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UK allows bundled payments for third-party research and trading commissions

From 1 August 2024, the UK changed its rules on how payments are made for investment research. UK firms may now use bundled payments for third-party research and trading commissions, subject to certain requirements being...more

On the existence of a pan-European reverse solicitation regime under MIFID II, and importance on a 'Hard' BREXIT

This client memorandum concerns a highly technical point of considerable practical importance. It challenges aspects of the received wisdom that, for post-Brexit cross-border investment business conducted from the U.K....more

EU MiFID II Review Package Published

On March 8, 2024, legislation amending the EU's Markets in Financial Instruments Directive and Regulation were published in the Official Journal of the European Union. The amending Directive and amending Regulation aim to...more

New UK Requirements for Payment Account Contract Terminations

HM Treasury has published a policy note and a draft statutory instrument—The Payment Services and Payment Accounts (Contract Terminations) (Amendment) Regulations 2024—on strengthening requirements in the Payment Services...more

Draft UK Legislation to Address Push Payment Fraud

HM Treasury has published a policy note and a draft statutory instrument—The Payment Services (Amendment) Regulations 2024—on a risk-based approach to payments to mitigate against authorized push payment fraud. HM Treasury...more

HM Treasury Consults on Amending the Money Laundering Regulations

HM Treasury has launched a consultation with proposals to improve the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (known as the MLRs). The...more

EMIR 3 and Clearing in the EU

Of the many aims of the EU’s latest revisions to the European Market Infrastructure Regulation (EMIR), the most controversial and intensely debated is mandating clearing at EU CCPs. Since Brexit, the EU has been concerned...more

The U.K.’s New Regime for Critical Third Party Supervision

Regulated financial services institutions and financial market infrastructure (FMI) providers often rely on third parties who provide significant services to them behind the scenes, including “cloud” services and IT services...more

HM Treasury Publishes Response to Cryptoasset Regulatory Regime Consultation

HM Treasury has published a response to its consultation on cryptoasset regulation, setting out its final proposals for the U.K.'s cryptoasset regulatory regime. The U.K. plans to make cryptoassets a new category of...more

HM Treasury Publishes Response to Consultation on Managing Failure of Systemic Digital Settlement Asset Firms

HM Treasury has published a response to its consultation on managing the failure of systemic digital settlement asset firms. DSAs are defined broadly under the Financial Services and Markets Act 2023 as digital assets that...more

HM Treasury Publishes Plan for Regulation of Fiat-backed Stablecoins

HM Treasury has published a Policy Paper on Plans for the Regulation of Fiat-backed Stablecoins, setting out the next steps for the implementation of stablecoin regulation in the U.K. Fiat-backed stablecoins are (under HM...more

EU Proposes Reducing Scope of the EU Benchmark Regulation

The European Commission has published a legislative proposal for reducing the scope of the EU Benchmark Regulation. The EU BMR provides the authorization and registration requirements for benchmark administrators, including...more

EU Extends Use of Third-Country Benchmarks Until End 2025

A Commission Delegated Regulation extending the transitional period laid down for third-country benchmarks has been published in the Official Journal of the European Union....more

UK Regulators Confirm Bonus Cap Being Scrapped

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

Basel Committee Report on 2023 Banking Turmoil

The Basel Committee on Banking Supervision published a press release in early October in which it announced...more

UK Government Publishes Draft Regulations on CCP Recovery & Resolution

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

Draft Legislation Published for Implementing UK's Retained EU Law (Revocation and Reform) Act 2023

The draft Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023, laid before Parliament on October 16, 2023, will implement certain aspects of the Retained EU Law (Revocation and Reform)...more

UK Jurisdiction Taskforce Publishes Consultation on Digital Assets and Insolvency Law

The U.K. Jurisdiction Taskforce has published a consultation relating to its proposed Legal Statement offering guidance on the application of English insolvency law principles to digital assets. The proposed Legal Statement...more

US, EU And UK Maintain Pressure Through Russia Sanctions

Over a year has now passed since Russia invaded Ukraine, and the U.S., the EU and its member states, the U.K., and many others—including Japan, Australia, New Zealand, Taiwan and Canada—continue to exert pressure on Russia...more

UK Joint Money Laundering Steering Group Proposed Cryptoasset Travel Rule Guidance

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

Financial Stability Board Issues Recommendations for Regulating Cryptoasset Activities and Markets

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

HM Treasury Publishes Response to Payments Regulation and Systemic Perimeter Consultation

HM Treasury has published a response to its consultation on payments regulation and the systemic perimeter. The consultation was prompted by the U.K. government's Payments Landscape Review and HM Treasury's concern that some...more

UK Financial Conduct Authority Consults on Securitization Rules

The U.K. Financial Conduct Authority is consulting on its proposed rules for securitization markets, which will replace many of the firm-facing requirements under the existing U.K. Securitization Regulation. The U.K....more

HM Treasury Publishes Response on UK Retail Disclosure Consultation

HM Treasury has published a response to its consultation on the future of U.K. retail disclosures. HM Treasury's consultation (which we discussed in our client note, "UK Government Publishes Edinburgh Reforms for Financial...more

HM Treasury Consults on First Financial Market Infrastructure Sandbox – the Digital Securities Sandbox

HM Treasury has published a consultation on the establishment of a financial market infrastructure sandbox, known as the Digital Securities Sandbox. The sandbox will be established using new powers granted by the...more

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