On 21 March 2025, the Financial Conduct Authority (FCA) announced a comprehensive market study into the distribution of pure protection products to individual retail customers (MS24/1.2). This initiative aims to ensure that the market functions effectively and that consumers receive fair value and good outcomes from these products. The study puts commission arrangements
Recent regulatory activity and enforcement outcomes have highlighted the obligations on auditors to make reports to regulators in certain circumstances. Given the web of relevant provisions, the number of bodies potentially requiring notification, the client confidentiality overlay and the pressures to which busy professionals are subject, keeping track of who should say what to whom
Background
The Prudential Regulation Authority’s (PRA) published its Policy Statement “Review of Solvency II: Reform of the Matching Adjustment” (PS10/24) and the associated finalised rules and guidance[1] on 6 June 2024. This followed the publication of the PRA’s consultation paper in September 2023 and the enactment of The Insurance and
Background
February was an important month in Hong Kong’s journey towards regulating the digital asset ecosystem and positioning itself as a leading innovation hub.
On 20 February 2024, the Hong Kong Monetary Authority (HKMA) published comprehensive guidance on the provision of digital asset custody services (Custodial Services Circular) and the sale
On 8 February 2023, the Financial Services and the Treasury Bureau (FSTB) launched a consultation on legislative proposals to introduce a licensing regime to regulate providers of over the counter (OTC) trading services for virtual assets (VAs) (the Consultation). The proposed licensing regime will be introduced by amending
On 15 February 2024, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) has confirmed that market participants will be able to submit an application for a CASP licence or notification to the AFM as of 22 April 2024. If approved, the licences or notifications will take effect from
Background
On 22 December 2023, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) issued an updated joint circular on intermediaries’ virtual asset-related activities (Joint Circular) with appendices. The Joint Circular supersedes the previous joint circular of 20 October 2023 (October Joint
As anticipated in our previous horizon scan (see here), the end of 2023 has brought about significant developments in financial crime enforcement and a real focus on fraud. Looking ahead to 2024, we predict that developments affecting organisations doing business in the UK will include:
Following the enactment of the Economic Crime and Corporate Transparency Act 2023 (ECCTA) last month, the UK Government has proposed in the Criminal Justice Bill (CJB) (here) to extend the scope of corporate liability for senior managers beyond certain economic offences to all UK criminal offences.
Reform of economic