The European Market Infrastructure Regulation (EMIR) data reporting requirements apply to European Union (EU) funds and EU fund managers. UK EMIR imposes reporting requirements on UK funds and UK managers. The reporting...more
Last month, the United Kingdom Financial Conduct Authority (FCA) announced that it is considering new procedures under which it would publicly identify firms that are under investigation as soon as the investigation has been...more
4/1/2024
/ Cross-Border ,
Department of Justice (DOJ) ,
Disclosure Requirements ,
Enforcement ,
Financial Conduct Authority (FCA) ,
FSMA ,
Investigations ,
Notice Requirements ,
Securities and Exchange Commission (SEC) ,
UK ,
Willful Misconduct
The U.K. Financial Conduct Authority has published its proposed approach to publishing information about the opening and progress of investigations.1 The proposals represent a marked departure from the FCA’s current practice...more
Key Points -
Following a joint Discussion Paper in 2021 issued by the FCA and the PRA, both regulators have now issued Consultation Papers proposing new rules and guidance in relation to diversity and inclusion in the...more
10/27/2023
/ Corporate Governance ,
Corporate Misconduct ,
Criminal Convictions ,
Diversity and Inclusion Standards (D&I) ,
Ethics ,
Financial Conduct Authority (FCA) ,
Policy Statement ,
Proposed Regulation ,
Proposed Rules ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Requirements ,
Rules of conduct ,
UK
Key Points -
-Following a joint Discussion Paper in 2021 issued by the UK Financial Conduct Authority (FCA) and the UK Prudential Regulation Authority (PRA), both regulators have now issued Consultation Papers proposing new...more
10/27/2023
/ Banking Sector ,
Disclosure Requirements ,
Discrimination ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Requirements ,
Rules of conduct ,
UK
Overview -
A survey conducted by the United Kingdom Financial Conduct Authority (FCA) in early 2022, but published only in 2023, has revealed the stark reality that the regulator is not doing enough for whistleblowers. 15...more
In a move with significant implications for the crypto sector, the UK has enacted legislation to bring cryptoassets within the scope of the existing financial services regulatory regime. The relevant provisions of the...more
9/21/2023
/ Banking Acts ,
Cryptoassets ,
Digital Assets ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Promotions ,
Financial Services Industry ,
FSMA ,
Investment ,
New Legislation ,
Non-Fungible Tokens (NFTs) ,
Regulatory Agencies ,
Stablecoins ,
UK
The Financial Services and Markets Act 2023 (“FSMA 2023”) marks a watershed moment in British legislative history. FSMA 2023 introduces sweeping changes to the financial services regulatory infrastructure and will have a...more
The UK Financial Conduct Authority has published near final rules setting out its approach to regulating the financial promotion of ‘qualifying cryptoassets’. The new rules mean financial promotions on cryptoassets are only...more
In September 2021, following the London Capital & Finance ‘mini-bonds’ scandal, the Treasury Select Committee of the UK House of Commons asked for a more “proactive” Financial Conduct Authority (FCA) that is “decisive” in its...more
The FCA announced earlier yesterday that it will consult on amending the definition of 'Significant SYSC Firm' to ensure that no firms will be subject to the enhanced rules of the Senior Managers and Certification Regime...more
The SFDR and the Taxonomy Regulation: Key Developments and What Firms Can Expect in the Coming Year -
Almost a year on from the date on which the European Union’s Sustainable Finance Disclosure Regulation (SFDR) came into...more
1/27/2022
/ Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Discussion Draft ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Reporting ,
Product Labels ,
SFDR ,
Sustainability ,
Sustainable Business Practices ,
Sustainable Finance ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
In this episode, Akin Gump financial regulatory partner Helen Marshall and white collar defense and government investigations practice co-head Michael Asaro look at SEC and FCA’s annual reports to discuss similarities,...more
9/22/2021
/ Annual Reports ,
Coronavirus/COVID-19 ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Investigations ,
Penalties ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations ,
UK
The UK Financial Conduct Authority (FCA) has published a “Dear Chair” letter (here) (the “Letter”) setting out its “Guiding principles on design, delivery and disclosure of ESG [environmental, social and governance features]...more
In November 2020, the UK government published “Roadmap” setting out its aims for mandatory climate-related disclosures across the UK economy, in a manner aligned with the recommendations of the Taskforce on Climate-related...more
The proposed disclosure rules applicable to UK investment managers have been published for comment by the UK’s Financial Conduct Authority (FCA). The rules focus on enhancing transparency on climate-related risks and align...more
The Financial Conduct Authority (FCA) has issued consultation papers introducing new mandatory climate-linked disclosure requirements. The proposals are consistent with the “roadmap” published by the UK Government, which set...more
The United Kingdom and the European Union have concluded technical discussions on the text of the Memorandum of Understanding (MoU) referred to in the Joint Declaration on Financial Services Regulatory Cooperation agreed...more
On 24 December 2020, the government of the United Kingdom (UK) and the European Union (EU) reached a Trade and Cooperation Agreement (the “Agreement”) in advance of the end of the Brexit transition period (11:00 p.m. GMT on...more
1/6/2021
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Cooperation Agreement ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Adviser ,
Investment Funds ,
Investment Management ,
UCITS ,
UK ,
UK Brexit
In response to the unprecedented circumstances caused by the COVID-19 pandemic, the EU and the UK temporarily lowered the reporting threshold under the EU Short Selling Regulation (“EU SSR”) for net short positions in shares...more
On 30 June 2020, the Financial Conduct Authority (FCA) announced proposals designed to provide breathing room to solo-regulated firms (meaning those governed solely by the FCA) in respect of the implementation of certain...more
On 1 May 2020, the UK Financial Conduct Authority (FCA) issued a statement announcing its intention to obtain a court declaration to resolve contractual uncertainty in business interruption (BI) insurance policies. Further...more
On 24 April 2020, the Treasury Committee of the UK Parliament published its terms of reference for the next stage of its inquiry into the economic effect of COVID-19, which includes a focus on measures designed to hold the...more
On 3 April 2020, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) (together the “Regulators”) issued statements regarding changes to the Senior Managers and Certification Regime for both dual...more
4/21/2020
/ Certifications ,
Coronavirus/COVID-19 ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Furloughs ,
Investment Firms ,
Notification Requirements ,
Prudential Regulation Authority (PRA) ,
Senior Managers ,
SMFs ,
UK
In this episode recorded in late February, Akin Gump financial regulatory partners Helen Marshall and Ezra Zahabi, using Akin Gump’s recently published In Principle annual report as a springboard, discuss what U.K. authorized...more
4/2/2020
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Climate Change ,
Contingency Plans ,
Corporate Governance ,
Cybersecurity ,
Disclosure Requirements ,
Enforcement ,
Environmental Social & Governance (ESG) ,
EU ,
Executive Compensation ,
General Data Protection Regulation (GDPR) ,
Institutional Investors ,
Investment Management ,
No-Deal Brexit ,
Pension Schemes ,
Public Sector ,
Risk Mitigation ,
Shareholders ,
Sustainability ,
Transparency ,
UK ,
UK Brexit