On 3 July 2024, the Financial Conduct Authority (FCA) published Policy Statement PS24/5, which sets out its final regulatory fee and levy rates for 2024/25 along with feedback on its related consultation paper.
PS24/5 includes the 2024/25 regulatory fee and levy rates for the FCA, the Financial Ombudsman Service, and the levies
On 2 July 2024, the Network for Greening the Financial System (NGFS) published two complementary reports on nature-related risks:
This report covers key emerging trends related to nature-related litigation, including cases concerning biodiversity loss, deforestation, ocean degradation, carbon sinks and plastic pollution
On June 27, 2024, the Supreme Court issued a decision holding that the Securities and Exchange Commission’s (SEC) practice of seeking civil monetary penalties in securities fraud cases filed in its administrative forum violates the Seventh Amendment of the Constitution. SEC v. Jarkesy, No. 22–859 (June 27, 2024). The Supreme Court’s reasoning could
The US Supreme Court’s ruling on the Chevron doctrine in Loper Bright Enterprises v. Raimondo (Loper), will profoundly impact multiple industries regulated by federal agencies, including the healthcare and securities industries. Federal agencies have grown accustomed to being the ultimate arbiter of ambiguous language in their applicable laws, rules and regulations. Those days are over
On June 26, 2024, the Supreme Court of the United States (SCOTUS) held in Snyder v. United States that 18 U.S.C. § 666 does not apply to gratuities — even those that raise eyebrows and ethical concerns. The federal statute prohibits public officials, including most state and local officials, from “corruptly” soliciting, accepting
On 28 June 2024, the Agency for the Cooperation of Energy Regulators (ACER) launched a public consultation on changes to the Annex of Commission Implementing Regulation (EU) No 1348/2014 on data reporting implementing Article 8(2) and Article 8(6) of Regulation (EU) No 1227/2011 (REMIT Implementing Regulation). By way of background, Regulation
Following on from our previous Regulation Around the World issue on buy now pay later (BNPL), we have published this short briefing note which provides a high-level snapshot of the state of play for BNPL legislation in three key markets – UK, US and Australia.
On 27 June 2024, the Monetary Authority of Singapore (MAS) announced the expansion of two initiatives to scale asset tokenisation for financial services.
Project Guardian
One of these initiatives – Project Guardian – involves partnering with global industry associations and financial institutions to drive common asset tokenisation standards in fixed income, foreign exchange
On 27 June 2024, the Banque de France (BDF) and the HKMA announced their collaboration in relation to wholesale central bank digital currency (CBDC).
This latest collaboration between the two regulators is the HKMA’s participation in Wave 2 of the European Central Bank’s (ECB) Eurosystem exploratory work. The BDF and
On 25 June 2024, the HKMA issued a press release announcing that the Hong Kong Institute for Monetary and Financial Research (HKIMR), the research arm of the Hong Kong Academy of Finance (AoF), has released two new research reports, on “Decentralised Finance: Current Landscape and Regulatory Developments” and “The Metaverse: Opportunities