On 9 December 2022, the United Kingdom’s Chancellor of the Exchequer announced an expansive set of reforms to the UK’s financial regulatory regime – labelled the “Edinburgh Reforms”.
Following the UK’s exit from the...more
12/23/2022
/ Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Reform ,
Scotland ,
SMCR ,
UK ,
UK Brexit ,
Value-Added Tax (VAT)
On 10 March 2021,the Sustainable Finance Disclosure Regulation ((EU) 2019/2088) ("SFDR") came into force. This imposes environmental, social and corporate governance (“ESG”) and reporting requirements on a wide range of...more
12/23/2022
/ AIFM ,
Climate Change ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
Fund Managers ,
Investment Firms ,
Reporting Requirements ,
SFDR ,
Sustainability ,
Taxonomy
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation.
Key developments in October 2022:...more
11/2/2022
/ Bank of England ,
Capital Requirements Regulation (CRR) ,
CSDR ,
EMIR ,
Environmental Social & Governance (ESG) ,
European Banking Authority (EBA) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
MiFID II ,
Prudential Regulation Authority (PRA) ,
SFDR ,
UK
On 25 October 2022, the United Kingdom’s Financial Conduct Authority (“FCA”) published a consultation paper (CP22/20) on Sustainability Disclosure Requirements (“SDR”) and investment labels (the “Consultation”).
The...more
Earlier this month, the United Kingdom’s Green Technical Advisory Group (“GTAG”) published its Advice on the Development of a UK Green Taxonomy (the “Report”). This is the first stage of analysis published by the GTAG and...more
Key developments in June 2022:
30 June -
The Financial Conduct Authority (“FCA”) published a consultation paper (CP22/11) on winding down synthetic sterling LIBOR and USD LIBOR.
The Bank of England (“BoE”)...more
7/6/2022
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Blockchain ,
Distributed Ledger Technology (DLT) ,
Environmental Social & Governance (ESG) ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agenda ,
Taxonomy
On 6 April 2022, the European Commission (“Commission”) adopted the consolidated final regulatory technical standards (“RTS”) to the Sustainable Finance Disclosure Regulation (2019/2088/EU) (“SFDR”) and the EU Taxonomy...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation.
Key developments in March 2022:
31 March -
The European Securities and...more
4/8/2022
/ Cryptoassets ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Industry ,
MiFID II ,
MiFIR ,
Private Equity ,
Regulatory Agenda ,
Regulatory Reform ,
Taxonomy ,
UK
As mentioned in our latest briefing note, the UK Financial Conduct Authority (FCA) published its final rules and guidance (the “Rules”) setting out the requirements under a new climate-related disclosure regime for certain...more
3/25/2022
/ Alternative Investment Funds ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Investment Management ,
Private Equity ,
Regulatory Requirements ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UCITS ,
UK
The fund and asset management industry has been more focused on environmental, social and governance (“ESG”) issues in the last two years than it has been in, perhaps, the last decade....more
1/21/2022
/ Asset Management ,
Business Plans ,
Business Strategies ,
Capital Investments ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Fund Managers ,
Institutional Investors ,
Investment Funds ,
Investment Management ,
Publicly-Traded Companies ,
SFDR ,
Sustainability ,
UK
Following the turn of the new year, our UK Regulatory specialists have examined the key regulatory developments in 2022 impacting a range of UK and European firms within the financial services sector. The key dates have been...more
1/20/2022
/ Alternative Investment Fund Managers Directive (AIFMD) ,
ELTIF ,
Environmental Social & Governance (ESG) ,
EU ,
EuSEF ,
EuVECA ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Investment Firms ,
MiFID II ,
Money Laundering ,
Prudential Standards ,
Regulatory Agenda ,
SFDR ,
Sustainable Finance
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...more
1/6/2022
/ Alternative Investment Fund Managers Directive (AIFMD) ,
AML/CFT ,
Central Counterparties ,
CSDR ,
Environmental Social & Governance (ESG) ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Industry ,
MiFID ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prudential Regulation Authority (PRA) ,
SMCR ,
UK
