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UK: The FCA, Bank of England and PRA issue their strategic approach to regulating AI in response to the government’s AI White...

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

UK: FCA Anti-greenwashing guidance and extension of the SDR to portfolio managers

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

UK: 10 things to note about the FCA and Bank of England Digital Securities Sandbox consultation

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

UK/EU ESG Regulation Round-Up – Q1 2024

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

UK: FCA finalises social media financial promotions guidance

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

UK: FCA Business Plan 2024/25: a quick guide to the FCA’s key priorities

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

UK: Transition Finance Market Review: Call for Evidence published

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

UK: FCA updates position on cryptoasset-backed Exchange Traded Notes

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

UK: Advice Guidance Boundary Review – recap on FCA proposals to close the advice gap

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

UK/EU ESG Regulation Q4 2023 Round-Up and horizon scanning for 2024

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

UK: Digital Securities Sandbox now in force

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

UK: Digital Securities Sandbox for financial market infrastructures

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

UK Financial Services Regulatory Initiatives Forum publishes seventh edition of Grid

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

UK: Sustainability Disclosure Requirements: Key things you need to know as the FCA confirms final rules

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

UK: Autumn Statement – financial services announcements at a glance

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

UK: A short guide to the FCA Financial Promotion Gateway

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

UK Cryptoassets: FCA finalises guidance for cryptoasset financial promotions

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

PRA, FCA and BoE publish feedback on AI and Machine Learning in financial services

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

UK: FCA and PRA consult on diversity and inclusion in the financial sector

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

UK - Retained EU Law (Revocation and Reform) Act 2023 – quick guide on the key points

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

8/8/2023  /  EU , UK , UK Brexit

UK: HMT PRIIPs and UK Retail Disclosure consultation response published

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

UK: FCA delays SDR policy statement until Q4 2023

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

UK/EU ESG Regulation Monthly Round-Up – March-June 2023

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

UK: Financial Promotions Gateway under the Financial Services and Markets Act 2023

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

UK: Financial Services and Markets Act 2023 - Landmark Financial Services and Market Bill receives Royal Assent

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

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