Regulation and compliance

On 20 May 2024, the FCA published a speech by Sarah Pritchard (Executive Director, Markets and Executive Director, International, FCA) entitled Aiming for calm seas in our market reforms.

In her speech Sarah Pritchard reminds her audience that the FCA is committed to making sure that regulation supports the UK’s position in global wholesale


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  • 20 May 2024 – On 30 April 2024, the European Securities and Markets Authority published the results of the annual transparency calculations for non-equity instruments, bond liquidity data and quarterly systematic internaliser calculations under MiFID II and MiFIR. For this period, there are currently 1,371 liquid bonds subject to MiFID II transparency

Many companies are currently considering what steps they need to take in relation to the new UK failure to prevent fraud offence (which is expected to come into force later this year or in early 2025).

By way of recap, a company will be liable for failing to prevent fraud by its associated persons (e.g.

On 14 May 2024, the House of Lords Financial Services Regulation Committee (FSRC) published a letter it received from Nikhil Rathi, the Chief Executive of the Financial Conduct Authority (FCA), concerning reforms to the cost disclosure regime for investment trusts. The letter is dated 10 May 2024.

Mr Rathi highlights the

On 9 May 2024, the FCA published the speech that Emily Shepperd (FCA Chief Operating Officer) gave at the Building Societies Annual Conference. The speech is entitled Building our societies through lending and savings.

Key points in the speech include:

  • A rise in longer mortgage terms has recently been witnessed – mortgages lasting longer


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  • 12 May 2024 –  On 22 April 2024, there was published in the Official Journal of the European Union (OJ) Directive (EU) 2024/1174 amending the Bank Recovery and Resolution Directive and the Resolution establishing the Single Resolution Mechanism (SRM Regulation) as regards certain aspects of the minimum requirement

On 9 May 2024, the Financial Services and Markets Act 2023 (Commencement No.6) Regulations 2024 were published. These Regulations are the sixth commencement Regulations made under the Financial Services and Markets Act 2023 (FSMA 2023).

The Regulations make the following changes:

  • Section 1 of FSMA 2023 revokes assimilated law which is referred to

On 8 May 2024, the Financial Services Regulation Committee (FSRC) announced that it is launching an inquiry into the secondary international competitiveness and growth objective given to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) under the Financial Services and Markets Act 2023.

The FSRC was

On 1 May 2024, the House of Lords’ Financial Services Committee (Committee) published a letter (dated 30 April 2024) that it had sent to Nikhil Rathi (Chief Executive, FCA).

The letter follows a private briefing that Mr Rathi provided the Committee with and follows up on cost disclosure requirements for listed investment companies