HM Treasury

News & Analysis as of

Latest FCA consultations on the UK implementation of MiFID II

On 15 May 2014, the European Parliament adopted the legislative proposal on the second Directive on Markets in Financial Instruments (MiFID II) and the Regulation on Markets in Financial Instruments (MiFIR). Together, MiFID...more

Banking Disputes Quarterly Q3 2016

A recent Supreme Court judgment con rms that claims for malicious prosecution of civil proceedings can be brought under English law. It was previously unclear whether malicious prosecution claims were limited to the conduct...more

Update on HM Treasury’s "Women in Finance Charter"

HM Treasury launched its Women in Finance Charter (Charter) in February 2016 following the publication of Jayne-Anne Gadhia’s review into the representation of women in senior managerial roles in the financial services sector...more

HM Treasury Consults on Definition of Financial Advice

HM Treasury published a consultation paper on amending the definition of regulated advice under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to bring it in line with the definition of...more

Blog: HM Treasury consults on a new definition of “financial advice”

Consumers ask for advice or guidance on financial matters at different times and for different reasons. Some want to make their own investment decisions, and guidance would help. Some need limited advice on a particular...more

Blog: UK Treasury consults on implementation of 4th Anti-money Laundering Directive

The UK’s Treasury has published a “Consultation on the transposition of the Fourth Money Laundering Directive“. The Consultation also describes HM Treasury’s proposed approach to the implementation of articles 17 et al of the...more

UK Financial Conduct Authority—Regulated Firms Can Go to the Cloud

July 7, 2016, saw the UK’s Financial Conduct Authority (FCA) publish fresh guidance in order to clarify the requirements which apply to the financial services firms it regulates when outsourcing to the cloud. When the FCA...more

Translating the success of UK fintech measures to the US

The successful growth of fintech within a region depends on myriad factors, but an unquestionably material one is the regulatory environment. Regulatory regimes that foster innovation and exercise oversight in a purposeful,...more

Anti-money laundering bulletin - Summer 2016

In this issue, we provide updates on anti-money laundering news and enforcement action, both in the UK and internationally, including - - FCA publishes consultant’s findings from research into bank de-risking -...more

Blog: Interchange Fees Regulation: UK High Court refers Amex v HM Treasury to CJEU for preliminary ruling

The UK’s High Court has asked the Court of Justice of the European Union (CJEU) for a preliminary ruling on the interpretation of the Interchange Fees Regulation (IFR), which caps credit and debit card interchange fees. The...more

Roundup of anticipated UK regulatory developments

- SUMMER 2016 - Cases to watch Fondazione Enarsco v Lehman Brothers Finance SA & Anor – early termination provisions in ISDA Master Agreement (1992) – what does the requirement to provide a calculation of loss...more

UK Financial Regulatory Developments - July 2016 #3

CPS pursuing assets in land banking fraud case - Four directors, two of whom had already been disqualified as directors by the Financial Services Authority (now FCA), have been convicted of conspiracy to defraud,...more

"Cross-Border Investigations Update - June 2016"

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a look at recent cases and enforcement trends, including proposed amendments to China’s commercial bribery law, the use in U.S. courts of compelled...more

UK Financial Regulatory Developments - June 2016 #10

FCA publishes data bulletin - FCA has published its latest data bulletin, highlighting areas of interest for users. This edition covers: - consumer credit authorisations: providing an update as at 31 March on the...more

UK Financial Regulatory Developments - June 2016 #7

Treasury updates sanctions - Treasury has updated the sanctions lists in respect of North Korea, to reflect new prohibitions on dealing with any person in the country. It has also updated the guidance from the Office of...more

UK Financial Regulatory Developments - June 2016 #6

Up next from FCA - The latest edition of FCA’s Policy Development Update provides information and links to publications issued since the last edition, recent Handbook developments and an updated timetable for forthcoming...more

Blog: UK Treasury Select Committee asks the PRA to make sure it’s not being too intrusive

The UK’s Treasury Select Committee (TSC) has just published an exchange of correspondence between Andrew Tryie MP (Chair of the TSC) and Andrew Bailey (CEO of the Prudential Regulation Authority (FCA)). In his last letter,...more

UK Financial Regulatory Developments - June 2016 #3

Treasury publishes AML supervision report - Treasury has published its anti-money laundering (AML) and counter terrorist finance (CTF) supervision report for 2014-2015. The report stresses the importance of preparing...more

UK Legislation Implementing Regulatory Powers for HM Treasury on Financial Collateral Arrangements

An Order was published implementing provisions in the Banking Act 2009, providing powers to HM Treasury to make regulations about financial collateral arrangements. The relevant provisions come into force on May 25, 2016. ...more

UK Enforcement Of Financial Sanctions Likely To Rise

The new UK Office of Financial Sanctions Implementation (OFSI), part of HM Treasury (HMT) opened on 31 March 2016. This may signal a shift towards more aggressive enforcement of the financial sanctions regime in the UK. ...more

UK Financial Regulatory Developments - May 2016 #9

Chancellor responds on tax deductibility of regulatory fines - The Chancellor has responded to a letter from Andrew Tyrie MP, Chairman of the Treasury Committee, to confirm that payments made by banks to regulators are...more

Blog: UK Public Accounts Committee Criticises FCA – Regulatory Change Inevitable

The UK’s Public Accounts Committee (PAC) has published its report on “Financial Services Mis-selling: Regulation and Redress“. The Report examines and then criticizes the joint and several responses of the Financial...more

UK Financial Regulatory Developments - May 2016 #4

Treasury updates sanctions - The Office of Financial Sanctions Implementation (OFSI) has amended the sanctions lists in respect of North Korea. (Source: Treasury updates sanctions)...more

UK Senior Manager and Certification Regime Amendments and Extension Final

The Bank of England and Financial Services Act 2016 was passed by the UK Parliament. The Act includes amendments to the Senior Manager and Certification Regime and extends the SM&CR to all UK authorized firms. The amendments...more

PF Newsletter: LMA Updates - Quarter One 2016

Legal & Regulatory - BRRD: FCA publishes modification by consent for Article 55 rules - Article 55 of the EU Bank Recovery and Resolution Directive 2014/59 (BRRD) requires European Economic Area (EEA) firms and...more

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