Implementation:
The Regulatory Technical Standards (RTS) supplementing Regulation (EU) 2017/2402 (EU Securitisation Regulation) on Principal Adverse Impacts (PAI) of simple, transparent and standardised (STS)...more
7/30/2024
/ Consumer Lenders ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Services Industry ,
Loans ,
Regulatory Standards ,
Securities ,
Securitization ,
SFDR ,
Sustainability ,
Sustainable Finance
By March 31, 2025, U.K. firms regulated by the Financial Conduct Authority will be required to have conducted mapping and testing to ensure they remain within their impact tolerances for identified operational risks of...more
The UK’s Financial Conduct Authority (“FCA”) has brought charges against several reality show participants for illegally issuing unauthorised financial promotions. These relate to an investment scheme that provided advice on...more
There's been a flurry of regulatory activity in the UK and Europe over the past few weeks. Here's a look at the highlights.
The EU has renewed its determination that the solvency regime for US-headquartered insurers and...more
On 30 April 2024, the Financial Conduct Authority (the “FCA”) published Policy Statement PS24/4 (“PS24/4”) setting out the final FCA Securitisation Sourcebook (“SECN”). Subject to the repeal of the Securitisation Regulation...more
6/7/2024
/ Asset Management ,
Due Diligence ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Hedging ,
Investors ,
New Legislation ,
New Rules ,
Prudential Regulation Authority (PRA) ,
Risk Retention ,
Securitization ,
UK
Towards the end of 2023, non-bank financial intermediaries ("NBFIs") accounted for approximately 41% of the EU’s total financial assets, against a figure for banks of 36%. This dominance and growth, together with the...more
The UK’s Financial Conduct Authority (“FCA”) has published a web page of observations aimed at helping firms prepare for new operational resilience rules due to be inforced by 31 March 2025. The relevant rules apply to banks,...more
The UK’s Financial Conduct Authority (FCA) has reported its observations on firms’ market abuse surveillance arrangements in the May edition of Market Watch. The newsletter looks at a peer review of surveillance model testing...more
5/17/2024
/ Colorado ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
DIDMCA ,
FDIC ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Information Governance ,
Interest Rates ,
Loans ,
Surveillance ,
UK
On 23 April, the UK’s banking regulator, the Prudential Regulation Authority (“PRA”), published a letter to Chief Risk Officers setting out the results of a thematic review of private equity related financing activities....more
Greenwashing remains at the top of enforcement agendas in 2024. Marketing products and services as “green” and “sustainable” is a common practice and seen as an important way to attract the attention of environmentally...more
The UK’s Accelerated Settlement Taskforce published its report on reforms to the settlement cycle on 28 March 2024. Mirroring the move by all North American markets to a T+1 cycle in May 2024 as well as ongoing EU...more
December 2023 saw the publication by the EU of the near-final version of its ‘Banking Package’ that makes significant changes to the Capital Requirements Directive known as ‘CRD VI’. This article is going to focus on the CRD...more
The UK’s Financial Conduct Authority ("FCA") has published its 2024/25 business plan, setting out its priorities for the next 12 months. Against a backdrop of 13 public commitments focusing on: reducing and preventing...more
I. Background and Scope -
On 7 February 2024, the European Union adopted a final text amending the AIFMD and UCITS directives (AIFMD II). This memo considers what are entirely novel requirements attaching to liquidity...more
3/14/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Consumer Financial Products ,
EU ,
European Economic Area (EEA) ,
Financial Services Industry ,
Liquidity ,
Liquidity Management ,
Loan Origination Funds ,
Loans ,
UCITS
The UK’s Prudential Regulation Authority (“PRA”) has reported on the conclusions of a review of its ring-fencing rules conducted during the course of 2023. While the report concludes that most rules are ‘performing...more
The Council of the European Union has confirmed that it has adopted changes to EU trading rules in the Markets in Financial Instruments Regulation (“MiFIR”) and the Markets in Financial Instruments Directive (“MiFID II”)...more
In edition 76 of Market Watch, its newsletter on market conduct and transaction reporting issues, the UK’s Financial Conduct Authority ("FCA") has shared its observations and issued some warnings about the risk of harms...more
Following up on a consultation in July 2023 here, the post-Brexit replacement of Regulation (EU) 2017/2402 of the European Parliament and of the Council ("Sec Reg"), the UK Securitisation Regulations 2024 (SI 2024/102) ("SI")...more
On 20 December 2023, the Financial Stability Board ("FSB") published revised policy recommendations to address structural vulnerabilities from liquidity mismatch in open-ended funds ("OEF"), concurrently with the publication...more
Rebecca Jackson, Executive Director, Authorisations, Regulatory Technology, and International Supervision at the Prudential Regulation Authority ("PRA") has written to international banks on the PRA’s thematic supervision...more
In scale and scope, 2023 saw the most significant systemwide banking stress since the 2008 global financial crisis. The collapse of four regional and global banks coupled with significant rises in interest rates, inflation...more
Here are some of our key focus items across Europe and the UK as we enter a New Year. There are, of course, others, but these represent the most important themes – a regulatory focus on the non-bank credit market, risk...more
1/15/2024
/ Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Regulatory Standards ,
SFDR ,
Sustainable Finance ,
UK
The Prudential Regulation Authority ("PRA") has published its near-final policy statement (the "PS") setting out feedback to seven chapters of its consultation paper 16/22 (CP16/22) on implementation of the final elements of...more
The UK’s Financial Conduct Authority (“FCA”) is consulting on changes to its rules to allow funds domiciled outside the UK to market to UK retail customers....more
The UK’s Financial Conduct Authority ("FCA") has devoted issue 75 of Market Watch (a newsletter on market conduct and transaction reporting issues) to share observations on practices around ‘market soundings’....more