Global Consultations closing for comments: European Union New legislation: Consultations closing for comments: Public hearings: United Kingdom New legislation: Consultations closing for comments:… Continue Reading
On 22 February 2024, the Prudential Regulation Authority (PRA) published Policy Statement PS4/24, which provides feedback to responses to Consultation Paper CP11/23 on its proposed approach to reviewing its rules. PS4/24 also contains the PRA’s final statement on the review of rules, which the PRA is required to publish under section 3RB of the Financial … Continue Reading
On 21 February 2024, Ashley Alder, Chair of the Financial Conduct Authority (FCA), delivered a speech on ‘Open regulators and open markets’. The speech centred around the importance of effective global cooperation in enabling the FCA to manage the considerable risks that accompany extremely large volumes of cross-border financial activity. This includes activity between the … Continue Reading
On 15 February 2024, the Financial Conduct Authority (FCA) requested information from several financial services firms concerning their delivery of ongoing services, for which their clients continue to be charged after advice has been given. The survey asks whether firms have assessed their ongoing services in light of the introduction of the Consumer Duty, and … Continue Reading
On 15 February 2024, the Economic Secretary to the Treasury Bim Afolami appointed Bryan Zhang to the board of the Financial Conduct Authority (FCA). Mr Zhang, who is a Co-Founder and the Executive Director of the Cambridge Centre for Alternative Finance at the Cambridge Judge Business School, will take up a role as Non-Executive Director … Continue Reading
On 14 February 2024, the Financial Conduct Authority (FCA) published a press release outlining its progress in stopping misleading advertisements and promotions. The press release was published in conjunction with its financial promotions quarterly data for Q4 2023 and its financial promotions data for all of 2023. The data reveals that during 2023, over 10,000 … Continue Reading
On 13 February 2024, the European Securities and Markets Authority (ESMA) issued a public statement concerning Regulatory Technical Standard (RTS) 28 under MiFID II. The public statement follows an earlier public statement that ESMA issued on 14 December 2022 on the deprioritisation of supervisory actions on the obligation to publish RTS 27 reports after 28 … Continue Reading
On 8 February 2024, the Financial Conduct Authority (FCA) published an update on its progress in tackling financial crime, which identifies four areas of focus for the coming year. The paper firstly summarises the FCA’s impact in the year 2022-2023, on fraud, money laundering and sanctions, as well as its coordination with firms. As regards … Continue Reading
On 6 February 2024, the Financial Conduct Authority (FCA) published a document outlining its approach to analysing the costs and benefits of its policies. The document explains that identifying the cost of an intervention, who will pay and who will benefit (and how by how much) provides an empirical weighting that enables it to assess … Continue Reading
In our latest Regulation Tomorrow Plus podcast, colleagues from our EMEA offices provide an update on some of the key regulatory issues they are seeing in their local market. In this latest episode Hannah Meakin and Matthew Gregory from our London office discuss recent UK regulatory developments including the UK’s proposed new retail disclosure regime, … Continue Reading
On 1 February 2024, a statutory instrument (SI) – the Financial Services Act 2021 (Overseas Funds Regime and Recognition of Parts of Schemes) (Amendment and Modification) Regulations 2024 –was published, along with an explanatory memorandum. A draft version of the SI was published on 31 January 2024. For more detail, see our blog covering the … Continue Reading
On 31 January 2024, the Prudential Regulation Authority (PRA) published Consultation Paper CP3/24 setting out its proposal for a new statement of policy (SoP) that will outline the PRA’s approach to the granting of rule permissions made under Section 138BA of the Financial Services and Markets Act (FSMA) 2023. The PRA’s aim in setting out … Continue Reading
On 31 January 2024, a statutory instrument (SI) – the Public Offers and Admissions to Trading Regulations 2024 – was published on legislation.gov.uk, along with an explanatory memorandum. The SI, which is part of HM Treasury’s programme to deliver a Smarter Regulatory Framework for financial services, replaces the Prospectus Regulation and creates a new framework … Continue Reading
On 31 January 2024, a statutory instrument (SI) – the Data Reporting Services Regulations 2024 – was published on legislation.gov.uk, along with an explanatory memorandum. The SI, which is part of HM Treasury’s programme to deliver a Smarter Regulatory Framework for financial services, establishes a new legislative framework for the regulation of Data Reporting Services … Continue Reading
On 31 January 2024, a draft statutory instrument (SI) – the Financial Services Act 2021 (Overseas Funds Regime and Recognition of Parts of Schemes) (Amendment and Modification) Regulations 2024 – was published on legislation.gov.uk, along with a draft explanatory memorandum. The draft SI is intended to support the operationalisation of the Overseas Funds Regime (OFR), … Continue Reading
On 25 January 2024, the World Economic Forum (WEF) and the FCA published a joint white paper. The paper presents four guiding principles and a roadmap to inform global regulatory and industry approaches for a quantum secure financial sector. The paper notes that the financial sector “stands on the brink of a transformation from a … Continue Reading
On 24 January 2024, the Bank of England (BoE) published a letter from its Governor, Andrew Bailey to the Chancellor of the Exchequer, Jeremy Hunt, responding to the remit for the Prudential Regulation Committee (PRC). The letter updates the PRC’s January 2023 response to the Chancellor’s December 2022 letter setting out recommendations to the PRC. … Continue Reading
On 19 January 2024, the European Securities and Markets Authority (ESMA) published a table which provides an overview of its planned consultations for 2024. The purpose of the table is to help stakeholders with their planning for this year. ESMA will update the table on a regular basis.… Continue Reading
The FCA published Consultation Paper CP23/27 on 4 December 2023, setting out its proposals for reforming the commodity derivatives regulatory framework. In our new briefing note, we look at the background to the consultation, the key areas covered by the FCA’s proposals, and expected next steps.… Continue Reading
On 11 January 2024, the European Securities and Markets Authority (ESMA) announced it was launching a common supervisory action (CSA) with Member State competent authorities which will assess the implementation of pre-trade controls (PTCs) by EU investment firms using algorithmic trading techniques. The CSA will cover:… Continue Reading
On 18 December 2023, the FCA updated its webpage on notification and disclosure of net short positions to reflect various recent developments. The first of the updates relates to the FCA’s implementation of the Short Selling (Notification Threshold) Regulations 2023, which have been introduced by the Government and which increase the notification threshold for reporting … Continue Reading
On 20 December 2023, the FCA published Consultation Paper CP23/31 setting out detailed proposals for the reform of the UK listing regime. This follows on from the blueprint contained in its previous consultation (CP23/10) published in May 2023. We have published a new briefing which considers the key requirements for the new equity shares in … Continue Reading
On 18 December 2023, the UK Emissions Trading Scheme (UK ETS) Authority, comprised of the UK Government, Scottish Government, Welsh Government and the Department of Agriculture, Environmental and Rural Affairs for Northern Ireland, published two consultations on the UK ETS – one on future markets policy and one on the free allocation review. Consultation on … Continue Reading