News & Analysis as of September 26, 2024

Financial Conduct Authority (FCA)

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

FCA Consulting on Proposed Changes to the Derivatives Trading Obligation

Jones Day on 8/15/2024

The Background: In 2021, the Financial Conduct Authority ("FCA") and HM Treasury began consulting on the Wholesale Markets Review (the "Review"), a broad review of the structure, functioning, and regulation of secondary...more

The UK’s Lighter-Touch, Post-Brexit, Short Selling Regime

A&O Shearman on 12/15/2023

The U.K. is currently engaged in a wide-ranging review of the inherited package of EU financial services law. The rules on short selling, which impose disclosure obligations and restrictions on persons seeking an economic...more

Beginning of the End of EU Law in the UK?

Akin Gump Strauss Hauer & Feld LLP on 7/14/2023

The Financial Services and Markets Act 2023 (“FSMA 2023”) marks a watershed moment in British legislative history. FSMA 2023 introduces sweeping changes to the financial services regulatory infrastructure and will have a...more

EU and UK Sign Memorandum of Understanding on Financial Services Cooperation

A&O Shearman on 7/12/2023

On June 27, 2023, the EU and U.K. signed a Memorandum of Understanding on Financial Services Cooperation, a high-level agreement on future cooperation in the regulation of financial services. The MoU provides for - -...more

Key Developments for Employers in the UK - Issue 06

Dechert LLP on 5/26/2023

Government scales back the proposed revocation of EU law bill and announces changes to the Working Time Regulations, TUPE and non-compete clauses - In previous editions of the Edit we reported on the proposals in The...more

The Future of Asset Management Regulation – The FCA’s Post-Brexit Review

Proskauer Rose LLP on 3/6/2023

Background On 20 February 2023, the United Kingdom’s Financial Conduct Authority (“FCA”) published a discussion paper (DP23/2) on updating and improving the UK regime for asset management (the “Discussion Paper”). As part...more

The Edinburgh Reforms: post-Brexit financial (de)regulation

Proskauer Rose LLP on 12/23/2022

On 9 December 2022, the United Kingdom’s Chancellor of the Exchequer announced an expansive set of reforms to the UK’s financial regulatory regime – labelled the “Edinburgh Reforms”. Following the UK’s exit from the...more

UK Government Publishes Edinburgh Reforms for Financial Services

A&O Shearman on 12/21/2022

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

Upcoming Regulatory Initiatives Impacting Private Fund Managers - September 2022

Dechert LLP on 9/22/2022

This latest edition of the regulatory initiatives paper sets out at a high level the core regulatory issues that are likely to impact private fund managers in the coming months, including an overview of the key actions needed...more

UK Regulators Propose Changes to Margin Requirements for Non-Centrally Cleared Derivatives

A&O Shearman on 9/20/2022

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

UK Conduct Regulator Commits to Three-year Strategy of Improving Outcomes of Regulation

A&O Shearman on 4/22/2022

The U.K. Financial Conduct Authority has published a three-year Strategy on improving outcomes of regulation and its 2022/23 Business Plan. In the 2022-2025 Strategy, the FCA outlines its expectations of financial services...more

UK Temporary Transitional Power (TTP) comes to an end on 31 March: what does this mean for securitisation transactions?

Hogan Lovells on 3/30/2022

The UK’s Temporary Transitional Power (TTP) that allowed firms time to adapt to the new requirements following the UK’s withdrawal from the European Union on 31 December 2020, is ending on Thursday 31 March 2022. UK regulated...more

UK Government Consultation on Regulation of Central Counterparties and Central Securities Depositories

A&O Shearman on 2/17/2022

HM Treasury has released a further consultation under the Future Regulatory Framework Review concerning the regulation of central counterparties and central securities depositories. The Future Regulatory Framework Review is...more

Regulation Round Up - January 2022

Proskauer Rose LLP on 2/3/2022

Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...more

UK Litigation - A Year in Summary

Morrison & Foerster LLP on 12/21/2021

This year saw the UK grapple with life after Brexit and, along with the rest of the world, the impact of the continued COVID-19 pandemic. As 2021 draws to a close, we round up the key events and developments from the year in...more

FCA Consults on Post-Brexit Changes to PRIIPS Regulation

Latham & Watkins LLP on 7/22/2021

UK rules will diverge from the much-criticised EU framework. On 20 July 2021, the FCA published a Consultation Paper (CP21/23) on amending the UK PRIIPs Regulation. The FCA has long held concerns about the PRIIPs...more

UK Proposes New Climate-related Disclosure Rules for Asset Managers

Akin Gump Strauss Hauer & Feld LLP on 7/8/2021

The proposed disclosure rules applicable to UK investment managers have been published for comment by the UK’s Financial Conduct Authority (FCA). The rules focus on enhancing transparency on climate-related risks and align...more

Upcoming Regulatory Initiatives Impacting Private Fund Managers - April 2021

Dechert LLP on 5/10/2021

This note sets out at a high level the core regulatory issues that are likely to impact fund managers in the coming months, including an overview of the key actions needed with regard to ESG, LIBOR and Brexit. The paper also...more

10 Key Digital Regulation & Compliance Developments

Morrison & Foerster LLP on 4/26/2021

For many years, the regulation of digital markets has been a key priority in Europe. In 2015, the European Commission committed the EU to the creation of a digital single market – and that commitment spawned a series of...more

Private Bank Briefing – March 2021

Latham & Watkins LLP on 4/1/2021

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

Key Regulatory Topics: Weekly Update 19 - 25 March 2021

A&O Shearman on 4/1/2021

HoL EU Services Sub-Committee report on trade in services On 24 March, the HoL European Union Committee published a new report on UK-EU trade in services. The report concludes that despite the agreement of the Trade and...more

Financial institutions general regulatory news, March 2021 # 5

Hogan Lovells on 3/30/2021

CMA 2021/22 annual plan - The Competition and Markets Authority (CMA) has published its annual plan for 2021/22. In 2021/22, the CMA will focus on the following themes...more

UK Quarterly Review: Business Crime, Investigations, And Regulatory Enforcement

Morrison & Foerster LLP on 3/29/2021

In our Quarterly Review, we bring you important UK developments relating to business crime, investigations, and regulatory enforcement from the last three months. As the UK gets used to life outside the EU and implements...more

Key Regulatory Topics: Weekly Update March 2021 #4

A&O Shearman on 3/25/2021

FCA consults on updated mortgages tailored support guidance – Covid-19 On 5 March, the FCA published updated draft mortgages tailored support guidance for firms, to apply from 1 April at the expiration of the current...more

Key Regulatory Topics: Weekly Update March 2021 #3

A&O Shearman on 3/22/2021

Brexit - Please see the Other Developments section for the MoU agreed between the ECB, FCA and BoE on post-Brexit supervisory cooperation, effective from 1 January. ...more

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