News & Analysis as of

Banking Sector United Kingdom Food Safety Modernization Act

A&O Shearman

HMT sets out approach to updating the UK's regulatory framework for CCPs

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HM Treasury has published a policy paper and two related statutory instruments (SI) on its approach to updating the UK's regulatory framework for central counterparties (CCPs). The Financial Services and Markets Act 2023 gave...more

A&O Shearman

Bank of England Consults on Fundamental Rules for Financial Market Infrastructure Firms

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The Bank of England has published a consultation on fundamental rules for financial market infrastructure firms. The BoE proposes to introduce a set of fundamental rules for FMIs incorporated in the U.K. The aim of the...more

Hogan Lovells

UK FCA on cryptoasset financial promotions and fiat-to-crypto on/off ramp services

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The FCA has published its expectations on registered or regulated firms partnering with unregistered cryptoasset firms, which may be illegally promoting to UK consumers....more

A&O Shearman

UK Government Finalizes Near-Term Bank Ring-Fencing Reforms

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HM Treasury has published a response to its consultation on the near-term reforms relating to the bank ring-fencing regime. Overall, there was widespread support for the proposed reforms. However, a number of policy and legal...more

A&O Shearman

Bank of England Publishes Updated Enforcement Policy and Procedure

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The Bank of England has published a policy statement on its approach to enforcement and an updated Statement of Policy And Procedure on its approach to enforcement. The update follows the Financial Services and Markets Act...more

A&O Shearman

UK Prudential Regulation Authority Policy Statement on its Approach to Rule Permissions and Waivers

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The U.K. Prudential Regulation Authority has published a policy statement on its approach to rule permissions and waivers. The policy statement provides feedback to responses the PRA received to CP3/24 published in January....more

Hogan Lovells

UK access to cash: FCA and Bank of England consultations

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As part of measures introduced under the Financial Services and Markets Act (FSMA) 2023, the Financial Conduct Authority (FCA) and the Bank of England (BoE) have published consultations relating, respectively, to maintaining...more

White & Case LLP

FCA DP23/4: UK Regulation of Stablecoins

White & Case LLP on

On 6 November 2023, the UK Financial Conduct Authority ("FCA") set out proposals for its regulation of fiat-backed stablecoins ("DP 23/4"). DP 23/4 invites stakeholders to provide feedback by 6 February 2024....more

Latham & Watkins LLP

Putting It All Together: A Brief Guide to the UK’s New Securitisation Framework

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The new securitisation framework will combine three sets of overlapping rules, in an effort to repeal and replace retained EU law in the UK. The missing piece of the puzzle to the UK’s new securitisation framework became...more

A&O Shearman

Consumer Duty - What does it mean for wholesale firms?

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The FCA published its final rules on the Consumer Duty in a Policy Statement on 27 July 2022 (PS22/9) and firms now have until 31 July 2023 to fully implement such rules for new and existing products or services and until 31...more

A&O Shearman

Financial Services and Markets Bill: Regulating central counterparties and central securities depositories

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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

A&O Shearman

The PRA’s expectations on Operational Continuity in Resolution (OCIR)

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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

A&O Shearman

The UK’s Expanded Senior Managers and Certification Regime: Key Issues and Action Plan for Brokers, Advisers and Asset Managers

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The expanded Senior Managers and Certification Regime (SM&CR), which comes into force on December 9, 2019, extends the framework regulating individuals charged with running certain financial institutions. The Banking SM&CR,...more

A&O Shearman

Key Regulatory Topics: Weekly Update - 16 February 2018 - 22 February 2018

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BREXIT - AFME FAQs on wholesale financial services contracts - On 19 February, AFME published a set of FAQs on how wholesale financial services contracts might be impacted by Brexit. The FAQs address operational impacts...more

A&O Shearman

Key Regulatory Topics: Weekly Update - 2 February 2018 – 8 February 2018

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BREXIT - EC publishes notices on consequences of Brexit on banking and finance sectors - On 8 February, the EC published a new webpage containing a number of notices setting out the consequences of Brexit on banking and...more

Proskauer Rose LLP

Regulation Round Up - February 2017

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The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more

A&O Shearman

Financial Regulatory Developments Focus - November 2016

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In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more

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