The proposals aim to make the UK regime more proportionate and suggest different rules applying to hedge funds, venture capital firms, and private equity houses.
On 7 April 2025, the FCA published a Call for Input, and HM...more
4/10/2025
/ AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Consultation ,
EU ,
Financial Conduct Authority (FCA) ,
Fund Managers ,
Hedge Funds ,
HM Treasury ,
Investment Funds ,
Private Equity ,
Proposed Rules ,
Regulatory Reform ,
UK ,
UK Brexit ,
Venture Capital
On 13 December 2024, the FCA and the PRA published linked Consultation Papers on operational incident and third-party reporting (FCA CP24/28 and PRA CP17/24). The consultations aim to create a structured framework for...more
12/20/2024
/ Business Interruption ,
Business Operations ,
Consultation ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Material Disclosures ,
Prudential Regulation Authority (PRA) ,
Reporting Requirements ,
SMCR ,
Solvency II ,
Third-Party ,
Third-Party Service Provider ,
UK
The FCA is approaching its design of the world’s first regulated private/public crossover market with a “private plus” rather than a “public minus” mindset.
On 17 December 2024, the FCA launched a consultation on its...more
12/18/2024
/ Capital Markets ,
Consultation ,
Disclosure Requirements ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Investors ,
Private Investment Funds ,
Proposed Rules ,
Retail Investors ,
Sandbox ,
UK
On 26 November 2024, the PRA and the FCA published a joint Consultation Paper on changes to the remuneration rules (PRA CP16/24, FCA CP24/24). The changes are relevant to banks, building societies, and PRA-designated...more
The regulator has significantly rowed back on aspects of the proposals following industry and government feedback.
On 28 November 2024, the FCA published revised proposals for announcing enforcement investigations....more
The UK Chancellor announces a growth-focused agenda for financial services.
On 14 November 2024, the new Chancellor of the Exchequer, Rachel Reeves, delivered her first Mansion House speech....more
11/15/2024
/ Capital Markets ,
Consultation ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Green Initiatives ,
HM Treasury ,
MiFID II ,
Proposed Legislation ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Sustainable Finance ,
UK
Regulator finds that firms could improve how they conduct anti-money laundering checks when dealing with UK PEPs. ...more
UK Chancellor launches consultation on the proposed Private Intermittent Securities and Capital Exchange System (PISCES) as part of the Spring Budget.
On 6 March 2024, HM Treasury published a consultation paper seeking...more
3/7/2024
/ Capital Raising ,
Consultation ,
Disclosure Requirements ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services and Markets Act ,
HM Treasury ,
Privately Held Corporations ,
Retail Investors ,
Sandbox ,
Trading Platforms ,
Trading Policies ,
UK
The FCA plans to streamline its approach to enforcement and publicise investigations at an early stage.
On 27 February 2024, the FCA published a Consultation Paper (CP24/2) on its proposed new approach to publicising...more
Government plans to add more flexibility to the regime, but its long-term future remains undecided.
On 28 September 2023, HM Treasury published further papers in relation to the planned reform of the UK bank ring-fencing...more
The FCA and the PRA have published their long-awaited consultations which aim to formalise how firms approach diversity and inclusion.
On 25 September 2023, the FCA and the PRA published separate but related consultation...more
10/2/2023
/ Compliance ,
Compliance Monitoring ,
Consultation ,
Corporate Governance ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Proposed Regulation ,
Prudential Regulation Authority (PRA) ,
UK ,
Willful Misconduct
The consultation sets out four potential models for reform, and also considers reform to sanctions supervision.
On 30 June 2023, HM Treasury published a consultation on reforms to anti-money laundering (AML) and...more
An evolving landscape of reforms in the ESG ratings sector continues to pose challenges to providers of ratings and scores.
International momentum to regulate ESG ratings continues as the European Commission released a...more
6/16/2023
/ Consultation ,
Corporate Governance ,
Data Collection ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Global Market ,
HM Treasury ,
India ,
IOSCO ,
Japan ,
Ratings ,
Regulatory Agencies ,
Regulatory Agenda
HM Treasury has confirmed that it will bring certain unregulated cryptoassets within scope of the financial promotions regime.
