As part of its new Green Finance Strategy, HM Treasury has published a consultation paper on proposals to regulate providers of environmental, social and governance ratings. Such ratings providers offer assessments on a...more
The U.K. Government has published the 2023 Green Finance Strategy, its latest plan for mobilizing finance to support the shift to a greener financial system. The U.K. has committed to becoming a net zero economy by 2050....more
The U.K. Investment Research Review call for evidence was published on April 3, 2023. Relevant background to these issues is set out in our recent client note, “MiFID II: An Update on the Rules for Unbundling of Research,” in...more
Following the Edinburgh Reforms announcement in December 2022, the review of the Senior Managers and Certification regime has been kicked off with HM Treasury publishing a call for evidence and the U.K. Financial Conduct...more
On February 2, 2023, the European Securities and Markets Authority published a final report and an Opinion on the trading venue perimeter. The Opinion clarifies the definition of multilateral systems under the EU’s revised...more
The U.K. government has published a draft statutory instrument (and related explanatory memorandum), which will be known as the Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order...more
On March 2, 2023, HM Treasury issued a Call for Evidence requesting views on the practicalities of aligning the ring-fencing and resolution regimes for banks. The potential to align the U.K. ring-fencing and resolution...more
The issue of how investment research should be paid for by investors is controversial, long-standing and seemingly perennially the subject of legislative iterations, failure and unintended consequence and more reform. Before...more
The U.K. government has published its much-anticipated proposals for regulating the cryptoasset industry. These proposals, currently in the form of a consultation, will see many (but not all) cryptoasset-related activities...more
The Bank of England has published a joint consultation paper with HM Treasury on the possibility of a digital pound in the U.K. It is envisaged that the digital pound would be a retail central bank digital currency, to be...more
A detailed set of amendments to the Financial Services and Markets Bill (FSMB) were tabled by Lord Lilley on 23 January 2023, promoting enhanced accountability for the U.K.’s financial regulators.[1] These comprise the result...more
The European Commission published proposals to amend the EU’s European Market Infrastructure Regulation (EMIR) in December 2022 (EMIR 3). According to the Commission, some of these measures are aimed at improving the...more
The final report of the independent review of net zero has been published: "Mission Zero: Independent Review of Net Zero". The review was established in September 2022 to assess the government's approach to achieving its...more
The U.K. Government announced on 9 December 2022 a series of initiatives, billed as the Edinburgh Reforms, to reform the laws for the U.K. financial services sector. In this note, we consider these reforms in detail and what...more
12/21/2022
/ Banking Sector ,
Cryptoassets ,
Digital Assets ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinTech ,
Prudential Regulation Authority (PRA) ,
Sustainable Finance ,
UK ,
UK Brexit
The European Securities and Markets Authority has published its Final Report and draft Regulatory Technical Standards amending the cash penalty process for cleared transactions under the EU Central Securities Depositories...more
The International Organization of Securities Commissions has published a consultation on Compliance Carbon Markets and a separate discussion paper on voluntary carbon markets. Compliance Carbon Markets involve the issuance of...more
Following its 2021 Discussion Paper, the FCA has published a consultation paper setting out proposals to enhance sustainability disclosure and labeling requirements for sustainability-linked investment products. The majority...more
Over the past decade there has been an influx of small- and medium-sized entrants to the U.K. gas supplier market, which is supervised by Great Britain’s independent energy regulator, the Office of Gas and Electricity Markets...more
U.K. financial regulation includes a small and unusual provision, the so-called “MiFID override,” which prioritises the EU’s MiFID II regime over the U.K.’s own regulatory framework when determining questions of what is...more
The Abu Dhabi Global Market (ADGM) has recently published new financial services amending regulations and various amended rulebook modules. These wide-ranging measures update ADGM’s rules on environmental matters, virtual...more
10/20/2022
/ Abu Dhabi Global Markets (ADGM) ,
Capital Markets ,
Commodities ,
Digital Assets ,
Financial Services Authority ,
Financial Services Industry ,
Money Services Business ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Sustainable Finance ,
Venture Capital
The U.K. Government has published the Retained EU Law (Revocation and Reform) Bill, known as the Brexit Freedoms Bill, which aims to repeal or assimilate retained EU law and abolish the principle of the supremacy of EU law in...more
The U.K. Financial Conduct Authority has published a consultation paper on proposed guidance on the regulatory perimeter for multilateral trading facilities and on possible future changes to smaller trading venues' regulatory...more
The U.K. Financial Conduct Authority has published its final rules and guidance for the new Consumer Duty, which is intended to establish clearer standards for consumer protection across the financial services industry. The...more
The U.K. Prudential Regulation Authority and Financial Conduct Authority have issued a joint consultation paper on proposals to amend the U.K. Binding Technical Standards on margin requirements for non-centrally cleared...more
The European Securities and Markets Authority has opened a consultation in which it proposes to amend the cash penalty process for cleared transactions under the EU Central Securities Depositories Regulation. The EU CSDR...more