The U.K. Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) recently launched a joint consultation on proposed amendments to the margin requirements for non-centrally cleared derivatives.1...more
The U.K. Short Selling Regulations 2025 (“SSR 2025”) have been made. This paves the way for the U.K. to repeal and replace the regime implemented while the U.K. was in the European Union and then onshored into U.K. domestic...more
on December 16, 2024, the FCA published its discussion paper (DP) ‘Regulating cryptoassets: Admissions & Disclosures and Market Abuse Regime for Cryptoassets’, marking another step forward in the development of the UK’s...more
12/18/2024
/ Admissions ,
Capital Markets ,
Cryptocurrency ,
Disclosure ,
Disclosure Requirements ,
EU Market Abuse Regulation (EU MAR) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Market Abuse ,
Regulatory Agenda ,
UK
On September 30, 2024, the UK Digital Securities Sandbox was officially declared open. The announcement was made by the Bank of England (BoE) and the UK Financial Conduct Authority (FCA), following the consultation earlier...more
The PRA has published its final policy on the requirements for non-systemic UK banks and building societies to prepare for a solvent exit. The new rules require all firms in scope to prepare for an orderly solvent exit as...more
In our annual financial services Horizon Scanning webinar, our regulatory team provided an overview of upcoming and expected changes for UK firms.
Partners from our UK team considered regulatory updates on the horizon for...more
Since the beginning of the Brexit transition period, developments in both the UK and EU have impacted the MiFID rules in various ways.
In the UK, there have been changes under the EUWA on-shoring process; “quick-fix”...more
On 7 July 2023, the new Financial Services and Markets Act 2023 (the Act) was published, marking a significant step in the development of the UK’s post-Brexit ‘Smarter Regulatory Framework’....more
On 22 September 2022, the Financial Conduct Authority (FCA) published its consultation paper (CP 22/18, the CP) which proposes new guidance on the trading venue perimeter. The CP follows on from the discussion on this as part...more
This paper discusses the way forward for the UK as it moves out of the legislative orbit of the EU and commences the wider regulatory reform programme proposed by the UK government.
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The Financial Services and Markets Bill establishes a new framework for the Bank of England’s regulation of Financial Market Infrastructure (FMI) and in particular central counterparties (CCPs) and central securities...more
The Financial Services and Markets Bill creates a Designated Activities Regime that will impact both authorised and unregulated firms. The Designated Activities Regime is intended to maintain the purview of the Financial...more
This briefing is one in a series on the Financial Services and Markets Bill (FSMB). In this briefing we discuss the revocation of onshored EU law contained in the FSMB, focusing on some questions of relevance to firms.
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On 20 July 2022, just before the UK Parliament’s summer recess, the long awaited Financial Services and Markets Bill (FSM Bill) was introduced to Parliament....more
2022 looks set to be another year dominated by regulatory reform for financial services firms. This document considers a number of key wholesale market developments including the latest on the MiFID Review and other financial...more
The long awaited AIFMD Review legislative proposal was finally released by the Commission on 25 November 2021.
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Almost a year after the Brexit transition period ended and the UK government is beginning to refine its thinking on how the financial services framework should evolve in a post-Brexit world in order to ensure it is fit for...more
A high-level timeline summarising key dates and expected publications for the EU and UK MiFID Review.
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On 1 July 2021, HM Treasury published a consultation paper for its Wholesale Markets Review. The areas considered by HM Treasury in the consultation overlap in certain aspects with those being considered by the EU authorities...more
The PRA has published updates to its policy and a revised supervisory statement on ensuring operational continuity in resolution (PS 9/21 and SS4/21) following its consultation paper in October 2020 (CP 20/20). This bulletin...more
The first step in shaping the UK's financial services regime post-Brexit.
On 29 April 2021, the Financial Services Act 2021 (the Act) received Royal Assent. It is seen as the UK’s first step in control of the financial...more
Certain UK incorporated holding companies of banks and investments firms will, for the first time, be required to obtain PRA authorisation in 2021. The required applications for authorisation are detailed and will require...more
On 22 October 2020, the European Commission launched a public consultation on the review of the Alternative Investment Fund Managers Directive (the AIFMD Review). The public consultation follows the European Commission’s...more
The Brexit engines at HM Treasury, the FCA, PRA and Bank of England are responding admirably to the challenge posed by Brexit to ensure that the UK has a continuing, robust and effective legal regime once the currently...more
On 20 December 2017, the European Commission published proposals to revise the framework for the prudential regulation of investment firms.
The proposals were anticipated and are an attempt to “ensure that investment firms...more