News & Analysis as of August 4, 2025

Financial Services Industry

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Mansion House: UK government publishes draft Overseas Recognition Regimes Regulations and Guidance

A&O Shearman on 7/30/2025

Alongside its Financial Services Growth and Competitiveness Strategy, the UK government has laid before Parliament, a draft of the Financial Services (Overseas Recognition Regime Designations) Regulations 2025 (the ORR...more

HMT to legislate for the UK's move to T+1

A&O Shearman on 3/4/2025

HM Treasury (HMT) has published a response to UK's Accelerated Settlement Taskforce (AST) report recommending a plan for the UK to move to a T+1 settlement cycle for securities trades. HMT accepts the recommendation of 12...more

UK Independent Review of the Payment and Electronic Money Institution Insolvency Regulations 2021

A&O Shearman on 12/18/2024

HM Treasury has published its letter inviting Adam Plainer to lead an independent review of the Payment and Electronic Money Institution Insolvency Regulations 2021 (PESAR)...more

UK Regulations Amending Temporary Recognition and Marketing Regimes for CCPs and Collective Investment Schemes

A&O Shearman on 12/9/2024

The Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 have been published, alongside an explanatory memorandum. The Regulations amend the...more

UK/EU/International ESG Regulation Monthly Round-Up – November 2024

Hogan Lovells on 12/9/2024

In November, we got a tantalizing glimpse into what the future looks like for sustainable finance in the UK in the annual Mansion House speech. We highlight some of the key ESG regulatory announcements below. November also...more

HM Treasury Updates High-Risk Third Countries List under Money Laundering Regulations

A&O Shearman on 12/3/2024

HM Treasury has updated its money laundering advisory notice on high-risk third countries. Under the U.K. Money Laundering Regulations, the U.K. regulated sector must apply enhanced customer due diligence in relation to...more

HM Treasury Publishes Prudential Regulation of Credit Institutions (Meaning of CRR Rules and Recognised Exchange) (Amendment)...

A&O Shearman on 12/2/2024

HM Treasury has published the Prudential Regulation of Credit Institutions (Meaning of CRR Rules and Recognised Exchange) (Amendment) Regulations 2024, together with an explanatory memorandum....more

Mansion House: Financial Services Growth and Competitiveness Strategy

A&O Shearman on 11/19/2024

HM Treasury has launched a call for evidence on a proposed Financial Services Growth & Competitiveness Strategy, a key part of the latest Mansion House reforms. Once developed, the Strategy will serve as the central guiding...more

The Standard Formula: A Guide to Solvency II – Chapter 12: Undertakings in Difficulty

Skadden, Arps, Slate, Meagher & Flom LLP on 10/31/2024

Undertakings in difficulty, in the context of Solvency II, refers to insurers that are either failing or likely to fail to meet their solvency capital requirement (SCR) or their minimum capital requirement (MCR) (together,...more

HM Treasury Statement on Reforms to Bank Ring-Fencing

A&O Shearman on 10/22/2024

The House of Commons has published a written statement by Tulip Siddiq, Economic Secretary to HM Treasury, on the status of reforms to the bank ring-fencing regime. Ms Siddiq states that the U.K. Government will implement a...more

UK Draft Payment Services (Amendment) Regulations 2024 Published

A&O Shearman on 10/15/2024

HM Treasury has published a final draft version of the Payment Services (Amendment) Regulations 2024, enhancing efforts to address authorized push payment fraud. The draft Regulations amend regulation 86 of the Payment...more

UK Prudential Regulation Authority Publishes Second Near-Final Policy Statement on Implementation of the Basel 3.1 Standards

A&O Shearman on 9/27/2024

The U.K. Prudential Regulation Authority has published its second near-final Policy Statement on the implementation of the Basel 3.1 standards. The PRA has decided to move the implementation date by a further six months to...more

UK Prudential Regulator Granted Power to Disapply Rules

A&O Shearman on 5/16/2024

On April 18, 2024, the Financial Services and Markets Act 2000 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024 were made. The Financial Services and Markets Act of 2023...more

Taking Stock of Commodity Derivatives Regulation in the UK and EU

Skadden, Arps, Slate, Meagher & Flom LLP on 3/25/2024

In July 2021, HM Treasury published the Wholesale Markets Review consultation (WMR), which included proposals to reform the U.K.’s secondary markets framework. There was broad support for reforms to (a) modify the ancillary...more

Key Regulatory Topics: Weekly Update 23-29 Feb 2024

A&O Shearman on 3/6/2024

Amongst the broad range of updates this week, at international level, the FSB published its thematic peer review on MMF Reforms and the BCBS published the outcomes of its meeting held on 28 and 29 February, including that it...more

Bank of England Publishes Policy Statement on Implementation of Basel 3.1 Standards

A&O Shearman on 1/3/2024

The Bank of England has published a Policy Statement on the Implementation of the Basel 3.1 standards in the U.K., taking account of responses to its Consultation Paper 16/22 published in November 2022. The Basel 3.1 changes...more

HM Treasury Seeks Views on Clearing Exemption for Pension Schemes

A&O Shearman on 12/1/2023

U.K. EMIR (the onshored European Market Infrastructure Regulation) generally requires the clearing at a central counterparty of all interest rate swaps and credit default swaps. As announced earlier this year, HM Treasury has...more

A New UK Cryptoasset Framework: UK Government Publishes Consultation Response

Skadden, Arps, Slate, Meagher & Flom LLP on 11/10/2023

On 30 October 2023, the HM Treasury (HMT) published its much-anticipated response (Consultation Response) to its March 2023 consultation paper (Consultation) on the UK’s future financial services regime for cryptoassets....more

The Edinburgh Reforms - Where Are We Now?

Latham & Watkins LLP on 8/3/2023

As the pace of reform increases, we take a look at key developments and the timeline ahead. Significant progress has been made on the Edinburgh Reforms since they were announced in December 2022, with developments...more

A Boost for U.K. Financial Services - The U.K. Financial Services and Markets Act 2023

A&O Shearman on 8/1/2023

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

UK-EU Memorandum of Understanding Signed

Katten Muchin Rosenman LLP on 6/29/2023

As a major step forward in post-Brexit relations between the two jurisdictions, the UK and EU have signed the highly anticipated memorandum of understanding (“MoU”) on UK-EU regulatory cooperation in financial services. HM...more

ESG Ratings: Who rates the ‘raters’?

A&O Shearman on 6/13/2023

Environmental, social and governance (ESG) ratings are increasingly used by investors, lenders and regulators to assess the sustainability performance of companies. They can, for example, assess an entity’s exposure to, and...more

UK-EU MoU on regulatory cooperation in financial services: towards a more constructive relationship?

Hogan Lovells on 6/1/2023

HM Treasury has published the text of the awaited draft memorandum of understanding (MoU) on UK-EU regulatory co-operation in financial services, which has already been adopted by the European Commission. The focus of the MoU...more

Financial Institutions Horizons 2023

Hogan Lovells on 2/15/2023

The outlook for 2023 looks uncertain, following another tumultuous year. The collapse of a number of large cryptocurrency exchanges has shone another spotlight on the digital asset market. The financial system’s resilience...more

The “Edinburgh Reforms”: Timetable of Key Changes

Latham & Watkins LLP on 1/23/2023

The timetable sets out three tranches of extensive regulatory changes to UK and EU law in 2023 and 2024. The “Edinburgh Reforms”, a series of announcements made on 9 December 2022 by the Chancellor of the Exchequer, set...more

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