On 2 April 2025, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) announced the launch of an exploratory investigation into financial services provided under the so-called ‘national regime’ exemption. This regime allows financial service providers and investment firms in the Netherlands to provide (i) investment advice and (ii)
New Split the Difference podcast: Reforms to commodity derivatives regulation
In the latest episode of our podcast series, Split the Difference, Hannah Meakin, Floortje Nagelkerke, Anna Carrier, Lucy Dodson and Anita Edwards discuss upcoming and potential reforms to the commodity derivatives regulatory framework in the UK and EU.
Listen to the episode here.
FCA publishes policy statement on the derivatives trading obligation and post-trade risk reduction services
By Anita Edwards & Simon Lovegrove (UK) on
On 3 April 2025, the Financial Conduct Authority (FCA) published a policy statement, PS25/2, on the derivatives trading obligation (DTO) and post-trade risk reduction (PTRR) services.
Background
In July 2024, the FCA consulted (in CP24/14) on proposed changes to the scope of the DTO and the framework…
PRA and FCA consult on amending rules and guidance on loan to income ratios in mortgage lending
By Anita Edwards & Simon Lovegrove (UK) on
On 3 April 2025, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) launched a consultation, FCA CP25/6 and PRA CP6/25, on proposed amendments to the PRA Rulebook and FCA Guidance concerning the de minimis threshold for the loan to income (LTI) flow limit in mortgage…
FOS publishes 2025/26 Plans and Budget
By Anita Edwards & Simon Lovegrove (UK) on
- The FOS aims to bring down the number of non-car commission cases waiting for a resolution, to improve the time it takes for customers to receive an answer on their case
FCA shares feedback and response to DP23/1 on finance for positive sustainable change
By Anita Edwards & Simon Lovegrove (UK) on
On 2 April 2025, the Financial Conduct Authority (FCA) published the feedback it received to discussion paper DP23/1 on finance for positive change, along with its response and next steps.
Background
DP23/1 was published in February 2023, with the aim of encouraging an industry-wide dialogue on firms’ sustainability-related governance, incentives and competences. The…
ESMA consults on transparency requirements for derivatives under MIFIR Review
On 3 April 2025, the European Securities and Markets Authority (ESMA) published MiFIR Review Consultation Package 4; On transparency for derivatives, package orders and input/output data for the derivatives consolidated tape.
Background
The MiFIR review (Regulation (EU) 2024/7913) introduces two new articles, Article 8a for pre-trade transparency and Article 11a for post-trade…
SEC Votes to End Defense of Climate Disclosure Rules
By Steven Lofchie on
The SEC voted to end its defense of the rules requiring disclosure of climate-related risks and greenhouse gas emissions. The rules created a detailed and extensive special disclosure regime about climate risks for issuing and reporting companies.
The full update can be found here on our US Regulatory Intelligence platform.
House Republicans Push SEC to Overhaul Shareholder Proposal Rules
By Steven Lofchie on
House Republicans urged the SEC to reform current rules on shareholder proposals, warning that “the politicization of the proxy process continues to place a substantial burden on public companies[.]”
The full update can be found here on our US Regulatory Intelligence platform.
Commissioner Peirce Offers Congress Blueprint to Streamline Crypto Regulation
By Steven Lofchie & Andrew Lom (US) on
SEC Commissioner Hester M. Peirce outlined seven strategies for Congress to streamline crypto regulation.
The full update can be found here on our US Regulatory Intelligence platform.