The proposals aim to make the UK regime more proportionate and suggest different rules applying to hedge funds, venture capital firms, and private equity houses. On 7 April 2025, the FCA published a Call for Input, and HM...more
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
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
The U.K. Prudential Regulation Authority and Financial Conduct Authority have issued a joint consultation paper on proposals to amend the U.K. Binding Technical Standards on margin requirements for non-centrally cleared...more
The UK’s Temporary Transitional Power (TTP) that allowed firms time to adapt to the new requirements following the UK’s withdrawal from the European Union on 31 December 2020, is ending on Thursday 31 March 2022. UK regulated...more
HM Treasury has released a further consultation under the Future Regulatory Framework Review concerning the regulation of central counterparties and central securities depositories. The Future Regulatory Framework Review is...more
Welcome to our Spring 2021 Funds First Update: a snapshot of some of the main developments and upcoming changes that we think will be of interest to fund managers, fund investors and to the funds sector as a whole. Despite...more
Equivalence decisions for EEA states, green finance and fintech initiatives are at the forefront of the UK government’s priorities. On 9 November 2020, the UK Chancellor of the Exchequer, Rishi Sunak, delivered a statement...more
The UK government signals a diversion from the onshored regime towards a more flexible financial services regulatory framework. HM Treasury has published a consultation paper marking the start of Phase II of its financial...more
CRD V: Draft Financial Holding Companies (Approval etc) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 - HM Treasury has published a draft version of the...more
SEC/CORPORATE - SEC Division of Corporation Finance Issues Additional Disclosure Guidance Related to COVID-19 Pandemic - On June 23, the Division of Corporation Finance (the Division) of the Securities and Exchange...more
HM Treasury has published a letter addressed to the Chair of the European Union Committee of the House of Lords concerning equivalence for financial services as a result of Brexit. In the letter, HM Treasury confirms that the...more
HM Treasury has published the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019, providing U.K. government ministers with a temporary power to make...more
Launching the first phase of the Future Regulatory Framework Review, HM Treasury has issued a call for evidence on regulatory coordination in the financial services sector. The Financial Services Future Regulatory Framework...more
Call for evidence on regulatory cooperation marks the first phase of the planned review. The Chancellor announced in the Spring Statement that HM Treasury would undertake the Financial Services Future Regulatory Framework...more
HM Treasury has laid before Parliament a draft of the Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 2) Regulations 2019. The draft Regulations make amendments to certain elements of the EU exit legislation...more
HM Treasury has published guidance on the availability of the exemption from the clearing obligation for Pension Scheme Arrangements under the European Market Infrastructure Regulation in a post-Brexit no deal scenario. The...more
Transposing more than 40 years of EU legislations is not straightforward, including when it comes to EU sanctions laws. In this context, UK secondary legislations are needed to replace references in sanctions laws to Member...more
HM Treasury has laid before Parliament a draft of the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019. The draft Regulations grant HM Treasury...more
HM Treasury has published draft legislation that will allow the UK to make timely equivalence decisions in relation to the EU. Key Points: ..Post-Brexit, HM Treasury will take on the role of making equivalence decisions...more
HM Treasury published guidance on 8 January 2019 for financial services institutions in a no-deal Brexit situation, updating HM Treasury’s 23 August 2018 technical notice on the financial services regulatory framework in the...more
To ensure the financial system continues to work effectively if there is a "hard Brexit" HM Treasury has been finalising a series of statutory instruments which will ensure there is a workable legal framework for retail...more
The U.K. Payment Systems Regulator has launched a consultation on its proposals to onshore the Regulatory Technical Standards supplementing the EU Interchange Fee Regulation to ensure the RTS can still operate effectively...more
Following the introduction to Parliament on November 22, 2018 of the Financial Services (Implementation of Legislation) Bill, HM Treasury has published a Policy Note on the Bill. The Bill gives HM Treasury, in a Brexit no...more
HM Treasury has published explanatory guidance on a draft statutory instrument, the Official Listing of Securities, Prospectus and Transparency (Amendment) (EU Exit) Regulations 2019. The statutory instrument is still under...more