When the Edinburgh Reforms were announced on 9 December 2022, they were billed as an ambitious set of reforms. Two years on, we assess which of the measures have been completed, which remain outstanding, and whether they have...more
12/10/2024
/ Banking Sector ,
Capital Markets ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Green Finance ,
HM Treasury ,
Investment Funds ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prospectus ,
Prudential Regulation Authority (PRA) ,
Regulatory Reform ,
Scotland ,
Securitization ,
SMCR ,
UK
The tone of the papers suggests that a fundamental reform of the Regime will be unlikely.
On 30 March 2023, the PRA and the FCA published a joint Discussion Paper (FCA DP23/3 and PRA DP1/23) seeking feedback on the...more
The regulator described the steps it is taking to increase scrutiny of advertisements about financial products and services on social media platforms.
On 3 February 2023 the FCA published an analysis of its financial...more
2/7/2023
/ Advertising ,
Enforcement Priorities ,
Financial Conduct Authority (FCA) ,
Financial Promotions ,
Financial Services Industry ,
Influencers ,
Marketing ,
Online Advertisements ,
Search Engines ,
Social Media ,
UK
FCA found instances of non-compliance with the product governance rules which, in its view, increases the risk of investor harm.
Background -
On 26 February 2021, the FCA published a webpage setting out eight asset...more
3/2/2021
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Conflicts of Interest ,
Disclosure Requirements ,
Due Diligence ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Products ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
UCITS ,
UK
The FCA, Bank of England, and PRA have published updated rules for firms post-Brexit and intend to delay many (but not all) onshoring changes.
Key Points:
..The FCA has published an updated version of the FCA Handbook,...more
10/20/2020
/ Bank of England ,
Cross-Border Transactions ,
Dear CEO Letter ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Onshoring ,
Prudential Regulation Authority (PRA) ,
Time Extensions ,
Transitional Arrangements ,
UK ,
UK Brexit
Important changes ahead for investment firms as the FCA’s Discussion Paper (DP20/2) indicates that the UK may depart from EU capital rules.
Key Points:
..FCA consults on a UK capital regime that in some respects breaks...more
Firms outside of Europe should be aware of planned upcoming changes to how they access European markets.
Key Points:
..The EU legislators have been reviewing various financial services regimes and developing reforms...more
1/14/2020
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Central Counterparties ,
Counterparties ,
Credit Rating Agencies ,
Cross-Border ,
Cross-Border Transactions ,
EMIR ,
EU ,
EU Benchmark Regulation ,
European Commission ,
Financial Services Industry ,
MiFID II ,
Regulatory Reform ,
Third Country Entities (TCEs) ,
UK ,
UK Brexit
Q&As for UK Regulated Firms -
Although the general election result has provided some certainty in relation to what happens next from a Brexit perspective, there are still many outstanding questions. In addition, a large...more
1/7/2020
/ Cross-Border Transactions ,
EU ,
EU Passport ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Member State ,
No-Deal Brexit ,
Onshoring ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prudential Regulation Authority (PRA) ,
Transitional Arrangements ,
UK ,
UK Brexit ,
Withdrawal Agreement
Consultation provides chance for industry to comment on which elements of the regime are working well and where change is needed.
Key Points:
..ESMA is seeking industry views on various aspects of MAR and whether they...more
10/11/2019
/ Banking Sector ,
Benchmarks ,
Comment Period ,
Competition ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Insider Information ,
New Guidance
The FCA has published the findings from its review into firms’ implementation of the MiFID II research unbundling rules.
Key Points:
..Overall, the FCA found that the rules have produced “positive changes” and have had...more
The FCA has published final rules confirming amendments to the SMCR, and final rules for solo-regulated firms.
Key Points:
..The FCA has confirmed that the Head of Legal does not require approval as a Senior Manager,...more
The FCA outlines how it intends to use its temporary transitional powers in a no-deal scenario.
Key Points:
..The FCA has highlighted areas in which transitional relief will not be granted in a no-deal...more
HM Treasury has published draft legislation that will allow the UK to make timely equivalence decisions in relation to the EU.
Key Points:
..Post-Brexit, HM Treasury will take on the role of making equivalence decisions...more
1/22/2019
/ Capital Requirements Regulation (CRR) ,
Credit Rating Agencies ,
EMIR ,
EU ,
EU Benchmark Regulation ,
EU Prospectus Regime ,
European Economic Area (EEA) ,
Financial Services Industry ,
HM Treasury ,
MiFIR ,
Onshoring ,
Proposed Legislation ,
Short Selling ,
Solvency II ,
UK ,
UK Brexit
The UK’s temporary permissions regime appears to be a helpful concession for inbound firms, but there are some hidden challenges.
Key Points:
..The UK regulators have set out further details of the rules they propose...more
The FCA has announced that it plans to consult further on the scope of the Client Dealing Function under the SMCR.
Key Points:
..The FCA acknowledges that the scope of the Client Dealing Function needs to be clarified,...more
Latham & Watkins demystifies the process for onshoring the MiFID II regime, and outlines the key changes for firms operating in the UK.
Key Points:
..The onshoring process is designed to preserve the status quo as much...more
The Taskforce’s final report outlines the UK’s policy and regulatory approach to crypto-assets and distributed ledger technology in financial services.
Key Points:
..The Report provides an overview of crypto-assets and...more
Examples of good and poor practices provide helpful guidance, and a reminder of supervisory expectations.
The FCA has published TR18/3, setting out the findings from its thematic review of the anti-money laundering (AML)...more
New FCA Discussion Paper demonstrates how the regulator’s thinking in relation to culture has evolved.
Introduction -
In Discussion Paper (DP) 18/2, the FCA has taken an unusual approach to a topic that has received...more