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HM Treasury Confirms Changes to Financial Promotion Exemptions

Businesses relying on exemptions for high net worth individuals and self-certified sophisticated investors should ensure they are prepared to comply with the updated requirements. On 7 November 2023, HM Treasury...more

EU Consults on Plans for a New Regulatory Regime for ESG Ratings Providers

An evolving landscape of reforms in the ESG ratings sector continues to pose challenges to providers of ratings and scores. International momentum to regulate ESG ratings continues as the European Commission released a...more

UK Government Consults on Regulation of ESG Ratings Providers

The consultation considers what a potential regulatory regime would look like, and its proposed scope. On 30 March 2023, HM Treasury published a consultation on regulating ESG ratings providers, which ties in with and...more

UK Launches Taskforce to Take the Lead in Climate Transition Plans

HM Treasury’s Transition Plan Taskforce aims to influence international standard setting and make the UK the world’s first net zero-aligned financial centre. On 25 April 2022, HM Treasury (HMT) announced the launch of...more

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

On 22 July 2020, HM Treasury published a policy statement setting out the UK government’s rationale and proposed approach for extending the transitional period for third country benchmarks under the UK Benchmarks Regulation...more

HM Treasury Announces Welcome Proposed Amendments to the UK Benchmarks Regulation

The proposals enhance the FCA’s powers to ensure an orderly wind-down of critical benchmarks and to deal with “tough legacy” contracts that cannot transition from LIBOR. On 23 June 2020, the FCA published a statement...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

HM Treasury Kicks Off Financial Services Future Regulatory Framework Review

Call for evidence on regulatory cooperation marks the first phase of the planned review. The Chancellor announced in the Spring Statement that HM Treasury would undertake the Financial Services Future Regulatory Framework...more

Brexit and Financial Services — UK Equivalence Decisions

HM Treasury has published draft legislation that will allow the UK to make timely equivalence decisions in relation to the EU. Key Points: ..Post-Brexit, HM Treasury will take on the role of making equivalence decisions...more

A New Sheriff in Town? UK MPs Call for Regulation of “Wild West” Crypto-assets

The House of Commons Treasury Committee has published its recommendations for the regulation of crypto-assets in the UK. Key Points: ..The House of Commons Treasury Committee has proposed that the UK government should...more

Consumer Credit Update

This update takes a look at the FCA’s Interim Report and its initial views relating to the review of the provisions of the Consumer Credit Act 1974 (CCA), which show early signs of a more pragmatic approach to regulation than...more

First Details of Brexit Temporary Permissions Regime Published — Key Questions Answered

UK regulators expand on plans to smooth the transition for inbound passporting firms in the event of a “no deal” Brexit. Overview - HM Treasury published draft legislation on 24 July 2018 to establish a temporary...more

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