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FCA Publishes Final Rules on Sustainability Disclosures and Investment Labelling

The FCA’s long-awaited regime seeks to raise standards, increase consumer understanding, and reduce instances of greenwashing. On 28 November 2023, the FCA published its Policy Statement (PS23/16) containing final rules on...more

FCA Finds Further Improvement Needed on Design, Delivery, and Disclosure of ESG Funds

The FCA has set out good and poor practices for asset managers to consider in relation to funds with ESG or sustainable characteristics. On 16 November 2023, the FCA published the findings from its review of how asset...more

ESG in Asset Management: A Global Perspective - October 2021

The global asset management community has long been among the leaders in recognising the investment and risk management benefits of tracking the environmental, social, and governance (ESG) performance of the assets it invests...more

FCA Seeks to Improve Quality of ESG Fund Disclosures

FCA has published guiding principles on the design, delivery, and disclosure of ESG and sustainable investment funds. On 19 July 2021, the FCA published a letter sent to chairs of authorised fund managers, which sets out...more

FCA Proposes New Climate-Related Disclosure Regime

The FCA is proposing a disclosure regime for asset managers, life insurers, and pension providers. On 22 June 2021, the FCA published a Consultation Paper (CP21/17) on introducing climate-related financial disclosure...more

FCA Publishes Review of Asset Managers’ Implementation of MiFID II Product Governance Rules

FCA found instances of non-compliance with the product governance rules which, in its view, increases the risk of investor harm. Background - On 26 February 2021, the FCA published a webpage setting out eight asset...more

Brexit & Financial Services: Preparing for the End of the Transition Period [Video]

With the end of the Brexit transition period looming, many financial services firms are asking what they need to do between now and the end of the year to ensure regulatory compliance. In this episode of our Connected With...more

UK Chancellor Outlines Future for Financial Services Post-Brexit

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

HM Treasury Consults on Post-EU Financial Services Regulatory Framework

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

UK Firms Granted Extra 15 Months for Brexit Onshoring Preparations

The FCA, Bank of England, and PRA have published updated rules for firms post-Brexit and intend to delay many (but not all) onshoring changes. Key Points: ..The FCA has published an updated version of the FCA Handbook,...more

Sustainable Finance and Climate Change Risk in Financial Services: For Insurers

In a July 2020 speech on climate action in the financial industry, Sarah Breeden, executive director for UK Deposit Takers Supervision, said the industry is “at the start of a critical decade for climate action where the...more

Private Bank Briefing: Issues Impacting the Private Bank Sector - July 2020

Brexit: Latest Updates - Private banks are currently going through a process of assessing the changes that need to be made to their systems and controls, in addition to client facing documentation, to facilitate the...more

FCA Consults on Post-Brexit Prudential Regime for Investment Firms

Important changes ahead for investment firms as the FCA’s Discussion Paper (DP20/2) indicates that the UK may depart from EU capital rules. Key Points: ..FCA consults on a UK capital regime that in some respects breaks...more

Third-Country Firms Operating Cross-Border Into the EU - Upcoming Reform

Firms outside of Europe should be aware of planned upcoming changes to how they access European markets. Key Points: ..The EU legislators have been reviewing various financial services regimes and developing reforms...more

Brexit: 10 Commonly Asked Questions

Q&As for UK Regulated Firms - Although the general election result has provided some certainty in relation to what happens next from a Brexit perspective, there are still many outstanding questions. In addition, a large...more

ESMA’s Consultation Paper on the MAR Review

Consultation provides chance for industry to comment on which elements of the regime are working well and where change is needed. Key Points: ..ESMA is seeking industry views on various aspects of MAR and whether they...more

Research Unbundling - FCA Finds Rules Working Well

The FCA has published the findings from its review into firms’ implementation of the MiFID II research unbundling rules. Key Points: ..Overall, the FCA found that the rules have produced “positive changes” and have had...more

FCA Confirms SMCR Optimisations

The FCA has published final rules confirming amendments to the SMCR, and final rules for solo-regulated firms. Key Points: ..The FCA has confirmed that the Head of Legal does not require approval as a Senior Manager,...more

Private Bank Briefing: Issues Impacting the Private Bank Sector

On 23 January 2019, the FCA published a Consultation Paper (CP19/4) concerning further amendments to the Senior Managers and Certification Regime (SMCR). For private banks which are already subject to the SMCR, the...more

Brexit and Financial Services - FCA Issues Further Guidance For Firms

The FCA outlines how it intends to use its temporary transitional powers in a no-deal scenario. Key Points: ..The FCA has highlighted areas in which transitional relief will not be granted in a no-deal...more

Brexit and Financial Services — UK Equivalence Decisions

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

Brexit and Financial Services - Temporary Permissions

The UK’s temporary permissions regime appears to be a helpful concession for inbound firms, but there are some hidden challenges. Key Points: ..The UK regulators have set out further details of the rules they propose...more

FCA to Clarify Scope of the Client Dealing Function

The FCA has announced that it plans to consult further on the scope of the Client Dealing Function under the SMCR. Key Points: ..The FCA acknowledges that the scope of the Client Dealing Function needs to be clarified,...more

Brexit and Financial Services — Onshoring MiFID II

Latham & Watkins demystifies the process for onshoring the MiFID II regime, and outlines the key changes for firms operating in the UK. Key Points: ..The onshoring process is designed to preserve the status quo as much...more

UK Cryptoassets Taskforce Publishes its Final Report

The Taskforce’s final report outlines the UK’s policy and regulatory approach to crypto-assets and distributed ledger technology in financial services. Key Points: ..The Report provides an overview of crypto-assets and...more

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