The European Securities and Markets Authority (“ESMA”) published a corrigendum from the European Commission to a set of answers on the application of the EU Sustainable Finance Disclosure Regulation (EU/2019/2088) (“SFDR”)....more
12/6/2021
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Industry ,
Investment ,
MiFID II ,
MiFIR ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
SFDR ,
UK
Yesterday, the UK Financial Conduct Authority (“FCA”) published a discussion paper (DP21/4) (the “Discussion Paper”) seeking initial views on new sustainability disclosure requirements for asset managers and FCA-regulated...more
The Financial Stability Board published its final report on the lessons learnt from the COVID-19 pandemic from a financial stability perspective. The Financial Conduct Authority (“FCA”) published a report on climate change...more
11/4/2021
/ Beneficial Owner ,
Climate Change ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
FATF ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Industry ,
FSB ,
Green Finance ,
Policy Statement ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
SFTR ,
UK
The Financial Conduct Authority (“FCA”) published a statement reminding firms about potential financial crime risks linked to Afghanistan. Commission Delegated Regulation (EU) 2021/1415 supplementing the Securitisation...more
9/3/2021
/ Afghanistan ,
Banks ,
Credit Rating Agencies ,
Debit and Credit Card Transactions ,
EIOPA ,
Environmental Social & Governance (ESG) ,
European Banking Authority (EBA) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Information Sharing ,
Life Insurance ,
Prudential Standards ,
Repurchase Agreements ,
Sustainable Finance
On 15 July 2021, the FCA published its latest Business Plan for 2021/22 which sets out the FCA’s key priorities and objectives for the year ahead. In its latest Business Plan, the FCA’s Chief Executive Nikhil Rathi...more
The Financial Conduct Authority (“FCA”) has recently published a discussion paper concerning diversity and inclusion (“D&I”) in the financial sector. In the wake of recent European Union rules on sustainable financing (see...more
On 25 February 2021, the Joint Committee of the European Supervisory Authorities (“ESAs”) published a joint supervisory statement (“Joint Statement”) on the application of the Sustainable Finance Disclosure Regulation ((EU)...more
The EU Sustainable Finance Disclosure Regulation (2019/2088) (“Disclosure Regulation” or “SFDR”) will come into force on 10 March 2021. As detailed in our update in September last year, the SFDR has a wide scope and will...more
29 January -
The Joint Committee of the European Supervisory Authorities (“ESAs”) (that is, the EBA, EIOPA and ESMA) published two consultation papers on the mapping of external credit assessment institutions' (“ECAIs”)...more
2/8/2021
/ Consultation Papers ,
EMIR ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
HM Treasury ,
Implementing Technical Standards (ITS) ,
IOSCO ,
UK
In March 2021, a new European Union regime on sustainability-related disclosures in the financial sector will come into force. The Sustainable Finance Disclosure Regulation 2019/2088 (“SFDR”) contains rules regarding...more
12/15/2020
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Management ,
National Private Placement Regimes (NPPR) ,
Sustainable Finance ,
Taxonomy ,
UK
30 November -
The Prudential Regulation Authority (“PRA”) published a statement about its forthcoming policy statement on implementing the CRD V Directive ((EU) 2019/878).
HM Treasury updated its webpage on a call for...more
12/7/2020
/ Bank of England ,
Capital Markets ,
Capital Markets Union ,
Capital Requirements Regulation (CRR) ,
Commission Delegated Regulation ,
EMIR ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Industry ,
Financial Stability Board ,
HM Treasury ,
MiFID II ,
MiFIR ,
Prudential Regulation Authority (PRA) ,
UK
A new European regime on sustainability-related disclosures in the financial sector will come into force from March 2021, after first being announced in 2018 during the European Commission’s Action Plan on Sustainable...more
9/18/2020
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Asset Management ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Economic Area (EEA) ,
Mergers ,
MiFID II ,
National Private Placement Regimes (NPPR) ,
Securities and Exchange Commission (SEC) ,
SFDR ,
UCITS ,
UK Brexit