The UK’s Financial Conduct Authority (“FCA”) has brought charges against several reality show participants for illegally issuing unauthorised financial promotions. These relate to an investment scheme that provided advice on...more
"Promotions aren't just about the likes, they're about the law," is the caption that accompanies the UK Financial Conduct Authority's (FCA) recent decision to charge nine influencers in connection with the promotion on social...more
On 26 March 2024, the Financial Conduct Authority (FCA) issued its finalised guidance in relation to financial promotions on social media (Finalised Guidance). Background - The Finalised Guidance follows the FCA’s July...more
The FCA finalised social media guidance in relation to financial promotions published on 26 March 2024 acknowledges that social media has become a central part of firms’ marketing strategies allowing them to reach a large...more
On 6 March 2024, following the Chancellor’s budget statement, the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment and Transitional Provision) Order 2024 (SI 2024/301) (the March Amendment) was...more
Social media raises a novel set of risks and challenges to effective financial services regulation, particularly in the field of consumer protection and market integrity. Specifically, regulators have expressed concerns...more
From 31 January 2024 the exemptions available from the restriction on communicating financial promotions appliable to high net worth (“HNW”) individuals and self-certified investors are changing. The updates are...more
The UK’s Treasury has published its consultation response on “Financial promotion exemptions for high net worth individuals and sophisticated investors” alongside the draft Statutory Instrument making the relevant changes....more
We wrote on the impact of changes to the financial promotion rules that came into effect earlier this year. On 7 November 2023, the UK Government published the proposed changes to the Financial Promotion Order 2005 (FPO). The...more
Businesses relying on exemptions for high net worth individuals and self-certified sophisticated investors should ensure they are prepared to comply with the updated requirements. On 7 November 2023, HM Treasury...more
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. In this month’s issue, we discuss...more
In December 2022, the Financial Conduct Authority (“FCA”) carried out a consultation on the introduction of a new regulatory gateway for firms who approve financial promotions. On 12 September 2023, the FCA published Policy...more
From 8 October, firms wishing to make a “financial promotion” relating to a “qualifying cryptoasset” can only do so legally if: The financial promotion is communicated by an FCA- or PRA-authorised person....more
Welcome to this week’s issue of AI: The Washington Report, a joint undertaking of Mintz and its government affairs affiliate, ML Strategies. The accelerating advances in artificial intelligence (“AI”) and the practical,...more
In a move with significant implications for the crypto sector, the UK has enacted legislation to bring cryptoassets within the scope of the existing financial services regulatory regime. The relevant provisions of the...more
On 7 September 2023, the United Kingdom’s Financial Conduct Authority (“FCA”) set expectations ahead of its new financial promotion rules for cryptoassets (which we wrote about here). From 8 October 2023, new rules for...more
As we have discussed previously (see ”First Reminder: Two Months Until New UK Crypto Marketing Rules Take Effect”), starting 8 October 2023, anyone — including a crypto issuer or business based outside the UK — who makes a...more
The much-promised financial promotions gateway has now become law. The UK financial promotions regime is undergoing a large amount of change at the moment, which we discussed previously....more
In its February 2023 discussion paper (DP23/2) relating to the UK regulatory regime for asset management, the UK’s Financial Conduct Authority (“FCA”) briefly touched on fund tokenisation as an area of technological drive and...more
The FCA is continuing to crack down on firms and ‘finfluencers’ using social media for non-compliant and illegal financial promotions and this week has announced plans to update its existing guidance on social media and...more
The Financial Conduct Authority (FCA) is consulting on updated guidance on financial promotions on social media platforms, such as TikTok and Instagram. The last significant guidance on this topic was in 2015, which focussed...more
Regulator clarifies that existing FCA rules will continue to apply but will also reflect the evolving landscape of financial promotions on social media. On 17 July 2023, the FCA published a guidance consultation (GC23/2)...more
The Financial Services and Markets Act 2023 which received Royal Assent on 29 June 2023 contains new provisions to establish a regulatory gateway for the approval of unauthorised persons’ financial promotions. This presents...more
From 8 October 2023, marketing of cryptoassets in the UK will be subject to a general restriction on financial promotions,1 breach of which is a criminal offence. The restriction will apply to communications capable of having...more