On 3 June 2025, the Financial Reporting Council (“FRC”) published its new UK Stewardship Code 2026 (the “Code”). The voluntary Code applies to asset managers, asset owners and services providers with the aim of providing...more
On 2 May 2025, the European Commission launched its ‘Call for Evidence’ on the review of the Sustainable Finance Disclosure Regulation (SFDR).
The European Commission aims to review the SFDR to simplify the framework,...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
3/10/2025
/ Alternative Investment Funds ,
Artificial Intelligence ,
Asset Management ,
Cryptoassets ,
Disclosure Requirements ,
Economic Growth ,
Economic Sanctions ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Investors ,
Popular ,
Prudential Regulation Authority (PRA)
Following the turn of the new year, our UK Regulatory specialists have examined the key regulatory developments in 2025 impacting a range of UK and European firms within the financial services sector. The key dates have been...more
1/16/2025
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Anti-Money Laundering ,
Asset Management ,
Compliance ,
Cryptoassets ,
Digital Operational Resilience Act (DORA) ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
MiFID II ,
Money Market Funds ,
Regulatory Agenda ,
Securities Regulation ,
SFDR ,
Sustainability ,
UK
On 11 November 2024, the Financial Reporting Council (“FRC”) launched a consultation with significant updates proposed to the UK Stewardship Code (the “Code”). The aims of the consultation are to streamline reporting...more
The recent ESMA Final Report on the Guidelines for funds’ names using ESG or sustainability-related terms (the “Guidelines”) marks a critical moment for asset managers. These Guidelines aim to clarify when the use of ESG or...more
11/14/2024
/ AIFM ,
Alternative Investment Funds ,
Asset Management ,
Climate Change ,
Environmental Impact Statements ,
Environmental Social & Governance (ESG) ,
EU ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Misleading Statements ,
National Private Placement Regimes (NPPR) ,
SFDR ,
Sustainability ,
UCITS
The European Council of the European Union has on 8 November published the text of the Regulation on the transparency and integrity of environmental, social and governance (ESG) rating activities (the “Regulation”).
The...more
Key developments in May 2024: ESG: The Financial Conduct Authority (“FCA”) updated its webpage on the sustainability disclosure requirements (“SDR”) and investments labelling regime. Among other things, the webpage has been...more
6/12/2024
/ AML/CFT ,
Anti-Money Laundering ,
Artificial Intelligence ,
Asset Management ,
Capital Markets ,
Capital Requirements Directive IV (CRDIV) ,
Cryptoassets ,
Disclosure Requirements ,
EMIR ,
Enforcement ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Investment ,
MiFID II ,
MiFIR ,
Office of Financial Sanctions Implementation (OFSI) ,
Prudential Regulation Authority (PRA) ,
Regulatory Standards ,
Retail Investors ,
Securitization ,
Sustainability ,
UK
Background -
On 23 May 2024, Ashley Alder, the Chair of the UK Financial Conduct Authority (“FCA”), delivered a speech which outlined the regulator’s agenda for the asset management sector (the “Speech”). In particular,...more
6/3/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Stability Board ,
Innovation ,
MiFID II ,
Regulatory Standards ,
Retail Investors ,
Sustainable Finance ,
UCITS ,
UK
On 31 May 2024, a new anti-greenwashing rule is being introduced by the Financial Conduct Authority (the “FCA”) as part of its Sustainability Disclosure Requirements (“SDR”). We cover here the introduction of the FCA’s...more
5/30/2024
/ AIFM ,
Asset Management ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services and Markets Act ,
Greenwashing ,
Investors ,
Misleading Statements ,
Regulatory Requirements ,
SFDR ,
Sustainability ,
UK
On 31 May, 2024, a new anti‑greenwashing rule is being introduced by the Financial Conduct Authority (the “FCA”) as part of its Sustainability Disclosure Requirements (“SDR”). However, the FCA has only recently published...more
The Financial Conduct Authority (the “FCA”) on 23 April 2024 has published its Consultation Paper CP24/8 (the “CP”) on the extension of its Sustainability Disclosure Requirements (“SDR”) to portfolio managers. This follows...more
To understand the litigation and regulatory risks that are coming in 2024 for private capital, it is helpful to look back briefly on recent events. Arguably, the single most important event over the last 18 months was the...more
3/19/2024
/ Acquisitions ,
Asset Management ,
Cryptocurrency ,
Cybersecurity ,
Dispute Resolution ,
Enforcement Actions ,
Fund Managers ,
Hedge Funds ,
Interest Rates ,
Investment Management ,
Investors ,
Mergers ,
Private Equity ,
Private Funds ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Technology Sector
ESMA has, on 14 December 2023, published a public statement updating its Guidelines on funds’ names using ESG or sustainability-related terms. This follows the consultation paper on the same topic that ran until 20 February...more
On 4 December 2023 the European Supervisory Authorities (the “ESAs”) published their final report on updating the regulatory technical standards of the Sustainable Finance Disclosure Regulation (“SFDR Level 2”).
The...more
12/15/2023
/ Asset Management ,
Derivatives ,
Disclosure Requirements ,
EU ,
European Commission ,
European Supervisory Authorities (ESAs) ,
Financial Regulatory Reform ,
Greenhouse Gas Emissions ,
Investors ,
Paris Agreement ,
SFDR ,
Sustainable Finance ,
Taxonomy
The Transition Plan Taskforce Disclosure Framework (the “TPT Framework”) published on 9 October 2023 has been publicly welcomed by the UK’s Financial Conduct Authority (the “FCA”). For UK asset managers and portfolio...more
The NY Climate Week conference took place during the week of 18 September 2023, bringing together international leaders from business and governments. During the conference the Taskforce on Nature-related Financial...more
9/25/2023
/ Asset Management ,
CFTC ,
Corporate Governance ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Fund Managers ,
Investment Adviser ,
IOSCO ,
Portfolio Companies ,
Raw Data Metrics ,
Reporting Requirements ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
Both opportunities and challenges have arisen for the asset management industry as a result of the rapid introduction of UK and EU sustainable finance regulation in recent years. The new requirements have been heightened in...more
9/12/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Disclosure Requirements ,
Enforcement ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Greenhouse Gas Emissions ,
Greenwashing ,
MiFID ,
New Regulations ,
SFDR ,
Sustainable Finance ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
Taxonomy ,
UK