- The financial services sector is critical to the Chancellor’s ambitions for the UK as it is one of the largest and most successful sectors in the UK.
- A new
Digital Gilt Instrument (DIGIT) pilot update
- Enable the government to explore how distributed ledger technology (DLT) can be applied across the lifecycle of the UK sovereign debt issuance process.
- Catalyse the development of
HMT Policy Note – Updating the UK’s regulatory framework for CCPs
On 15 July 2025, HM Treasury (HMT) published a Policy Note on updating the UK’s regulatory framework for central counterparties (CCPs). Alongside the Policy Note HMT has published two draft statutory instruments (SIs) for technical comment. The draft SIs, and the accompanying Policy Note, are intended to be considered
HMT Policy Paper on Wholesale Financial Markets Digital Strategy
- Market optimisation: the government will optimise UK wholesale
Global Regulation Tomorrow Plus: UK cryptoasset regulation mini-series – Episode 2 – Qualifying stablecoins
In the second podcast of our new mini-series covering UK cryptoasset regulation Jonahan Herbst, Hannah Meakin and Matthew Gregory discuss the key features of qualifying stablecoins.
Listen to the episode here.
FCA CP25/20: The SI regime for bonds and derivatives including Discussion Paper on equity markets
On 4 July 2025, the Financial Conduct Authority (FCA) issued Consultation Paper 25/20: Consultation Paper on the SI regime for bonds and derivatives including Discussion Paper on equity markets (CP25/20).
Background
In November 2024, the FCA published Policy Statement 24/14 which introduces new bond and derivative transparency rules for trading venues
FCA Consultation Paper (CP25/19): Ancillary Activities Test
Introduction
On 3 July 2025, the Financial Conduct Authority (FCA) published a consultation paper (CP 25/19) on the ancillary activities exemption (AAE). The AAE exempts commercial users or producers of commodities from the need to be authorised as an investment firm if their trading in commodity derivatives, emissions allowances
AI Regulation in Financial Services: FCA Developments and Emerging Enforcement Risks
Approximately one year on from our briefing in June 2024 which considered some of the steps firms could be taking to meet future regulatory expectations in relation to governance of AI, in this briefing we outline some of the significant steps taken by the FCA over the past twelve months or so, in shaping the
New Risks Redefined podcast: Risk Assessments – Key principles
This podcast is the second in a mini-series discussing risk assessments, which are the cornerstone of an effective risk and compliance program and necessary in a number of areas to meet UK regulatory requirements. The first of our podcasts in the series focused on the new failure to prevent fraud offence which comes into force
AIFMD 2: Quick guide to Member State activity
AIFMD 2: Quick guide to Member State activity
On 26 March 2024, the final legislative text of the Alternative Investment Fund Managers Directive 2 (AIFMD 2) was published in the Official Journal of the EU. The publication marked the conclusion of the AIFMD Review process that formally began in 2020. AIFMD 2 amends