The UK’s financial regulators have responded to the government’s White Paper on its approach to regulating the use of artificial intelligence and machine learning (AI). Publications from the Financial Conduct Authority (FCA),...more
On 23 April 2024, the Financial Conduct Authority (FCA) published the much-anticipated anti-greenwashing guidance which will apply to all FCA regulated firms from 31 May 2024. The anti-greenwashing rule is designed to...more
On 3 April 2024, the Bank of England (BoE) and the Financial Conduct Authority (FCA) issued a consultation paper setting out the proposed approach to operating the Digital Securities Sandbox (DSS). The DSS is designed to...more
Our latest ESG regulatory round-up highlights the key UK, EU and international financial services regulatory developments during Q1 2024. Key ESG developments this quarter include the publication of the FCA’s Business Plan...more
The FCA finalised social media guidance in relation to financial promotions published on 26 March 2024 acknowledges that social media has become a central part of firms’ marketing strategies allowing them to reach a large...more
On 19 March 2024, the FCA published its Business Plan for 2024/25 setting out its planned programme of work for the coming year. The FCA states that it remains resolute in supporting the vital role the financial sector plays...more
On 14 March 2023, a Call for Evidence in relation to the Transition Finance Market Review (TFMR) was published. Responses are due by 25 April 2024 from a wide range of stakeholders, including financial institutions. The...more
The FCA published a statement on 11 March 2024 setting out that it will not object to requests from Recognised Investment Exchanges (RIEs) to list cryptoasset-backed Exchange Traded Notes (cETNs). The products would be...more
On 8 December 2023, the Financial Conduct Authority (FCA) and HM Treasury (HMT) published a joint discussion paper to examine the regulatory boundary between financial advice and guidance. The Advice Guidance Boundary Review...more
As we enter 2024, we have looked back to Q4 2023 to reflect on the range of momentous ESG regulatory developments and to look at how they will impact ESG regulatory developments throughout this year. Key developments at the...more
On 8 January 2024, the Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023 entered into force, creating the Digital Securities Sandbox within which certain Financial Market Infrastructures...more
On 8 January 2024, the Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023 enter into force, creating the Digital Securities Sandbox within which certain Financial Market Infrastructures will...more
The eagerly awaited seventh edition of the Financial Services Regulatory Initiatives Grid was published on 30 November 2023 by the Financial Services Regulatory Initiatives Forum. The Regulatory Initiatives Grid sets out the...more
On 28 November 2023, the Financial Conduct Authority (FCA) confirmed the long-awaited final rules and guidance for UK asset managers aimed at improving the trust and transparency around sustainable investment products. In a...more
The Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, presented HM Treasury’s Autumn Statement for growth on 22 November 2023. We summarise below the key proposals relating to financial services regulation....more
The new Financial Conduct Authority (FCA) financial promotion gateway comes into effect on 7 February 2024. Further to amendments made by the Financial Services and Markets Act 2023, authorised firms that wish to continue...more
On 2 November 2023, the Financial Conduct Authority published its Finalised non-handbook guidance on Cryptoasset Financial Promotions (FG23/3) (the “Guidance”). While the Guidance does not create new regulatory obligations...more
On 26 October 2023, the Bank of England (BoE) (including the Prudential Regulation Authority (PRA)), and the Financial Conduct Authority (FCA) (collectively ‘the regulators’) published a feedback statement summarising the...more
On 25 September 2023, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published long-awaited proposals to introduce a regulatory framework for diversity and inclusion (D&I) in the financial...more
The Retained EU Law (Revocation and Reform) Act 2023 received Royal Assent on 29 June 2023. We set out below the key provisions and objectives of this wide-ranging Act....more
On 11 July 2023, HM Treasury published the response to its December 2022 consultation paper which set out its intention to repeal the retained EU law version of the Packaged Retail and Insurance-based Investment Products...more
The FCA has announced that it will delay the Sustainability Disclosure Requirements and investment labels Policy Statement until Q4 2023. In a further delay to the announcement of the final Policy Statement relating to the...more
As we reach the midway point of 2023, the Hogan Lovells Sustainable Finance and Investment practice thought it would be useful to provide a review of recent key ESG developments from March-June 2023 to assist with navigating...more
7/10/2023
/ Banking Sector ,
Banks ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
HM Treasury ,
International Capital Markets Association (ICMA) ,
Popular ,
Sustainability ,
Sustainability-Linked Loans (SLLs) ,
UK
The Financial Services and Markets Act 2023 which received Royal Assent on 29 June 2023 contains new provisions to establish a regulatory gateway for the approval of unauthorised persons’ financial promotions. This presents...more
Hailed as a landmark piece of legislation and a once in a generation reform to the UK financial services sector, the new Financial Services and Markets Act 2022-2023 which received Royal Assent on 29 June 2023 aims to bolster...more