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Food Safety Modernization Act › Financial Conduct Authority (FCA) › Financial Services Industry

The Food Safety Modernization Act is a United States federal statute enacted in 2011 to ensure the safety of the U.S. food supply and prevent food contamination. The main features of the FSMA include expanding... more +
The Food Safety Modernization Act is a United States federal statute enacted in 2011 to ensure the safety of the U.S. food supply and prevent food contamination. The main features of the FSMA include expanding the FDA's inspection of food processing facilities and imported food products, requiring all food processors, manufactures and handlers to register with HHS and maintain food safety records, and shifting the government's focus away from responding to food contamination and towards preventing food contamination.  less -
Hogan Lovells

New court decision widens the potential liability of principals for their appointed representatives

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The recent Court of Appeal decision in KVB Consultants Ltd and others v Jacob Hopkins McKenzie Ltd and others [2024] EWCA Civ 765 (9 July 2024) has important implications for any regulated firm that acts as principal to an...more

Hogan Lovells

UK: Finfluencers beware - The FCA is closing in

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The UK Financial Conduct Authority (FCA) has brought criminal charges against nine individuals in relation to an unauthorised foreign exchange trading scheme promoted on social media....more

BCLP

Response to FCA's CP24/2

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We strongly disagree with the FCA’s proposals, set out in CP24/2, to announce that it has opened enforcement investigations into firms where it considers this to be in the public interest. We set out our objections in detail...more

A&O Shearman

Unpacking the FCA’s survey on non-financial misconduct

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The Financial Conduct Authority’s (FCA) latest survey issued to certain regulated firms suggests that tackling non-financial misconduct remains a key strategic priority for the UK regulator. This comes hot on the heels of...more

Akin Gump Strauss Hauer & Feld LLP

FCA Consults on Publishing Information about the Opening and Progress of Investigations

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The U.K. Financial Conduct Authority has published its proposed approach to publishing information about the opening and progress of investigations.1  The proposals represent a marked departure from the FCA’s current practice...more

BCLP

Joining the Dots - Will the UK’s New Critical Third Party Rules Truly Move the Dial for Financial Institutions?

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The announcement in 2021 of the intention to implement new rules directly targeting the types of tech service provider relied on by most financial institutions may be a necessary corrective given the heavy market...more

Hogan Lovells

UK access to cash: FCA and Bank of England consultations

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As part of measures introduced under the Financial Services and Markets Act (FSMA) 2023, the Financial Conduct Authority (FCA) and the Bank of England (BoE) have published consultations relating, respectively, to maintaining...more

Katten Muchin Rosenman LLP

FCA Publishes Consultation on UK Overseas Funds Regime

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On 4 December 2023, the Financial Conduct Authority (FCA) published a consultation (CP23/26) on the implementation of the UK’s overseas funds regime (OFR). The OFR is a new statutory framework that is intended to provide...more

Hogan Lovells

Hitting the brakes: UK FCA review of motor finance commission arrangements

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Following a large number of complaints from motor finance customers in relation to discretionary commission arrangements entered into before the FCA's 2021 ban was introduced, the FCA has announced that it is using its powers...more

Proskauer Rose LLP

Regulation Round Up - December 2023

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Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. Key developments in December 2023: 21 December - UK / Swiss Regulatory...more

Cadwalader, Wickersham & Taft LLP

The UK’s FCA Consults on Changes to Allow Recognition of Overseas Funds

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The UK’s Financial Conduct Authority (“FCA”) is consulting on changes to its rules to allow funds domiciled outside the UK to market to UK retail customers....more

White & Case LLP

FCA DP23/4: UK Regulation of Stablecoins

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On 6 November 2023, the UK Financial Conduct Authority ("FCA") set out proposals for its regulation of fiat-backed stablecoins ("DP 23/4"). DP 23/4 invites stakeholders to provide feedback by 6 February 2024....more

Dechert LLP

FCA Proposes a New Regulatory Framework on Diversity and Inclusion

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The Financial Conduct Authority (FCA) is engaging with firms to improve diversity and inclusion in financial services. It has launched a consultation, CP23/20 Diversity and inclusion in the financial sector – working together...more

WilmerHale

A “New” City Bobby: Proactive FCA Supervision and Enforcement

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In the build-up to his appointment as chief executive of the Financial Conduct Authority (FCA) in 2020, Nikhil Rathi stated that his vision for the regulator involved “a stronger, prompter approach to enforcement”. This...more

Hogan Lovells

UK: A short guide to the FCA Financial Promotion Gateway

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The new Financial Conduct Authority (FCA) financial promotion gateway comes into effect on 7 February 2024. Further to amendments made by the Financial Services and Markets Act 2023, authorised firms that wish to continue...more

Goodwin

AI and Machine Learning in UK financial services: the public response to the FCA and PRA

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In our previous alert, we discussed the emerging trends for regulating artificial intelligence (AI) in financial services and mentioned a joint paper published by the Prudential Regulation Authority (PRA) and Financial...more

Cadwalader, Wickersham & Taft LLP

FCA’s Introduction of a Gateway for Firms to Approve Financial Promotions

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On September 12, 2023, the UK’s Financial Conduct Authority (“FCA”) published Policy Statement PS23/13 (the “Policy Statement”) setting out its final position on the introduction of a new gateway for firms that approve...more

Akin Gump Strauss Hauer & Feld LLP

UK Enacts Legislation to Bring Cryptoassets Within Scope of Existing Financial Services Regulatory Regime

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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

Katten Muchin Rosenman LLP

FCA Publishes Policy Statement and Near-Final Rules on Financial Promotion Approvals Gateway

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The FCA has published a policy statement (“PS23/13”) on introducing a “gateway” for firms that approve the financial promotions of unauthorised firms. PS23/13 supports amendments made to the Financial Services and Markets Act...more

Pillsbury Winthrop Shaw Pittman LLP

Provisions Relating to Digital Assets under the Financial Services and Markets Act 2023 Come into Force

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With new provisions in effect beginning August 29, 2023, the UK’s regulatory framework for digital assets begins to take shape. FSMA 2023 explicitly brings cryptoassets within the FCA’s regulatory perimeter and creates a...more

Katten Muchin Rosenman LLP

FCA Publishes Findings From its Whistleblowing Survey 2022

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The Financial Conduct Authority (FCA) recently published the findings from its 2022 whistleblowing qualitative assessment survey, together with the steps it intends to take to improve whistleblower confidence. The FCA...more

Goodwin

Doing Fintech Business in the UK: Regulatory Q&A for US and Other Non-UK Businesses

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With more fintech’s looking to expand their businesses internationally, it can be daunting to navigate varying regulations across borders. This article focuses on regulations in the United Kingdom....more

Hogan Lovells

UK: Bespoke temporary exemption for financial promotions relating to qualifying cryptoassets

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In a departure from recent proposals to bring certain cryptoassets into the scope of the Financial Promotion Order, the government intends to introduce a bespoke temporary exemption for financial promotions relating to...more

Dechert LLP

The Edinburgh Reforms

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On 9 December 2022, in Edinburgh, the Chancellor of the Exchequer announced a set of reforms that are intended to drive growth and competitiveness in the financial services sector (the Edinburgh Reforms or the Reforms). ...more

Skadden, Arps, Slate, Meagher & Flom LLP

Strengthened FCA Rules for Appointed Representatives: Implications for UK Financial Firms

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The U.K. Financial Conduct Authority (FCA) recently introduced important changes to the regime governing Appointed Representatives (ARs), which carry out regulated activity for which an authorised firm is responsible. The new...more

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