In the latest episode of our mini-series looking at the UK’s approach to regulating cryptoassets we discuss some of the key points from the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025 that were recently laid before parliament by HM Treasury, including some of the new substantive provisions and clarifications to the scope of the
December 2025
Merry Christmas and a Happy New Year to our readers
To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year.
We will resume posting material following the festive period on 6 January 2026 although if there are any significant developments we will endeavour to provide an update.
New briefing note- Horizon scanning: UK regulatory topics to look out for in 2026
In our latest briefing note, we look at key regulatory topics for 2026 that will have a significant impact on institutions operating in the UK financial services space. We have not attempted to list every single reform expected next year but rather pick out those with the potential to be most significant, as well…
Benchmarks regime reform proposals
On 17 December 2025, HM Treasury published plans to reform the UK’s benchmark regime on the basis that it is no longer proportionate to the risks it sought to address. The proposals would reduce the scope of regulation by 80-90% to include only a small number of benchmarks and administrators. The FCA has…
Global Regulation Tomorrow Plus: EMEAPAC insights series: Episode 26 – Commission’s market integration and supervision legislative package
In this special edition of our EMEA APAC regulatory insights series colleagues from the EU cover the European Commission’s recent market integration and supervision legislative package – a core pillar of the Savings and Investments Union. The package is a major initiative designed to unlock the full potential of the EU Single Market.
Listen to…
Consultation on better targeted superannuation concessions changes
On 19 December 2025, the Albanese Government published, as part of its Better Targeted Super Concessions policy, the Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2025 and the Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2025. Together these Bills reduce the tax concessions for people with total super balances over $3 million by imposing…
ESMA report on STORs
On 19 December 2025, the European Securities and Markets Authority (ESMA) issued its latest report on Suspicious Transaction and Order Reports (STORs).
The report seeks to provide the market with an overview of the use of STORs in different jurisdictions across the EU and how this has evolved over time.
Compared…
ECB Guideline on the supervisory approach by NCAs to coverage of non-performing exposures held by less significant supervised entities
On 19 December 2025, there was published in the Official Journal of the EU, Guideline (EU) 2025/2595 of the European Central Bank (ECB) of 10 December 2025 on the supervisory approach by Member State competent authorities (NCAs) to coverage of non-performing exposures held by less significant supervised entities.
The Guidelines are…
Handbook Notice No. 136
On 19 December 2025, the Financial Conduct Authority (FCA) issued Handbook Notice No. 136.
This Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board and ERPC the under their legislative and other statutory powers on 27 November, 9 December and 18 December 2025.
On…
Low Impact Amendments Finalisation December 2025
- The conditional disapplication of the PRA General Provisions to give effect to the deference arrangements under the UK Swiss-Berne Financial Services Agreement.
- An amendment