- Revised list of exempted shares (LES) available from 1 April 2023 – The FCA has undertaken a second review of the LES (as required under the UK Short
FCA updates webpage on notification and disclosure of net short positions
FCA Primary Market Bulletin 44
On 20 March 2023, the FCA published Primary Market Bulletin 44, which includes information on diversity and inclusion on company boards and executive management.
In light of concerns that there was a lack of standardised and mandatory transparency about diversity on listed company boards, the FCA recently introduced new Listing Rules in Policy Statement
FOS announces awards limit increase
On 20 March 2023, the Financial Ombudsman Service (FOS) announced that the FCA has confirmed an increase in the award limits – the maximum amounts the FOS can require a financial business to pay when it upholds complaints.
The FCA has confirmed that from 1 April 2023, the award limits will go up
ESMA raises concerns over proposed changes to the insider list regime in the Market Abuse Regulation
On 20 March 2023, the European Securities and Markets Authority (ESMA) published a letter, addressed to the European Parliament and Council, raising concerns over proposed changes to the insider list regime in the Market Abuse Regulation.
The proposed changes, put forward by the European Commission (Commission) in December 2022 as
Regulation (EU) 2023/606 as regards the requirements of pertaining to the investment policies and operating conditions of ELTIFs and the scope of eligible investment assets, the portfolio composition and diversification requirements and the borrowing of cash and other fund rules
On 20 March 2023, there was published in the Official Journal of the European Union (OJ) Regulation (EU) 2023/606 of the European Parliament and of the Council of 15 March 2023 amending Regulation (EU) 2015/760 as regards the requirements of pertaining to the investment policies and operating conditions of European long-term investment funds
BoE publishes statement on Silicon Valley Bank
On 12 March 2023, the Bank of England (BoE) published a statement on Silicon Valley Bank.
The BoE, in consultation with the Prudential Regulation Authority (PRA), HM Treasury (HMT) and the FCA, has taken the decision to sell Silicon Valley Bank UK Limited (SVBUK), the subsidiary of
HM Treasury and BoE announce the sale of SVB UK
On 13 March 2023, HM Treasury and the Bank of England (BoE) published statements regarding the sale of Silicon Valley Bank (UK) Ltd (SVB UK) to HSBC.
The statements explain that the BoE, in consultation with the Treasury, the PRA and the FCA, has facilitated the sale of SVB UK to
New briefing note – Reforming the Consumer Credit Act 1974
Among the documents that the Government published last December as part of its Edinburgh reforms was a consultation paper on reforming the UK’s Consumer Credit Act 1974. We have published a new briefing note on the consultation paper which can be found here.
FCA Dear CEO letter outlines ESG Benchmarks Review findings
On 20 March 2023, the FCA published a Dear CEO letter to benchmark administrators outlining the issues identified during its preliminary review on ESG benchmarks.
This follows a previous Dear CEO letter, sent in September 2022, which highlighted the risk of poor disclosures for ESG benchmarks. The FCA flagged the importance of high quality
JMLSG publishes amendments to Sectors 8 and 9 in Part II
On 17 March 2023, the Joint Money Laundering Steering Group (JMLSG) published final amendments to the following text in Part II of its Guidance:
- Sector 8 (Non-life providers of investment fund products).
- Sector 9 (Discretionary and advisory investment management).
These have been submitted to HM Treasury for Ministerial approval.