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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

MiFID II/MiFIR – divergence emergence?

Since the beginning of the Brexit transition period, developments in both the UK and EU have impacted the MiFID rules in various ways. In the UK, there have been changes under the EUWA on-shoring process; “quick-fix”...more

UK wholesale markets review update: Financial Services and Markets Act 2023 and latest developments

On 7 July 2023, the new Financial Services and Markets Act 2023 (the Act) was published, marking a significant step in the development of the UK’s post-Brexit ‘Smarter Regulatory Framework’....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

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

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

Financial Services and Markets Bill: The Designated Activities Regime in the UK

The Financial Services and Markets Bill creates a Designated Activities Regime that will impact both authorised and unregulated firms. The Designated Activities Regime is intended to maintain the purview of the Financial...more

Financial Services and Markets Bill: Back to the future - Revocation, restatement and replacement of onshored EU law

This briefing is one in a series on the Financial Services and Markets Bill (FSMB). In this briefing we discuss the revocation of onshored EU law contained in the FSMB, focusing on some questions of relevance to firms. ...more

Financial Services and Markets Bill - Big Bang 2.0, or more of the same?

On 20 July 2022, just before the UK Parliament’s summer recess, the long awaited Financial Services and Markets Bill (FSM Bill) was introduced to Parliament....more

UK unveils plans to regulate any service provider deemed to be 'critical' to its financial sector

Operational resilience is a priority for the regulators of financial services in the UK. It is prominent in both the Prudential Regulation Authority’s (PRA) and the Financial Conduct Authority’s (FCA) business plans....more

What the FCA’s Business Plan and Strategy really means: a brave new world

The UK Financial Conduct Authority’s (FCA) shift towards consumer protection is intensifying. At the same time, it is gearing up to become a more assertive regulator, intervening more frequently, following the example of its...more

What the FCA’s Business Plan and Strategy really means: financial crime

Financial crime has been a key area of focus for the UK Financial Conduct Authority (FCA) for a number of years, attracting some of the highest financial penalties, and this looks set to continue. With improvements to FCA...more

What the FCA’s Business Plan and Strategy really means: collection and use of data

The requirement for firms to collect and report quality data has never been more important, with the UK Financial Conduct Authority’s (FCA) outcome driven strategy looking to rely on firm data to realise its plans. In this...more

What the FCA’s Business Plan and Strategy really means: digital markets

The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) recently published their Business Plans for 2022/23. The FCA also published a three-year strategy. But what does it really mean for firms? ...more

2022 - The Year in Regulation

2022 looks set to be another year dominated by regulatory reform for financial services firms. This document considers a number of key wholesale market developments including the latest on the MiFID Review and other financial...more

New ESG changes to MiFID II - What investment firms and banks need to know

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

AIFMD Review - what is changing for depositaries and what has been parked for now?

The long awaited AIFMD Review legislative proposal was finally released by the Commission on 25 November 2021. ...more

The UK financial services framework of the future – the first proposals for reform

Almost a year after the Brexit transition period ended and the UK government is beginning to refine its thinking on how the financial services framework should evolve in a post-Brexit world in order to ensure it is fit for...more

MiFID Review timeline – the year ahead

A high-level timeline summarising key dates and expected publications for the EU and UK MiFID Review. ...more

8/12/2021  /  Capital Markets , EMIR , EU , MiFID

HM treasury's proposals for wholesale market reform

On 1 July 2021, HM Treasury published a consultation paper for its Wholesale Markets Review. The areas considered by HM Treasury in the consultation overlap in certain aspects with those being considered by the EU authorities...more

The Financial Services Act 2021

The first step in shaping the UK's financial services regime post-Brexit. On 29 April 2021, the Financial Services Act 2021 (the Act) received Royal Assent. It is seen as the UK’s first step in control of the financial...more

Authorising your holding company

Certain UK incorporated holding companies of banks and investments firms will, for the first time, be required to obtain PRA authorisation in 2021. The required applications for authorisation are detailed and will require...more

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