Following its July response to its consultation, HM Treasury has published a draft of the statutory instrument that will implement the U.K.'s revised retail disclosure framework. The draft Consumer Composite Investments...more
Following feedback to their July discussion paper, the U.K. regulators—the Bank of England, Prudential Regulation Authority and Financial Conduct Authority—have launched a joint consultation proposing rules and regulatory...more
HM Treasury has published the Future of Payments Review report, setting out the Review's recommendations for HM Treasury, the regulators and industry that aim to improve the U.K.'s existing payments landscape for consumers....more
The U.K. government has published a draft version of the Short Selling Regulations 2024. The draft SSR 2024 will replace the existing U.K. Short Selling Regulation, which was onshored from the EU and which is being repealed...more
The U.K. Financial Conduct Authority has published a discussion paper regarding potential future proposals for regulating fiat-backed stablecoins, including when used as a means of payment. The FCA's paper follows the...more
The U.K. Prudential Regulation Authority and Financial Conduct Authority have published a joint policy statement confirming the "bonus cap" will be removed. Banks are subject to compensation requirements for staff who have a...more
The draft Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023 were laid in Parliament on October 16, 2023. The draft Regulations provide for corporate law...more
The U.K. Financial Conduct Authority announced on September 7, 2023, that firms may avail themselves of a delay to the application of some rules applying to cryptoasset financial promotions. The FCA published rules for...more
The Financial Services and Markets Act 2023 (Commencement No. 2 and Transitional Provisions) Regulations 2023, made on August 22, 2023, bring into force certain provisions of the Financial Services and Markets Act 2023 and...more
The U.K. Joint Money Laundering Steering Group opened a consultation on July 28, 2023 on guidance on the U.K. travel rule for cryptoasset transfers. The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations...more
8/15/2023
/ Anti-Money Laundering ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Money Laundering ,
Terrorism Funding ,
Terrorist Financing Regulations ,
UK
The Financial Stability Board has finalized its global regulatory framework for cryptoasset activities and markets and revised the framework for global stablecoin arrangements. Both frameworks, based on the principle of "same...more
8/15/2023
/ Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Financial Stability Board ,
FinTech ,
Payment Services Directive ,
Payment Systems ,
UK
The U.K. Financial Conduct Authority has issued final guidance to clarify the scope of the regulatory perimeter for trading venues and the regulatory approvals needed to conduct their business. The guidance caters for new...more
The U.K. Financial Conduct Authority has published a statement setting out how its work to support the 'key drivers' of productivity will facilitate delivery of its new secondary objective and how it intends to report on...more
On July 5, 2023, the U.K. Financial Conduct Authority launched a consultation on a proposed U.K. consolidated tape for bonds. MiFID II introduced requirements for a "consolidated tape" for transactions in equity and...more
The report and recommendations of the UK Investment Research Review were published on July 10, 2023. The recommendations have been accepted by the government and the Financial Conduct Authority has committed to prioritizing...more
The U.K. Prudential Regulation Authority opened a consultation on June 30, 2023, on its proposed approach to reviewing its rules, including a proposed statement of policy. The Financial Services and Markets Act 2023 transfers...more
The U.K. Financial Conduct Authority launched a consultation on July 14, 2023, on its proposed Rule Review Framework. The Financial Services and Markets Act 2023 transfers responsibility for making detailed rules to the...more
Following rigorous debate in Parliament, the U.K.'s latest Financial Services and Markets Act (FSM Act) received royal assent on June 29, 2023. The FSM Act significantly changes the U.K.'s regulatory framework for financial...more
The U.K.’s newest Financial Services and Markets Act of 2023 (“FSM Act”) received Royal Assent on 29 June 2023. Certain parts came into force on its passing, others will come into effect two months after that, and the...more
8/1/2023
/ Competition ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services and Markets Act ,
Financial Services Industry ,
HM Treasury ,
Prospectus ,
Prudential Regulation Authority (PRA) ,
Securitization ,
Solvency II ,
UK
The issue of how firms should pay for investment research continues to be a controversial topic in the financial markets. The U.S. has maintained the approach it adopted before the mid-2000s, which is to permit investment...more
7/3/2023
/ Broker-Dealer ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
Investment Adviser ,
Market Research ,
MiFID II ,
Securities and Exchange Commission (SEC) ,
UK
On June 8, 2023, the U.K. Financial Conduct Authority published its final Policy Statement setting out detailed rules for the U.K.'s cryptoasset financial promotions regime. The Policy Statement follows the publication on...more
On 7 June 2023, the U.K. government published a statutory instrument (the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (FP (Amendment) Order) and related explanatory memorandum)...more
6/13/2023
/ Banking Sector ,
Banks ,
Cryptocurrency ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
HM Treasury ,
New Legislation ,
Securities ,
UK
On May 24, 2023, the European Commission published a Retail Investment Strategy package aimed at enhancing retail investor protections across the EU and encouraging participation in the EU capital markets. The package...more
6/6/2023
/ Banking Sector ,
Capital Markets ,
EU ,
European Commission ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Adviser ,
Investment Management ,
Investors ,
MiFID II ,
UK
The Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order 2023 was made on May 17, 2023. The Order, which enters into force on January 1, 2025, paves the way for the Financial Conduct...more
On May 9, 2023, the U.K. government published a Call for Proposals on which metrics the Financial Conduct Authority and the Prudential Regulation Authority should be required to publish for the new secondary growth and...more