On 14 October, the UK Financial Conduct Authority ("FCA") issued a consultation paper setting out proposed new rules and guidance for fund tokenisation and direct-to-fund dealing (“D2F”)....more
11/4/2025
/ Blockchain ,
Cryptoassets ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Financial Conduct Authority (FCA) ,
Investment Funds ,
Proposed Rules ,
Regulatory Requirements ,
Tokenization ,
UCITS ,
UK
On 28 October 2025, the FCA announced a consultation on proposed new rules and guidance on short selling.
Short selling is the practice of selling a security that is borrowed or not owned by the seller, with the intention...more
10/31/2025
/ Asset Management ,
Capital Markets ,
Consultation ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Industry ,
Proposed Rules ,
Regulatory Requirements ,
Risk Management ,
Securities Regulation ,
Short Selling ,
UK
Under the European Union regulatory framework, primary legislation (e.g., directives such as the Markets in Financial Instruments Directive (MIFID II) and the Anti-Money Laundering Directive) ("Level 1 Measures") are...more
10/27/2025
/ Anti-Money Laundering ,
Capital Markets ,
CSDR ,
Derivatives ,
EU ,
European Commission ,
Financial Services Industry ,
MiFID II ,
Regulation Technical Standards (RTS) ,
Regulatory Oversight ,
Regulatory Reform ,
Securities Regulation ,
SFDR
Recent geopolitical developments have catalysed a reordering of European defence policy. The European Union has initiated significant efforts to revitalise and consolidate its defence and security industrial base through the...more
9/25/2025
/ Bonds ,
Capital Markets ,
Defense Sector ,
EU ,
European Commission ,
Financial Institutions ,
Green Bonds ,
International Capital Markets Association (ICMA) ,
Investment ,
Investors ,
Public Finance
In this article, we examine (1) the new regime for safeguarding of customer funds applying to UK payment and electronic money institutions, (2) the impact these reforms will have on those firms and (3) in particular, the...more
As the pace of M&A activity in the UK insurance and re-insurance sector increases, it is important for prospective overseas buyers to understand the process for obtaining approvals from the UK regulators; the Prudential...more
The significance of this topic for many clients arises because the UK is home to some of the largest and most significant commodity derivative markets in the world. They serve the risk management needs of a diverse group of...more
On 14 July 2025, the FSMA (Regulated Activities etc) (Amendment) Order 2025 (the "DPC Legislation") brought unregulated deferred payment credit ("DPC") within the UK Financial Conduct Authority's ("FCA") remit. According to...more
As of 6 July 2026 (some rules took effect from March 2025), all final rules of the new FCA commodity derivatives position limits framework will come into effect. In addition, responsibility from the regime will transfer from...more
The Senior Managers & Certification Regime ("SM&CR") has been a cornerstone of the UK’s individual accountability regulatory framework for banks, insurers and other regulated firms since its introduction in the wake of the...more
WHAT ARE THE KEY DRIVERS FOR REFORM?
The UK Treasury ("HMT") noted the following as drivers for reform:
A key challenge for private companies is that, at early stages in their growth, there are no standardised ways...more
WHAT ARE THE KEY DRIVERS FOR REFORM?
The UK Treasury ("HMT") noted the following as drivers for reform:
A key challenge for private companies is that, at early stages in their growth, there are no standardised ways...more
FCA finalises rules for PISCES – new secondary private stock market – On 10 June 2025, the FCA issued its final rules for the Private Intermittent Securities and Capital Exchange ("PISCES"). PISCES is a new type of private...more
7/10/2025
/ Asset Management ,
Capital Markets ,
Early Stage Companies ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Investment Funds ,
Investment Management ,
New Regulations ,
Private Equity ,
Regulatory Requirements ,
Securities ,
Shareholders ,
UK
On June 13, 2025, the Basel Committee on Banking Supervision (“BCBS”) published its framework for the disclosure of climate-related financial risks. The framework is entirely voluntary and has several notable changes from...more
Mayer Brown’s UK Regulatory Update is a quarterly newsletter for the asset management sector. In this edition, covering Q1 2025, we look at consultations relating to the UK AIFMD framework, reporting and notification...more
6/5/2025
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Capital Markets ,
Consultation ,
Financial Conduct Authority (FCA) ,
Fund Managers ,
HM Treasury ,
Investment Funds ,
Investment Management ,
Proposed Rules ,
Regulatory Reform ,
UK ,
Venture Capital
The FCA issued a consultation paper on 7 May 2025 seeking feedback on regulatory proposals to simplify advice rules and affordability assessments for mortgages, making it easier, faster and cheaper for consumers to make...more
5/14/2025
/ Borrowers ,
Financial Conduct Authority (FCA) ,
Lenders ,
Mortgage Lenders ,
Mortgages ,
Proposed Rules ,
Regulatory Reform ,
Risk Management ,
RMBS ,
Securitization ,
UK
Many US and other non-EU financial institutions which lend or undertake trade finance business on a cross border basis into Europe do so in reliance upon exemptions under local law. These exemptions typically permit these...more
Beginning 17 January 2025, the Digital Operational Resilience Act (DORA) will apply to almost all EU financial entities, including banks, insurers and reinsurers, brokers , payment and electronic money institutions,...more
1/20/2025
/ Cryptoassets ,
Cybersecurity ,
Data Security ,
Digital Operational Resilience Act (DORA) ,
EU ,
Financial Institutions ,
Financial Services Industry ,
Information and Communication Technology (ICT) ,
Information Technology ,
Regulatory Requirements ,
Risk Management
On 14 May 2024, the European Securities and Markets Authority ("ESMA") published its final report on "Guidelines on funds’ names using ESG or sustainability-related terms" (the "Guidelines"). The Guidelines aim to provide...more
5/16/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets ,
Climate Action Plan ,
Climate Change ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Greenwashing ,
Investment Funds ,
New Guidance ,
SFDR ,
Sustainability ,
UCITS
On 23 April 2024, the UK’s Financial Conduct Authority (“FCA“) published its “Finalised non‑handbook guidance on the Anti‑Greenwashing Rule (FG/24/3)” (the “Guidance“). The FCA has published the Guidance to help in-scope...more
In order to harmonize the regulatory framework governing the European fund market, the European Commission has revised the existing Alternative Investment Fund Manager Directive – Directive 2011/61/EU (the "AIFMD"), with the...more
What is the government proposing?
The UK government (“HM Treasury”) has launched a Consultation setting out its proposals to amend the UK special resolution regime (“SRR”) to direct that the UK depositor guarantee scheme...more
What is the new UK Battery Strategy and why is it important to the automotive sector?
On 26 November 2023, the UK Government Department for Business and Trade published the UK Battery Strategy (the "Battery Strategy"),...more
In 2018, the UK's Financial Conduct Authority ("FCA") stated publicly that "non-financial misconduct is misconduct, plain and simple", emphasising their view that the Conduct Rules applicable to most employees within...more
On 28 November 2023, the UK's Financial Conduct Authority ("FCA") published its "Sustainability Disclosure Requirements ("SDR") and investment labels" policy statement (PS23/16) (the "Policy Statement"). The Policy Statement...more
11/30/2023
/ Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Greenwashing ,
Investment ,
Policy Statement ,
Retail Investors ,
Sustainability ,
UK