On 18 January 2022, the UK government confirmed its intention to bring the promotion of certain...more
1/20/2022
/ Consultation ,
Corporate Counsel ,
Cryptoassets ,
Cryptocurrency ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Promotions ,
HM Treasury ,
Proposed Amendments ,
Proposed Regulation ,
UK
FCA makes clear that it expects a cultural shift in how firms focus on consumers.
On 7 December 2021, the FCA published its second Consultation Paper (CP21/36) on introducing a new Consumer Duty....more
12/10/2021
/ Consultation ,
Consumer Financial Products ,
Duty of Care ,
Enforcement ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Good Faith ,
Public Comment ,
Retail Investors ,
SMCR ,
UK
ESMA warns against investor protection risks and provides guidance on expected disclosures.
On 15 July 2021, ESMA published a statement on the prospectus disclosure and investor protection issues raised by special...more
7/19/2021
/ Consultation ,
Corporate Governance ,
Disclosure Requirements ,
EU Prospectus Regime ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
MiFID II ,
Prospectus ,
Prospectus Regulation (PR3) ,
Retail Investors ,
Special Purpose Acquisition Companies (SPACs) ,
UK
Discussion Paper opens debate on potential new rules to improve diversity in financial services.
On 7 July 2021, the FCA, the PRA, and the Bank of England published a joint Discussion Paper on diversity and inclusion in...more
7/8/2021
/ Bank of England ,
Banking Sector ,
Comment Period ,
Consultation ,
Discussion Draft ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
UK
Proposals signal that the UK government is willing to diverge significantly from EU rules.
On 1 July 2021, HM Treasury published a consultation on its Wholesale Markets Review....more
7/2/2021
/ Commodities ,
Consultation ,
Derivatives ,
Equity Markets ,
EU ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
MiFID ,
MiFID II ,
Regulatory Reform ,
Secondary Markets ,
Trading Policies ,
UK
The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q2 2021.
In this edition, we cover sustainable finance developments, the...more
6/29/2021
/ Asset Protection ,
Banking Sector ,
Climate Change ,
Consultation ,
Consumer Protection Laws ,
Dear CEO Letter ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
FinTech ,
Libor ,
MiFID ,
Outsourcing ,
Prudential Regulation Authority (PRA) ,
Regulatory Standards ,
Retail Investors ,
Sustainable Finance ,
UK
Proposed changes to the UK Listing Rules would allow certain SPACs to avoid a listing suspension.
Key Points:
..The FCA is proposing to amend its rules so that SPACs meeting certain conditions and disclosure...more
Latest FCA consultation focuses on remuneration, risk management and governance, and liquidity requirements.
Key Points:
The consultation:
..Sets out the FCA’s proposals for the new remuneration rules for FCA...more
4/21/2021
/ Consultation ,
Corporate Governance ,
Financial Conduct Authority (FCA) ,
Investment Adviser ,
Investment Firms ,
Liquidity ,
MiFID ,
Prudential Standards ,
Remuneration ,
Risk Management ,
Senior Management Regime (SMR) ,
UCITS ,
UK
The draft RTS introduce new, potentially more onerous obligations on the administrators of all categories of benchmarks.
Key Points:
..The draft RTS contain new guidance that makes clear who is responsible for which...more
ESMA’s consultation papers on MiFID non-equities SI and equities transparency regimes propose important changes.
Key Points:
..ESMA’s recent consultation papers on the MiFID transparency regime raise queries and make...more
The FCA has published a Consultation Paper that sets out proposed rules for the SMCR for benchmark administrators.
Key Points:
..The SMCR for benchmark administrators (that perform no other regulated activities) will...more
European Commission review will inform potential future legislative change.
Key Points:
..The European Commission is seeking views on various aspects of the regime, and asking for feedback on areas in which improvements...more