On 22 July, the Treasury published the response to the Call for Evidence on the Overseas Framework, which was initially issued in December 2020. The Call for Evidence received 34 responses, with submissions from stakeholders from a range of sectors spanning banking, legal, wholesale, trading venues, insurance and trade bodies. Submissions also emanated from a
SFDR draft RTS further delayed – what does it mean for firms?
Earlier this year, the European Supervisory Authorities (ESAs) published a final report containing draft regulatory technical standards (RTS) on the content, methodologies and presentation of sustainability-related disclosures under the empowerments set out in Articles 2a, 4(6) and (7), 8(3), 9(5) and 10(2) and 11(4) of the Sustainable Finance Disclosure Regulation (
New briefing note on Commission legislative proposal on European green bonds
We have published an online briefing note covering the new European Commission legislative proposal on European green bonds.
FCA multi-firm review – Authorised fund managers’ assessments of their funds’ value
On 6 July 2021, the FCA set out the findings from its recent review concerning the processes used by different Authorised Fund Managers (AFMs) when they carry out assessments of value for the funds they operate. The FCA found that most of the 18 fund managers it had reviewed between July 2020 and
FCA CP21/21: Primary Markets Effectiveness Review
On 5 July 2021, the FCA published Consultation Paper 21/21: Primary Markets Effectiveness Review (CP21/21).
In CP21/21 the FCA discusses the functioning of the listing regime so that it can better understand the purpose and value to both issuers and investors of listing. This will provide input to how the FCA can improve
Primary Market Bulletin 35
On 2 July 2021, the FCA published Primary Market Bulletin 35.
In this Bulletin the FCA covers its proposed approach to assessing eligibility and listing applications for companies with cannabis-related activities. The FCA states that it will appreciate feedback.
MoU between HM Treasury and the Monetary Authority of Singapore
On 30 June 2021, the Chancellor announced a new financial partnership between the UK and Singapore. The Partnership is backed up by a non-legally binding memorandum of understanding (MoU) which aims to reduce frictions for firms serving UK and Singapore markets. Under the Partnership, the UK and Singapore will explore opportunities for greater
FCA review finds weaknesses in some ‘host’ authorised fund management firms’ governance and operations
On 30 June 2021, the FCA published the findings of its multi firm review into the activities of host authorised fund manager firms (AFMs).
The FCA reports that it found that whilst some firms were operating well, others are not. The FCA found weaknesses in governance structures, conflicts of interest management and operational
Guidelines on stress test scenarios under the MMF Regulation
On 29 June 2021, the European Securities and Markets Authority (ESMA) published guidelines that apply in relation to Article 28 of the Money Market Funds Regulation and establish common reference parameters for the stress test scenarios to be included in the stress tests conducted by money market funds (MMFs) or managers
FCA consultations on enhancing climate-related disclosures
On 22 June 2021, the FCA published the following:
- Consultation Paper 21/17: Enhancing climate-related disclosures by asset managers, life insurers, and FCA-regulated pension providers (CP21/17).
- Consultation Paper 21/18: Enhancing climate-related disclosures by standard listed companies and seeking views on ESG topics in capital markets (CP21/18).
Background
In November 2020, the Government