) issued the latest Dear CEO Letter on 26th February 2025. In it, the FCA confirmed its current supervisory priorities, which include private markets, market integrity and disruption,...more
2/28/2025
/ Anti-Money Laundering ,
Conflicts of Interest ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Investment Management ,
Market Abuse ,
Private Equity ,
Private Funds ,
Risk Management ,
Sustainable Finance ,
UK
The Financial Conduct Authority (FCA) is currently consulting on a proposal for a new type of trading platform (PISCES) that would enable intermittent secondary trading of private company shares. PISCES would use certain...more
His Majesty’s Treasury (HMT) and the Financial Conduct Authority (FCA) have issued publications that seek to expand the application of the United Kingdom (UK) sustainability disclosure requirements (the SDR) and labelling...more
5/29/2024
/ AIFM ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
False Claims Act (FCA) ,
Greenwashing ,
IFRS ,
Opt-In ,
Portfolio Managers ,
Retail Investors ,
Sustainability ,
UK
The European Market Infrastructure Regulation (EMIR) data reporting requirements apply to European Union (EU) funds and EU fund managers. UK EMIR imposes reporting requirements on UK funds and UK managers. The reporting...more
The final text of the amendments to the EU Alternative Investment Fund Managers Directive (AIFMD)—known as “AIFMD II”—was published in the Official Journal of the European Union on March 26, 2024, and will enter into force on...more
Last month, the United Kingdom Financial Conduct Authority (FCA) announced that it is considering new procedures under which it would publicly identify firms that are under investigation as soon as the investigation has been...more
4/1/2024
/ Cross-Border ,
Department of Justice (DOJ) ,
Disclosure Requirements ,
Enforcement ,
Financial Conduct Authority (FCA) ,
FSMA ,
Investigations ,
Notice Requirements ,
Securities and Exchange Commission (SEC) ,
UK ,
Willful Misconduct
The U.K. Financial Conduct Authority has published its proposed approach to publishing information about the opening and progress of investigations.1 The proposals represent a marked departure from the FCA’s current practice...more
Key Points -
Following a joint Discussion Paper in 2021 issued by the FCA and the PRA, both regulators have now issued Consultation Papers proposing new rules and guidance in relation to diversity and inclusion in the...more
10/27/2023
/ Corporate Governance ,
Corporate Misconduct ,
Criminal Convictions ,
Diversity and Inclusion Standards (D&I) ,
Ethics ,
Financial Conduct Authority (FCA) ,
Policy Statement ,
Proposed Regulation ,
Proposed Rules ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Requirements ,
Rules of conduct ,
UK
Key Points -
-Following a joint Discussion Paper in 2021 issued by the UK Financial Conduct Authority (FCA) and the UK Prudential Regulation Authority (PRA), both regulators have now issued Consultation Papers proposing new...more
10/27/2023
/ Banking Sector ,
Disclosure Requirements ,
Discrimination ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Requirements ,
Rules of conduct ,
UK
In a move with significant implications for the crypto sector, the UK has enacted legislation to bring cryptoassets within the scope of the existing financial services regulatory regime. The relevant provisions of the...more
9/21/2023
/ Banking Acts ,
Cryptoassets ,
Digital Assets ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Promotions ,
Financial Services Industry ,
FSMA ,
Investment ,
New Legislation ,
Non-Fungible Tokens (NFTs) ,
Regulatory Agencies ,
Stablecoins ,
UK
The Financial Services and Markets Act 2023 (“FSMA 2023”) marks a watershed moment in British legislative history. FSMA 2023 introduces sweeping changes to the financial services regulatory infrastructure and will have a...more
The UK Financial Conduct Authority has published near final rules setting out its approach to regulating the financial promotion of ‘qualifying cryptoassets’. The new rules mean financial promotions on cryptoassets are only...more
The United Kingdom’s Financial Conduct Authority (FCA) has issued proposed rules to establish a U.K. sustainability disclosure regime (SDR) providing a U.K. take on a topic many investment managers have been dealing with in...more
11/8/2022
/ Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Greenwashing ,
Investment Management ,
Proposed Rules ,
Securities and Exchange Commission (SEC) ,
SFDR ,
Sustainability ,
UK
The FCA announced earlier yesterday that it will consult on amending the definition of 'Significant SYSC Firm' to ensure that no firms will be subject to the enhanced rules of the Senior Managers and Certification Regime...more
In April 2022, the Financial Conduct Authority (the FCA) issued its final policy statement on diversity and inclusion (D&I) requirements for premium and standard listed issuers with the object of increasing transparency for...more
Who is Now Subject to Climate-Related Financial Disclosures?
Issuers of standard listed equity shares and Global Depositary Receipts (GDRs) will now be required to satisfy certain previously issued climate-related...more
The SFDR and the Taxonomy Regulation: Key Developments and What Firms Can Expect in the Coming Year -
Almost a year on from the date on which the European Union’s Sustainable Finance Disclosure Regulation (SFDR) came into...more
1/27/2022
/ Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Discussion Draft ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Reporting ,
Product Labels ,
SFDR ,
Sustainability ,
Sustainable Business Practices ,
Sustainable Finance ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
The Financial Conduct Authority (FCA) has issued a Discussion Paper (DP21/4) (the “DP”) seeking industry participants’ views on the proposed new Sustainability Disclosure Requirements (SDR) and an accompanying sustainability...more
12/9/2021
/ Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Product Labels ,
Sustainability ,
Sustainable Business Practices ,
Sustainable Finance ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
The UK Financial Conduct Authority (FCA) has published a “Dear Chair” letter (here) (the “Letter”) setting out its “Guiding principles on design, delivery and disclosure of ESG [environmental, social and governance features]...more