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Regulator Raises Concerns Over Alternative Data

The FCA is considering whether alternative data could introduce new risks to market integrity. The FCA’s recently published Insight article explores how alternative data might give rise to market abuse risks. The article...more

Open Finance: The Next Frontier in Fintech?

Call for input: Industry needs to engage as the FCA moves forward on its transformative vision for open finance. Imagine a world in which you could access your bank accounts, credit cards, mortgage, pensions, savings...more

Third-Country Firms Operating Cross-Border Into the EU - Upcoming Reform

Firms outside of Europe should be aware of planned upcoming changes to how they access European markets. Key Points: ..The EU legislators have been reviewing various financial services regimes and developing reforms...more

Crypto Coming of Age: UK Regulation Hits Cryptoasset Business

New regulatory requirements, including registration and customer disclosure requirements, apply to regulated and unregulated persons carrying on relevant cryptoasset business. On 20 December 2019, the UK government published...more

A Tipping Point for the Regulation of Cryptoassets in the EU?

The EC consults on existing cryptoasset regulatory framework and considers a separate EU framework for cryptoassets outside the current scope.  On 19 December 2019, the European Commission (EC) launched a public...more

Brexit: 10 Commonly Asked Questions

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

FCA Consults on SMCR for Benchmark Administrators

The FCA has published a Consultation Paper that sets out proposed rules for the SMCR for benchmark administrators. Key Points: ..The SMCR for benchmark administrators (that perform no other regulated activities) will...more

ESAs Consult on Amendments to the PRIIPs KID

Consultation Paper looks at ways in which issues with the KID requirements could be improved. Key Points: - The ESAs are seeking to make adjustments to the PRIIPs KID requirements to address ongoing issues relating to...more

FCA Warns Firms of Conduct Risk During LIBOR Transition

The FCA has set out guidance for firms on how to manage conduct risk arising from the transition away from LIBOR to alternative benchmarks. Key Points: ..The FCA has set out its expectations for firms, from a conduct...more

Blockchain & Cryptocurrency Regulation 2020: United Kingdom

Although still actively developing, current UK policy thinking in relation to cryptocurrencies was set out by the UK Cryptoassets Taskforce in its Final Report (the “Taskforce Report”), published in October 2018. The...more

Financial Institutions and the Cloud: How to Navigate an Evolving Regulatory Landscape

Insights from Latham’s flagship event: Managing the risk and promise of digitisation in financial services. In a bid to keep pace with rapid advances in cloud adoption across financial services, regulators have published a...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

The G7 Draws a Line in the Sand for Global Stablecoins

Global monetary authorities and financial regulators have responded forcefully to the advent of privately developed global stablecoins. A new report highlights the risks of global stablecoins and enumerates the legal,...more

Review of the EU Benchmarks Regulation

European Commission review will inform potential future legislative change. Key Points: ..The European Commission is seeking views on various aspects of the regime, and asking for feedback on areas in which improvements...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

Research Unbundling - FCA Finds Rules Working Well

The FCA has published the findings from its review into firms’ implementation of the MiFID II research unbundling rules. Key Points: ..Overall, the FCA found that the rules have produced “positive changes” and have had...more

Latest UK Developments on the Regulation of Cryptoassets

FCA finalises guidance on cryptoassets and consults on product intervention measures. FCA guidance on the regulation of cryptoassets - As previously reported in this blog, the FCA consulted on guidance on cryptoassets...more

FCA Confirms SMCR Optimisations

The FCA has published final rules confirming amendments to the SMCR, and final rules for solo-regulated firms. Key Points: ..The FCA has confirmed that the Head of Legal does not require approval as a Senior Manager,...more

EU Kicks Off MAR Review

The European Commission has set out the elements of MAR that it wishes to consider as part of a planned review. Key Points: ..The formal review of MAR will consider not only the topics mandated for review by the...more

FCA Fires Warning Shot to Brokers in Wholesale Markets

Latest Dear CEO letter from the regulator includes strong criticism and warns that firms need to improve to meet regulatory expectations. Key Points: ..FCA supervisory work during the next two years will focus on four...more

UK’s Proposed “Online Harms” Compliance and Enforcement Regime Will Target Platforms

UK publishes White Paper with hard-hitting regulatory proposals to tackle online harms. On 8 April 2019, the Home Office and the Department for Culture, Media and Sport (DCMS) published an “Online Harms White Paper”,...more

Will Regulatory Reform Make Cryptoassets the Next Buyout Boom for Private Equity?

Recent and upcoming regulatory guidance on cryptoassets and the regulation of companies engaged in digital currency, such as issuers, crypto-exchanges, crypto-custodians, crypto-brokers, and other service providers, could...more

MiFID II Costs and Charges - Room For Improvement

The FCA has issued feedback from its review of firms’ costs and charges disclosures under MiFID II. Key Points: ..The FCA found that, despite firms being aware of the rules and taking compliance seriously, firms are not...more

Brexit and Financial Services - FCA Issues Further Guidance For Firms

The FCA outlines how it intends to use its temporary transitional powers in a no-deal scenario. Key Points: ..The FCA has highlighted areas in which transitional relief will not be granted in a no-deal...more

Payment Systems Regulator Finalises Scope of Card Acquiring Market Review

The PSR will not review the fees and rules set by Visa and Mastercard, but will look at the practice of bundling, and will examine effects on innovation in card-acquiring services. Following the publication of its Draft...more

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