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UK Payment Systems Regulator to be abolished - what's next?

The UK Government has announced the abolition of the Payment Systems Regulator (PSR), with a view to driving economic growth and reducing the burdens on business. The practical impact on firms is yet to be seen, and the...more

The UK’s new lighter-touch short selling regime

The U.K. Short Selling Regulations 2025 (“SSR 2025”) have been made. This paves the way for the U.K. to repeal and replace the regime implemented while the U.K. was in the European Union and then onshored into U.K. domestic...more

New licensing requirements for cross-border lending into Europe

New EU legislative requirements will reshape how non-EU (including European Economic Area) banks service EU clients on a cross-border basis. In this note we summarise the new regime, its implications for firms providing...more

Plan for the worst, hope for the best: PRA policy on solvent exit planning for non-systemic banks and building societies

The PRA has published its final policy on the requirements for non-systemic UK banks and building societies to prepare for a solvent exit. The new rules require all firms in scope to prepare for an orderly solvent exit as...more

2024: Regulation gets 'smart'?

In our annual financial services Horizon Scanning webinar, our regulatory team provided an overview of upcoming and expected changes for UK firms. Partners from our UK team considered regulatory updates on the horizon for...more

CRD VI – What EU branches of third country banks need to know

The EU is harmonising the rules on the prudential supervision of EU branches of non-EU banks under CRD VI. The new EU-wide third country branch regime will introduce minimum requirements including capital and liquidity...more

CRD VI cross-border rules take shape

Final provisions on cross-border banking services in the EU published - CRD VI will bring in uniform minimum prudential requirements for third country branches providing banking services in the EU and, more importantly,...more

UK FCA’s new package of sustainability disclosure requirements, labelling rules and anti-greenwashing rule

The Financial Conduct Authority’s (FCA) new package of sustainability disclosure requirements (SDR) and investment labelling rules is a key pillar of the UK government’s efforts to introduce an economy-wide SDR regime. All...more

FAQs – FCA consultation on anti-greenwashing guidance, plus final rules on Sustainability Disclosure Requirements (SDR) and ESG...

The FCA has issued the final version of its rules for stage one of the UK’s new Sustainability Disclosure Requirements or SDR, together with its new ESG product labelling regime. The rules are detailed and complex. The new...more

FCA launches guidance consultation on anti-greenwashing rule

The FCA has issued the final version of its new anti-greenwashing rule – part of a package that includes additional rules as stage one of the UK’s new Sustainability Disclosure Requirements or SDR, plus the FCA’s new ESG...more

HM Treasury and PRA launch consultations on reforms to ring-fencing regime

On 28 September, HM Treasury (the Treasury) and the Prudential Regulation Authority (PRA) published consultation papers on the proposed near-term reforms to ring-fencing measures... The Treasury also published its response to...more

Delivering Net Zero by 2050: the $200 trillion opportunity

Until now, however, no comprehensive estimate existed of the of that opportunity, (or, to put it another way, the size of the financing gap between committed spending and the investment needed to deliver Net Zero by 2050...more

Legal hot takes – the ECB’s Digital Euro

The Digital Euro project is the European Central Bank’s (ECB) response to the changing landscape of consumer payments, driven by the rise of cryptocurrency, payment fintechs and electronic transactions. A Digital Euro would...more

UK wholesale markets review update: CP 22/18 and the trading venue perimeter

On 22 September 2022, the Financial Conduct Authority (FCA) published its consultation paper (CP 22/18, the CP) which proposes new guidance on the trading venue perimeter. The CP follows on from the discussion on this as part...more

EU proposal to regulate third country providers of financial services: a further update on CRDVI

The CRDVI proposals appear to have taken something of a back seat for firms following the Council’s compromise text. Following the Commission proposal (the Proposal - discussed here) and the Council compromise text (the...more

Financing the gap: eight thoughts on accelerating the Net Zero transition

We recently welcomed a stellar panel of guests to discuss how to drive more private investment in decarbonisation. Ambassador Patricia Espinosa, former executive secretary of the UN Framework Convention on Climate Change,...more

The future regulatory framework – principles and process

This paper discusses the way forward for the UK as it moves out of the legislative orbit of the EU and commences the wider regulatory reform programme proposed by the UK government. ...more

Consumer Duty - What does it mean for wholesale firms?

The FCA published its final rules on the Consumer Duty in a Policy Statement on 27 July 2022 (PS22/9) and firms now have until 31 July 2023 to fully implement such rules for new and existing products or services and until 31...more

SFDR and Taxonomy deadline (UPDATED)

1. Speed read - As the start date looms for the Regulatory Technical Standards (RTS) under SFDR and the product disclosure regime in the Taxonomy Regulation, firms are progressing their implementation projects. This...more

Consumer Duty – what does it mean for third-country firms?

The FCA published its final rules on the Consumer Duty in a Policy Statement on 27 July 2022 (PS22/9) and firms now have until 31 July 2023 to fully implement such rules for new and existing products or services and until 31...more

New FCA Consumer Duty - What firms need to know

The FCA has finalised its new proposed consumer duty regime for UK firms, with a start date of July 2023 (subject to transitional provisions). The first milestone in terms of a relevant firm’s implementation project is 31...more

ESG changes to MiFID II product governance regime

The European Commission has finalised its proposed ESG-related changes to MiFID II. These are intended to fit together with SFDR, and are part of a suite of ESG related changes being made via amends to AIFMD, the UCITS...more

The Brexit Freedom Bill: What does it mean for the financial services industry?

On 22 September, just two months after the Financial Services and Markets Bill (FSM Bill) was introduced to Parliament, the government introduced the Retained EU Law (Revocation and Reform) Bill (the Brexit Freedoms Bill). ...more

Financial Services and Markets Bill: Regulating central counterparties and central securities depositories

The Financial Services and Markets Bill establishes a new framework for the Bank of England’s regulation of Financial Market Infrastructure (FMI) and in particular central counterparties (CCPs) and central securities...more

SFDR and Taxonomy deadline

As the start date looms for the Regulatory Technical Standards (RTS) under SFDR and the project disclosure regime in the Taxonomy Regulation, firms are progressing their implementation projects. This bulletin gives a...more

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