On 15 July 2025, Chancellor of the Exchequer Rachel Reeves delivered her Mansion House 2025 speech unveiling the Leeds Reforms, a programme for financial services reforms to drive investment and growth in the sector....more
7/23/2025
/ AIFM ,
Asset Management ,
Capital Markets ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
FSMA ,
HM Treasury ,
Investment Funds ,
Investment Management ,
Popular ,
Private Funds ,
Private Investment Funds ,
Prudential Regulation Authority (PRA) ,
Prudential Standards ,
Regulatory Reform ,
SMCR ,
UK
In our previous alert we mentioned a joint letter from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to the UK Government on their strategic approach to artificial intelligence (AI) and...more
11/6/2024
/ Artificial Intelligence ,
Bank of England ,
Banking Sector ,
Banks ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Stability Board ,
FinTech ,
Machine Learning ,
Prudential Regulation Authority (PRA) ,
Risk Assessment ,
Risk Mitigation ,
UK
In our previous alert AI and Machine Learning in UK financial services, we discussed the response in FS 2/23 of the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to its discussion paper on...more
On 7 December 2023, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) published a joint consultation paper titled ”CP26/23 - Operational resilience: Critical third parties to the UK financial...more
In our previous alert, we discussed the emerging trends for regulating artificial intelligence (AI) in financial services and mentioned a joint paper published by the Prudential Regulation Authority (PRA) and Financial...more
In our previous alert, we noted the speech made by Nikhil Rathi, CEO of the UK Financial Conduct Authority (FCA), which built on the points made in a joint paper published by the Bank of England (BoE) and FCA on artificial...more
10/12/2023
/ Artificial Intelligence ,
Bank of England ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Information Reports ,
Joint Statements ,
Machine Learning ,
Prudential Regulation Authority (PRA) ,
Risk Assessment ,
Risk Management ,
UK
On 25 September, the Financial Conduct Authority (FCA) published its consultation paper CP23/20: Diversity and inclusion in the financial sector – working together to drive change alongside a similar consultation paper...more
The European Commission (the Commission) has published two consultations to both evaluate and assess enhancements to the EU’s Sustainable Finance Disclosure Regulation (SFDR). Open until 15 December 2023, the Commission is...more
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
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
On 13 June the European Commission (the Commission) published a new package of measures to bolster the EU sustainable finance framework.
Its aim is to: “ensure that the EU sustainable finance framework continues to...more
6/21/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Benchmarks ,
Climate Action Plan ,
Climate Change ,
EU ,
EU Directive ,
European Commission ,
European Supervisory Authorities (ESAs) ,
Financial Services Industry ,
Green Bonds ,
MiFID ,
Private Investment Funds ,
Proposed Regulation ,
SFDR ,
Sustainability ,
Sustainable Business Practices ,
Sustainable Finance ,
Taxonomy
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
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
Since the European Commission (the Commission) published a proposed amending Directive (together with the results of its evaluation of AIFMD) in November 2021, there have been ongoing discussions between the European...more
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
The late summer saw the U.K. Financial Conduct Authority issue a “Dear CEO Letter” (the Letter) setting out its Alternatives Supervisory Strategy FCA Portfolio Letter: Our Alternatives Supervision Strategy 2022. With...more
9/8/2022
/ Business Plans ,
Compliance ,
Corporate Culture ,
Dear CEO Letter ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Funds ,
Market Abuse ,
Private Investment Funds ,
UK
The European Securities and Markets Authority (“ESMA”) Final Report Guidelines on outsourcing to cloud service providers (“the Guidelines”) came into force on 31 July 2021 and apply to all cloud outsourcing arrangements...more
1/19/2022
/ Audits ,
Cloud Service Providers (CSPs) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Exit Strategies ,
Financial Services Industry ,
Information Security ,
Investment Firms ,
Outsourcing ,
Termination ,
UK
Although there is still significant uncertainty regarding any possible withdrawal agreement from the European Union in relation to financial services, the publication of the government’s draft financial services withdrawal...more
There are two substantive issues: the first relates to the rules faced by UK firms in undertaking domestic UK financial services business and whether these will be amended/repealed since the UK will no longer be subject to...more
6/29/2016
/ Alternative Investment Fund Managers Directive (AIFMD) ,
EMIR ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
MiFID II ,
MiFIR ,
Referendums ,
Solvency II ,
UK ,
UK Brexit