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ESAs Propose New SFDR Classification System

The ESAs urge the European Commission to consider a labelling rather than a disclosure regime to help consumers understand the sustainability goals of financial products....more

EU Revamps Consumer Credit Rules

The changes will significantly modernise the regime and enhance consumer protections. The EU has adopted a new Consumer Credit Directive, known as CCD2, which repeals and replaces the existing EU consumer credit regime...more

European Commission Seeks to Exclude Non-Significant Benchmarks From the BMR

The proposal would substantially reduce the number of benchmarks in scope of the EU BMR. On 17 October 2023, the European Commission published a legislative proposal that would significantly alter the benchmarks in scope...more

The Consumer Duty - One Month to Go

With the implementation deadline looming, the FCA has set out some additional guidance for firms. With one month to go until the Consumer Duty (Duty) implementation deadline of 31 July 2023 (for new and existing products...more

Global Regulators React to Banking Sector Turbulence

The spring of 2023 saw more dislocation in the global financial sector than any time since the 2008-09 financial crisis. In the US, banking institutions with over $500 billion in total assets failed, and other banks that were...more

Private Bank Briefing – June 2021

The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q2 2021. In this edition, we cover sustainable finance developments, the...more

Private Bank Briefing – March 2021

ESMA reminds firms on rules of reverse solicitation - In a statement published on 13 January 2021, ESMA reminded firms not established or situated in the EU of the MiFID II requirements on the provision of investment...more

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

Ahead of the end of the Brexit transition period, on 31 December 2020, regulators in the UK and the EU have issued a number of updates: Share trading obligation - In relation to the potential conflict between the share...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

Sustainable Finance and Climate Change Risk in Financial Services - February 2020

Financial services regulators have been particularly vocal in the last 12 months, specifically about the impact on the financial services sector as the world experiences, and attempts to respond to, climate change. Mark...more

Report on IT Failures in the UK Financial Services Sector

UK Treasury Committee report warns that the current level and frequency of disruption and consumer harm is unacceptable. On 28 October 2019, the Treasury Committee published a report on IT failures in the financial...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

Private Bank Briefing: Issues Impacting the Private Bank Sector - June 2019

The FCA and the PRA published their Business Plans for 2019/20 in April 2019. FCA Priorities - As expected, with Brexit remaining a key focus, there are few new initiatives for this year. The FCA’s Business Plan sets...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

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

Private Bank Briefing: Issues Impacting the Private Bank Sector

The FCA published a Discussion Paper on a duty of care and potential alternative approaches (DP18/5) on 17 July 2018. The FCA is exploring whether there should be a duty of care in the financial services sector. It is...more

Private Banking Newsletter: Issues Impacting the Private Bank Sector

The FCA’s Business Plan for 2018/19, published on 9 April 2018, outlined key priorities for the upcoming year. Although the Business Plan revealed that the FCA’s Brexit-related workload will mean a dearth of new initiatives,...more

March 2018 Private Banking Newsletter: Issues Impacting the Private Bank Sector

On 23 February 2018, the FCA published a Policy Statement with new perimeter guidance on what amounts to a personal recommendation in relation to advising on retail investments. The guidance came into effect on the same...more

FCA Publishes Long-Awaited Consultation Papers on the Extension of the SMCR

The FCA will take a proportionate approach, reflecting the diversity of firms within the proposed regime’s remit. On 26 July 2017, the FCA published its long-awaited Consultation Papers on the extension of the Senior...more

The UK Financial Conduct Authority Bans Use of Certain Restrictive Contractual Clauses

The ban extends to foreign branches of UK firms; also where services are provided from a firm’s UK establishment. Key Points: ..Effective 3 January 2018 firms subject to the ban cannot enter into agreements that contain...more

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