The Financial Services Regulatory Initiatives Forum (the Forum) has published the Regulatory Initiatives Forum Grid (the Grid), with the UK Financial Conduct Authority (FCA) also updating its webpage. The previous Grid was...more
The government has published a policy paper containing an Action Plan for “A new approach to ensure regulators and regulation support growth”. The Action Plan shows a shift in approach towards regulation (including, but not...more
The UK’s Treasury ("HMT") has set out an Action Plan to ensure that regulation promotes growth and investment. Noting that while regulation has many benefits, the UK’s current stance is hindering its international...more
HM Treasury (HMT) has published a response to UK's Accelerated Settlement Taskforce (AST) report recommending a plan for the UK to move to a T+1 settlement cycle for securities trades. HMT accepts the recommendation of 12...more
The House of Lords Financial Services Regulation Committee (FSR Committee) published a report on the Financial Conduct Authority's (FCA's) proposal to publicise enforcement investigations, in the spirit of "naming and...more
The Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 have been published, alongside an explanatory memorandum. The Regulations amend the...more
HM Treasury has published the Prudential Regulation of Credit Institutions (Meaning of CRR Rules and Recognised Exchange) (Amendment) Regulations 2024, together with an explanatory memorandum....more
An updated draft version of the Short Selling Regulations 2024, alongside an explanatory memorandum and de minimis impact assessment, have been laid before Parliament. The draft Regulations establish a new legislative...more
The Regulations: (i) replace assimilated law in relation to the Packaged Retail and Insurance-based Investment Products Regulation, establishing a new legislative framework for the regulation of Consumer Composite...more
The Prudential Regulation Authority and Financial Conduct Authority have published a joint policy statement on operational resilience for critical third parties (CTPs) in the U.K. financial sector, which includes their final...more
HM Treasury has published a policy paper announcing further reforms to the U.K.'s wholesale markets framework, a key part of the latest Mansion House reforms HM Treasury has committed to legislate to amend the Markets in...more
HM Treasury has launched a call for evidence on a proposed Financial Services Growth & Competitiveness Strategy, a key part of the latest Mansion House reforms. Once developed, the Strategy will serve as the central guiding...more
Following its consultation, HM Treasury has published its response to the consultation on the future regulatory regime for ESG ratings providers, along with the draft Financial Services and Markets Act 2000 (Regulated...more
The UK Chancellor announces a growth-focused agenda for financial services. On 14 November 2024, the new Chancellor of the Exchequer, Rachel Reeves, delivered her first Mansion House speech....more
In the UK, 14 million people used “buy now, pay later” (BNPL) at least once in the six months leading up to January 2023. Frequent users were more than four times as likely as other consumers to have missed a payment on a...more
Undertakings in difficulty, in the context of Solvency II, refers to insurers that are either failing or likely to fail to meet their solvency capital requirement (SCR) or their minimum capital requirement (MCR) (together,...more
HM Treasury has begun consulting on draft legislation regulating Buy Now Pay Later. HM Treasury is proposing to bring forward secondary legislation that would bring BNPL into Financial Conduct Authority regulation as soon as...more
HM Treasury has published a policy statement on the treatment of overseas investment exchanges for the purposes of the U.K. Capital Requirements Regulation. HM Treasury initially proposed to expand the definition of...more
HM Treasury has published a policy update to confirm its legislative approach for applying the "FSMA model" to the assimilated EU capital requirements regime under the U.K. Capital Requirements Regulation and Capital Buffers...more
Amongst the broad range of updates this week, at international level, the FSB published its thematic peer review on MMF Reforms and the BCBS published the outcomes of its meeting held on 28 and 29 February, including that it...more
On 30 October 2023, the HM Treasury (HMT) published its much-anticipated response (Consultation Response) to its March 2023 consultation paper (Consultation) on the UK’s future financial services regime for cryptoassets....more
On July 21, the UK Treasury and the City of London Corporation (“CLC”) published a report on their first annual review of the UK financial services sector (the “Report”). The Report sets out findings from a review of the...more
On May 31, 2022, the UK Treasury announced a consultation on the government’s proposals to manage the failure of systemic digital settlement asset (“DSA”) (including stablecoin) firms by adapting the existing Financial Market...more
Key developments of interest over the last month include: United Kingdom: HM Treasury publishes Call for Evidence for Payments Landscape Review, seeking industry input on how payment systems could be improved. The deadline...more
Financial Services Regulatory Initiatives Forum and the Regulatory Initiatives Grid to be introduced this summer. On 11 March 2020, HM Treasury published its response to the Call for Evidence on Regulatory Coordination....more