On 30 January 2024 the Economic Secretary to HM Treasury issued a statement to MPs on the long-awaited first equivalence assessment under the Overseas Fund Regime ("OFR"). Following a 'detailed assessment', European Economic...more
On 15 June 2023, The Insider Dealing (Securities and Regulated Markets) Order 2023 (the “2023 Order”) came into force. The 2023 Order seeks to align certain outdated aspects of the UK’s criminal insider dealing regime under...more
This latest edition of the regulatory initiatives paper sets out at a high level the core regulatory issues that are likely to impact private fund managers in the coming months, including an overview of the key actions needed...more
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. Key developments in July 2022: ...more
Financial Services Act - The UK’s departure from the EU at the end of the transition period has significant implications for the regulation of financial institutions. In June 2020, the government issued a policy statement...more
In our Quarterly Review, we bring you important UK developments relating to business crime, investigations, and regulatory enforcement from the last three months. With this month marking half a year since the UK left the EU,...more
PSRs 2017: FCA deadline extension for implementing SCA - The UK Financial Conduct Authority (FCA) has announced that it is providing firms with a further six months to implement strong customer authentication (SCA) for...more
The FCA first published a discussion paper on a duty of care in July 2018 – nearly two years on it is now consulting on introducing a new Consumer Duty. There is now to be a clear timeline for the introduction of the changes,...more
On 29 April 2021 the Financial Services Bill 2019-21 received Royal Assent and the Financial Services Act 2021 (the “Act”) was published. This OnPoint sets out three key aspects of the Act and the implications for issuers....more
The Financial Services Act 2021 (the “Act”) has received Royal Assent and is now law. What does this mean for issuers?...more
Members of the US Senate Banking Committee recently introduced a bill to create the Fair Access Financial Services Act of 2020, which is aimed to make any practice of discrimination by a financial institution on the grounds...more
The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) Regulations 2019 have been made. The Regulations bring into force, from December 9, 2019, the expanded Senior Managers and...more
The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 have been formally published and will come into force on July 21, 2019....more
A DPA can now be entered into in respect of offences under ss 89, 90 and 91 of the Financial Services Act 2012 (FSA). The Crime and Courts Act 2013 (the Act) (Deferred Prosecution Agreements) (Amendment of Specified...more
• Following the 2008 crisis, Switzerland launched a legislative project to create uniform competitive conditions for financial intermediaries and improve client protection. • Swiss Parliament adopted the FinIA on 15 June...more
• Following the 2008 crisis, Switzerland launched a legislative project to create uniform competitive conditions for financial intermediaries and improve client protection. • Swiss Parliament adopted the FinSA on 15 June...more
The Bank of England and Financial Services Act 2016 (Commencement No. 3) Regulations 2016 were made. The Regulations bring a majority of the provisions in The Bank of England and Financial Services Act 2016 into force...more
In this decision report we consider the recent decision notice published by the FCA, in which the FCA detailed its reasons for proposing to impose a prohibition order on a fund manager. The Upper Tribunal previously held that...more
The Financial Conduct Authority and the Prudential Regulatory Authority have recently been showing signs of gearing up for the new regime which is intended to have the effect of making senior bankers and other financial...more
On April 19, the FCA and PRA (who together have taken over the powers of the FSA) published their respective approaches to investigating and reporting on regulatory failure, as required under the Financial Services Act 2012...more
Long-heralded reform of the UK financial services regulation architecture impacts the listed company regime. On 1 April, a new financial regulation architecture became operative in the UK through the Financial...more
Background - In our previous DechertOnPoints, The Draft Financial Services Bill in the Contextof the Proposed New UK Financial Regulatory Structure and Draft UK Financial Services Bill and the New UK Financial...more
On November 28, HM Treasury published a consultation paper on draft secondary legislation to regulate LIBOR and make its manipulation a criminal offence....more