On 29 April, UK Chancellor Rachel Reeves unveiled draft legislation aimed at regulating cryptoassets at the International Fintech Growth Summit (IFGS) in London, sponsored by Latham & Watkins.
The proposed legislation...more
The NPV aims to promote growth and international competitiveness by advancing open banking, re-evaluating the approach to regulating the sector, and continuing the fight against fraud....more
Professional investors will benefit from increased exposure to cryptoassets via traditional financial instruments, though retail investors’ exposure remains limited.
In the fast-paced world of cryptocurrency, regulatory...more
A new publication from the UK’s financial regulator signals to firms that they should take steps to manage risks in the use of AI.
The UK’s Financial Conduct Authority (FCA) has published its latest board minutes...more
Regulator clarifies that existing FCA rules will continue to apply but will also reflect the evolving landscape of financial promotions on social media.
On 17 July 2023, the FCA published a guidance consultation (GC23/2)...more
7/21/2023
/ Affiliates ,
Comment Period ,
Consultation ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Promotions ,
Financial Services Industry ,
Guidance Update ,
High Risk Financial Products ,
Influencers ,
Marketing ,
Retail Investors ,
Social Media ,
UK
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
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 Woolard Review emphasises the urgency to bring all BNPL products under FCA supervision and sets out recommendations for the unsecured credit market.
The UK government has announced that interest-free buy-now-pay-later...more
The FCA, Bank of England, and PRA have published updated rules for firms post-Brexit and intend to delay many (but not all) onshoring changes.
Key Points:
..The FCA has published an updated version of the FCA Handbook,...more
10/20/2020
/ Bank of England ,
Cross-Border Transactions ,
Dear CEO Letter ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Onshoring ,
Prudential Regulation Authority (PRA) ,
Time Extensions ,
Transitional Arrangements ,
UK ,
UK Brexit
Elisabeth Stheeman of the Financial Policy Committee outlined the new frameworks for building operational resilience against cyber risks and protection of payment chains.
On 9 September 2020, Elisabeth Stheeman, an...more
The additional temporary guidance aims to strengthen the arrangements for safeguarding customers’ funds and firms’ prudential risk management in light of the impact of COVID-19.
On 9 July 2020, the FCA published its...more
Important changes ahead for investment firms as the FCA’s Discussion Paper (DP20/2) indicates that the UK may depart from EU capital rules.
Key Points:
..FCA consults on a UK capital regime that in some respects breaks...more
The English High Court’s findings are likely to have wide implications, not just for SIPP operators but for all regulated firms.
Key Points:
..Regulatory obligations are not intended to take precedence over contractual...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 AMF has published a report containing a number of new proposals relating to production of research under MiFID II.
Key Points:
..The report pointedly criticises the original MiFID requirements (most of which were...more
2/19/2020
/ AMF ,
Asset Management ,
Cross-Border Transactions ,
EU ,
European Commission ,
Federal Agency Taskforce ,
Financial Conduct Authority (FCA) ,
France ,
MiFID II ,
Research Reports ,
UK ,
UK Brexit ,
Unbundling
The FCA is considering whether alternative data could introduce new risks to market integrity.
The FCA’s recently published Insight article explores how alternative data might give rise to market abuse risks. The article...more
Call for input: Industry needs to engage as the FCA moves forward on its transformative vision for open finance.
Imagine a world in which you could access your bank accounts, credit cards, mortgage, pensions, savings...more
1/23/2020
/ Banking Sector ,
Capital Requirements ,
Consumer Financial Products ,
Data Protection ,
Data-Sharing ,
Financial Conduct Authority (FCA) ,
FinTech ,
Open Banking ,
Personal Data ,
Popular ,
PSD2 ,
Regulatory Standards ,
Third-Party Service Provider ,
UK
New regulatory requirements, including registration and customer disclosure requirements, apply to regulated and unregulated persons carrying on relevant cryptoasset business.
On 20 December 2019, the UK government published...more
1/13/2020
/ Amended Regulation ,
Anti-Money Laundering ,
Banking Sector ,
Compliance ,
Consultation ,
Cross-Border Transactions ,
Cryptoassets ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
HM Treasury ,
Initial Coin Offering (ICOs) ,
Investment Firms ,
Jurisdiction ,
MLD5 ,
Payment Systems ,
Popular ,
Terrorist Financing Regulations ,
UK ,
Working Groups
Q&As for UK Regulated Firms -
Although the general election result has provided some certainty in relation to what happens next from a Brexit perspective, there are still many outstanding questions. In addition, a large...more
1/7/2020
/ Cross-Border Transactions ,
EU ,
EU Passport ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Member State ,
No-Deal Brexit ,
Onshoring ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prudential Regulation Authority (PRA) ,
Transitional Arrangements ,
UK ,
UK Brexit ,
Withdrawal Agreement
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
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
The FCA has published the findings from its review into firms’ implementation of the MiFID II research unbundling rules.
Key Points:
..Overall, the FCA found that the rules have produced “positive changes” and have had...more
FCA finalises guidance on cryptoassets and consults on product intervention measures.
FCA guidance on the regulation of cryptoassets -
As previously reported in this blog, the FCA consulted on guidance on cryptoassets...more
8/2/2019
/ Asset Tokens ,
Cryptoassets ,
Derivatives ,
E-Money ,
EU ,
European Economic Area (EEA) ,
Exchange-Traded Products ,
Final Guidance ,
Financial Conduct Authority (FCA) ,
FinTech ,
Market Participants ,
MLD5 ,
Payment Systems ,
Regulatory Standards ,
Securities ,
SMCR ,
UK
The FCA has published final rules confirming amendments to the SMCR, and final rules for solo-regulated firms.
Key Points:
..The FCA has confirmed that the Head of Legal does not require approval as a Senior Manager,...more