News & Analysis as of

Financial Services and Markets Act

A&O Shearman

UK Financial Services and Markets Act 2023 (Commencement No 7) Regulations 2024 Published

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The Financial Services and Markets Act 2023 (Commencement No 7) Regulations 2024 (SI 2024/891) have been made. The Regulations revoke certain instruments listed in the Financial Services and Markets Act 2023 relating to...more

A&O Shearman

UK Conduct Authority Consults on Changes to the Derivatives Trading Obligation

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The Financial Conduct Authority has launched a consultation on three proposed amendments to different aspects of the U.K. derivatives trading obligation. The consultation is part of the Wholesale Markets Review. The Markets...more

A&O Shearman

UK Grants Equivalence to EEA UCITS Under Overseas Funds Regime

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The Financial Services and Markets Act 2000 (Overseas Funds Regime) (Equivalence) (European Economic Area) Regulations 2024 (SI 2024/635) were made on May 13, 2024 and enter into force on July 16, 2024. Established by the...more

Proskauer - Regulatory & Compliance

The Anti-Greenwashing Rule Comes Into Force: A Legal Lens

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

A&O Shearman

UK Prudential Regulator Granted Power to Disapply Rules

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On April 18, 2024, the Financial Services and Markets Act 2000 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024 were made. The Financial Services and Markets Act of 2023...more

A&O Shearman

UK Approach to Critical Third-Party Supplier Designation Published

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The Financial Services and Markets Act 2023 established a framework for the regulation of third parties who provide significant services to financial institutions, giving HM Treasury power to designate an entity as a...more

A&O Shearman

HM Treasury Publishes Policy Statement on Next Phase of Smarter Financial Services Regulatory Framework

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On March 21, 2024, HM Treasury published a paper on the next phase of its Smarter Financial Services Regulatory Framework, the U.K.'s program of post-Brexit regulatory reforms for financial services. The original policy...more

A&O Shearman

UK Conduct Authority Consults on New Approach to Enforcement and Publication of Enforcement Investigations

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On February 27, 2024, the U.K. Financial Conduct Authority published a consultation on revisions to its Enforcement Guide, setting out proposals which aim to simplify the guidance and increase transparency around the FCA's...more

Skadden, Arps, Slate, Meagher & Flom LLP

PRA Announces Final Adjustments to ‘Solvency UK’ Rules and Consults on Requirements for ‘Solvent Exit’ Plans

As discussed in our previous updates, in June 2020 the UK government announced a wide-ranging review of the Solvency II framework in the UK, aimed at reforming the insurance regulatory framework inherited from the EU given...more

Goodwin

Forward to the Past: HNW and Sophisticated Exemptions for UK Investors

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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

WilmerHale

The FCA Enforcement Club: Public Membership Soon to be Available...

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“The first rule of enforcement club is that you do in fact talk about enforcement club”; so Therese Chambers, the UK Financial Conduct Authority’s (FCA) joint executive director of enforcement and market oversight, announced...more

Latham & Watkins LLP

UK Government Consults on World’s First Regulated Public-Private Crossover Market

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UK Chancellor launches consultation on the proposed Private Intermittent Securities and Capital Exchange System (PISCES) as part of the Spring Budget. On 6 March 2024, HM Treasury published a consultation paper seeking...more

A&O Shearman

UK Public Offers and Admissions to Trading Regulations Published

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On January 29, 2024, the Public Offers and Admissions to Trading Regulations 2024 (SI 2024/105) were published. The Regulations implement the new Public Offers and Admission to Trading Regime, part of the new designated...more

A&O Shearman

UK Fifth Commencement Regulations Under the Financial Services and Markets Act 2023 Published

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The Fifth Commencement Regulations - the Financial Services and Markets Act 2023 (Commencement No. 5) Regulations 2024 (SI 2024/250)- under the Financial Services and Markets Act 2023 were made on February 29, 2024. One of...more

A&O Shearman

UK Data Reporting Services Regulations 2024 Published

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On January 29, 2024, the Data Reporting Services Regulations 2024 (SI 2024/107) were made. The Data Reporting Services Regulations 2024 will enter into force on the same day that the Data Reporting Services Regulations 2017...more

A&O Shearman

Fourth Commencement Regulations Under Financial Services and Markets Act 2023 Published

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The Fourth Commencement Regulations - the Financial Services and Markets Act 2023 (Commencement No. 4 and Transitional and Saving Provisions) (Amendment) Regulations 2023 - under the Financial Services and Markets Act 2023...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula Podcast | Developments on the Horizon for the UK Change-in-Control Regulatory Regime

In this episode of “The Standard Formula” podcast, which focuses on Solvency II developments, Skadden partner Rob Chaplin is joined by colleague Olivier Peeters to discuss the U.K.'s change in control regime for insurers and...more

A&O Shearman

UK Financial Conduct Authority Publishes Rule Review Framework

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The U.K. Financial Conduct Authority has published its Rule Review Framework, setting out how it will set, measure and monitor the outcomes of its Handbook rules. The Rule Review Framework was mandated under the Financial...more

A&O Shearman

HM Treasury Publishes Special Resolution Regime Code of Practice for Central Counterparties

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HM Treasury has published the Central Counterparties Special Resolution Regime Code of Practice, setting out guidance on the operation of the expanded resolution regime for CCPs established under the Financial Services and...more

A&O Shearman

Payment Systems Regulator Publishes New Rules for Mandatory Reimbursement of Authorized Push Payment Scams

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The Payment Systems Regulator has published its Final Policy Statement on its new regime for fighting authorized push payment scams. The Financial Services and Markets Act 2023 (discussed in our client note, “A Boost for UK...more

A&O Shearman

UK Legislates to Implement the Digital Securities Sandbox

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Legislation implementing the U.K.'s first digital sandbox – the Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023 – came into force on January 8, 2024. The DSS Regulations enable the...more

A&O Shearman

UK Conduct Regulator Consults on Bond and Derivatives Markets Transparency Requirements

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The U.K. Financial Conduct Authority has opened a consultation on proposals for improving transparency for bond and derivatives markets. Following the Wholesale Markets Review, the Financial Services and Markets Act...more

A&O Shearman

UK Finalizes Framework for Consolidated Tape for Bonds

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Following its consultation last year, the U.K. Financial Conduct Authority has published its final framework for a consolidated tape for bonds. MiFID II introduced requirements for a CT for transactions in equity and...more

A&O Shearman

UK Extends Transitional Period for Third-Country Benchmarks

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The Financial Services and Markets Act 2023 (Benchmarks and Capital Requirements) (Amendment) Regulations 2023 were enacted on December 19, 2023. The Regulations amend two pieces of legislation that are set to be repealed by...more

Hogan Lovells

UK: Digital Securities Sandbox now in force

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On 8 January 2024, the Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023 entered into force, creating the Digital Securities Sandbox within which certain Financial Market Infrastructures...more

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