Until recently, the UK and EU post-Brexit market abuse regimes remained substantially aligned. However, the passing of the EU Listing Act reforms in 2024 has meant that UK and EU MAR have started to diverge meaningfully for...more
5/12/2025
/ Capital Markets ,
Corporate Governance ,
Disclosure Requirements ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
Financial Regulatory Reform ,
Insider Trading ,
Listing Standards ,
New Legislation ,
PDMR ,
Regulatory Reform ,
Reporting Requirements ,
Securities Regulation ,
UK
The regulators have said they will not pursue their proposals on announcing enforcement investigations and on D&I. On 12 March 2025, the FCA and PRA made important announcements regarding the long-awaited outcomes on certain...more
A review of fund and portfolio managers found a number of good practices, but also revealed the need for improvement in areas such as conflict management.
On 5 March 2025, the FCA published the findings from its review...more
3/7/2025
/ Conflicts of Interest ,
Corporate Governance ,
Disclosure Requirements ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Fund Managers ,
Investment Management ,
Portfolio Managers ,
Private Equity ,
Private Funds ,
Risk Management ,
Valuation
Speech focuses on the regulatory change agenda, and confirms that firms are no longer expected to have a Consumer Duty board champion.
On 27 February 2025, the FCA published a speech given by Nikhil Rathi, in which he...more
In this episode of our Connected With Latham podcast series, the final of three episodes complementing Latham’s “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2025” report, London partners Rob Moulton and...more
The regime will have broad reach, although its implementation will likely take several years.
On 14 November 2024, HM Treasury laid out the future UK regulatory regime for environmental, social, and governance (ESG)...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
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
The FCA’s latest report into D&I highlights the need for additional metrics, social mobility, firm culture, staff development, data quality, and systematic strategies.
In 2021 and 2022, the FCA carried out a survey of...more
The new rules provide issuers with flexibility to report on representation of women by reference to either gender identity or sex.
On 20 April 2022, the FCA published its final policy decision on the proposals set out in...more
The consultation response heralds innovation-friendly reform to the UK wholesale capital markets regime.
On 1 March 2022, HM Treasury published its response to the July 2021 consultation on the Wholesale Markets Review...more
Proposals reflect growing investor focus on the ESG performance of listed companies.
The UK Financial Conduct Authority (FCA) has launched a consultation setting out proposed changes to its Listing Rules (LRs) and...more
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
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
ESMA advises the European Commission to consider some, but not all, of ESMA’s original proposals — and gives guidance on pre-hedging and market soundings along the way.
Key Points:
..Pre-hedging / front running: ESMA...more
The three draft delegated regulations set out sustainability criteria and ESG disclosure requirements for benchmarks provided in accordance with the EU Benchmarks Regulation.
Key Points:
..The measures follow amendments...more
The package combines temporary policy interventions and existing options to help companies raise new share capital during the COVID-19 crisis.
On 8 April 2020, the FCA published a Statement of Policy and related technical...more
UK Regulators announce new measures after acknowledging firms affected by COVID-19 will need to keep their governance arrangements under review.
On 3 April 2020, the FCA and the PRA released a statement announcing several...more
The FCA sets out its approach on client identity verification, supervisory flexibility over best execution obligations and 10% depreciation notifications, and financial resilience.
On 31 March 2020, the FCA published...more
On 17 March 2020, the FCA published a new webpage providing information on its expectations of firms’ response to the coronavirus. It will update the webpage over the coming weeks and expects to adapt its guidance...more
3/30/2020
/ Banks ,
Benchmarking ,
Coronavirus/COVID-19 ,
Corporate Governance ,
EU ,
Financial Conduct Authority (FCA) ,
Libor ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
State of Emergency ,
UK Brexit
UK regulators announce a further package of measures to ease the burden on issuers.
In response to the COVID-19 pandemic, UK regulators have published further measures affecting issuers, to try to preserve the flow of...more
The FCA is moving towards formalising issuers’ compliance with the TCFD recommendations.
Key Points:
..The FCA is proposing that premium listed commercial companies will need to disclose how they have implemented the...more
The FCA’s latest paper on culture explores how firms can improve culture through a meaningful purpose.
Key Points:
..The FCA explains how it expects firms to develop a more purposeful culture, and the benefits this can...more
The FCA has set out guidance for firms on how to manage conduct risk arising from the transition away from LIBOR to alternative benchmarks.
Key Points:
..The FCA has set out its expectations for firms, from a conduct...more