On 17 December 2024, the EU Platform on Sustainable Finance (the “Platform”), an advisory body to the European Commission (the “Commission”), has published a briefing note to the Commission, outlining their proposals for a...more
On 13 December 2024, the European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published Q&As with further details on three specific aspects of the practical application of...more
On 12 December 2024, the EU Regulation on ESG Ratings Providers and their transparency and integrity was published in the Official Journal of the European Union (the “Regulation”).
It means that the Regulation will enter...more
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
12/10/2024
/ Artificial Intelligence ,
Cryptocurrency ,
EMIR ,
Enforcement ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Services Industry ,
FSMA ,
MiFID II ,
MiFIR ,
Prudential Regulation Authority (PRA) ,
Retail Investors ,
UK
On 15 October 2024, the Luxembourg Commission de Surveillance du Secteur Financier (the “CSSF”) imposed a fine of EUR 56,500 against a fund manager, Aviva Investors Luxembourg S.A. (the “Manager”), with regards to the...more
On 14 November 2024, Rachel Reeves set out in her first Mansion House Speech that “sustainable finance” was to be one of the UK’s five priorities in the government’s Financial Services Growth and Competitiveness Strategy (the...more
On 24 October 2024, the European Securities and Markets Authority (“ESMA“) released its 2024 European Common Enforcement Priorities (“ECEP“) for corporate reporting, drawing particular attention to sustainability and...more
On 11 November 2024, the Financial Reporting Council (“FRC”) launched a consultation with significant updates proposed to the UK Stewardship Code (the “Code”). The aims of the consultation are to streamline reporting...more
The European Council of the European Union has on 8 November published the text of the Regulation on the transparency and integrity of environmental, social and governance (ESG) rating activities (the “Regulation”).
The...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
11/6/2024
/ Appeals ,
Artificial Intelligence ,
Cryptoassets ,
Economic Sanctions ,
ELTIF ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
False Claims Act (FCA) ,
Financial Services Industry ,
FSMA ,
MiFID II ,
MiFIR ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
SFDR ,
UK
The Taskforce on Inequality and Social-related Financial Disclosures (“TISFD”) launched on 23 September 2024.
Background -
The TISFD is a global initiative with the aim of developing recommendations and guidance for...more
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
10/7/2024
/ Artificial Intelligence ,
Cryptoassets ,
ELTIF ,
Enforcement ,
Environmental Social & Governance (ESG) ,
European Banking Authority (EBA) ,
European Central Bank ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Office of Financial Sanctions Implementation (OFSI) ,
Prudential Regulation Authority (PRA) ,
Sanctions ,
UK
The deadline for EU member states (‘‘Member States’’) to implement the Corporate Sustainability Reporting Directive (“CSRD”) into national laws was 6 July 2024. Under EU infringement procedures, the European Commission...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
9/11/2024
/ Bank of England ,
Disclosure Requirements ,
Enforcement ,
Environmental Social & Governance (ESG) ,
EU ,
European Banking Authority (EBA) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Investigations ,
Investment ,
Labeling ,
Prudential Regulation Authority (PRA) ,
Sustainability ,
Transparency ,
UK
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
9/4/2024
/ Disclosure Requirements ,
Enforcement ,
Environmental Social & Governance (ESG) ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Transparency ,
UK
ESMA has translated their Guidelines on ESG-related fund names, which has started the clock for applicability. For information on the asset allocation thresholds and the exclusionary criteria, alongside the funds in scope and...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
8/7/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Artificial Intelligence ,
Capital Requirements Regulation (CRR) ,
Cryptoassets ,
ELTIF ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
International Competition Network ,
Listing Rules ,
MiFID II ,
MiFIR ,
Prudential Regulation Authority (PRA) ,
SFDR ,
Sustainability ,
UK
On 24 July 2024, the European Securities and Markets Authority (“ESMA”) published an opinion (the “Opinion”) outlining its long-term vision for the functioning of the European Union’s sustainable finance framework (the...more
On 22 July 2024, the Financial Reporting Council (“FRC”) announced interim changes to the reporting requirements for existing signatories to the UK Stewardship Code. These updates precede any updates arising from a wider...more
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation.
Key developments in June 2024:
28 June
PRIIPs Regulation: The Joint Committee...more
7/5/2024
/ AML/CFT ,
Anti-Money Laundering ,
Cryptoassets ,
Environmental Social & Governance (ESG) ,
EU ,
European Banking Authority (EBA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
New Regulations ,
Proposed Regulation ,
Regulatory Agenda ,
UK
On 18 June 2024, the European Supervisory Authorities (the “ESAs”) published a joint opinion (the “Opinion”) on their recommendations for the next iteration of the Sustainable Finance Disclosure Regulation (“SFDR”)....more
Key developments in May 2024: ESG: The Financial Conduct Authority (“FCA”) updated its webpage on the sustainability disclosure requirements (“SDR”) and investments labelling regime. Among other things, the webpage has been...more
6/12/2024
/ AML/CFT ,
Anti-Money Laundering ,
Artificial Intelligence ,
Asset Management ,
Capital Markets ,
Capital Requirements Directive IV (CRDIV) ,
Cryptoassets ,
Disclosure Requirements ,
EMIR ,
Enforcement ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Investment ,
MiFID II ,
MiFIR ,
Office of Financial Sanctions Implementation (OFSI) ,
Prudential Regulation Authority (PRA) ,
Regulatory Standards ,
Retail Investors ,
Securitization ,
Sustainability ,
UK
On 31 May 2024, a new anti-greenwashing rule is being introduced by the Financial Conduct Authority (the “FCA”) as part of its Sustainability Disclosure Requirements (“SDR”). We cover here the introduction of the FCA’s...more
5/30/2024
/ AIFM ,
Asset Management ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services and Markets Act ,
Greenwashing ,
Investors ,
Misleading Statements ,
Regulatory Requirements ,
SFDR ,
Sustainability ,
UK
The European Securities and Markets Authority (“ESMA”) has published its Final Report on the Guidelines on funds’ names using ESG or sustainability-related terms (the “Guidelines”). ESMA was provided with the mandates to...more
On 3 May 2024, the European Commission published a summary of the 2023 consultation on the EU Sustainable Finance Disclosure Regulation (“SFDR”) (the “Summary”)....more