The FCA and the PRA have published their long-awaited consultations which aim to formalise how firms approach diversity and inclusion.
On 25 September 2023, the FCA and the PRA published separate but related consultation...more
10/2/2023
/ Compliance ,
Compliance Monitoring ,
Consultation ,
Corporate Governance ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Proposed Regulation ,
Prudential Regulation Authority (PRA) ,
UK ,
Willful Misconduct
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
6/29/2021
/ Asset Protection ,
Banking Sector ,
Climate Change ,
Consultation ,
Consumer Protection Laws ,
Dear CEO Letter ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
FinTech ,
Libor ,
MiFID ,
Outsourcing ,
Prudential Regulation Authority (PRA) ,
Regulatory Standards ,
Retail Investors ,
Sustainable Finance ,
UK
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
4/1/2021
/ Bank Holding Company ,
Banking Sector ,
Banks ,
Cloud Service Providers (CSPs) ,
CRD V ,
EU ,
European Benchmark Regulation (BMR) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Libor ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prudential Regulation Authority (PRA) ,
Retail Investors ,
Sustainable Finance ,
UK ,
UK Brexit
The PRA has released a largely positive report, along with nine follow-up actions and recommendations on the SMCR for PRA-regulated firms.
Key Points:
..There is no need for major changes to the SMCR.
..There are...more
The FCA, Bank of England, and PRA have published updated rules for firms post-Brexit and intend to delay many (but not all) onshoring changes.
Key Points:
..The FCA has published an updated version of the FCA Handbook,...more
10/20/2020
/ Bank of England ,
Cross-Border Transactions ,
Dear CEO Letter ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Onshoring ,
Prudential Regulation Authority (PRA) ,
Time Extensions ,
Transitional Arrangements ,
UK ,
UK Brexit
The PRA expands its supervisory expectations for firms on managing climate-related financial risk — publishing a Dear CEO guidance letter.
On 1 July 2020, the PRA published guidance in the form of a Dear CEO letter to...more
The CFRF’s practical Guide encourages UK regulated financial services firms to take active steps to manage climate-related financial risks.
Background -
On 29 June 2020, the Climate Financial Risk Forum (CFRF) launched...more
Q&As for UK Regulated Firms -
Although the general election result has provided some certainty in relation to what happens next from a Brexit perspective, there are still many outstanding questions. In addition, a large...more
1/7/2020
/ Cross-Border Transactions ,
EU ,
EU Passport ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Member State ,
No-Deal Brexit ,
Onshoring ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prudential Regulation Authority (PRA) ,
Transitional Arrangements ,
UK ,
UK Brexit ,
Withdrawal Agreement
Insights from Latham’s flagship event: Managing the risk and promise of digitisation in financial services -
The financial services industry is leading the way in outsourcing, with contract values in excess of US$10.7...more
10/21/2019
/ Compliance ,
Digital Currency ,
Enforcement Actions ,
EU ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Outsourcing ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Risk Assessment ,
Risk Management ,
Third-Party Service Provider ,
UK
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
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
6/27/2019
/ Banking Sector ,
Binary Options ,
Compliance ,
Duty of Care ,
Enforcement ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
IOSCO ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Power of Attorney ,
Prudential Regulation Authority (PRA) ,
UK ,
UK Brexit
The Taskforce’s final report outlines the UK’s policy and regulatory approach to crypto-assets and distributed ledger technology in financial services.
Key Points:
..The Report provides an overview of crypto-assets and...more
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
The FCA and the PRA have published their Policy Statements, setting out final rules on the SMCR regimes for insurers and FCA solo-regulated firms.
Key Points:
..The FCA has announced that the extended SMCR will apply to...more