On 30 April 2025, the European Securities and Markets Authority published the results of the annual transparency calculations for non-equity instruments and new quarterly liquidity assessment of bonds under MiFID II and MiFIR. The results of the annual transparency calculations for non-equity instruments will apply from 2 June 2025. The transparency requirements for bonds deemed
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New UK Pensions Briefing | Pensions for growth: The government’s ambitious proposals

Growth, says Rachel Reeves, is her “number one mission”. UK pension schemes, with vast assets, have since come sharply into political focus. In our new UK Pensions Briefing, we focus on three sets of government proposals with the potential to shake up the industry.
Please see our briefing here.
Merry Christmas and a Happy New Year to our readers
To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year.
We will resume posting material following the festive period on 7 January 2025 although if there are any significant developments we will endeavour to provide an update.
Motor finance commission and beyond: An action plan for your business
1. Introduction
Three claims by individuals against motor finance lenders have recently been upheld by the Court of Appeal which decided that they should receive refunds of commission payments that the lenders had made to the car dealers who were acting as intermediaries/ brokers in respect of the finance arrangements (interest was also awarded to…
Financial Services Wrap – October 2024
This article was co-authored by Michele Beck, Tom Clark, Masooma Saberi, and Vivian Truong.
In October 2024, the Australian Securities and Investments Commission (ASIC) was successful in its action against a life insurer in relation to misleading statements. ASIC issued or proposed updates in relation to licensing and professional registration activities, OTC derivative transaction reporting…
DOJ scraps 1995 Bank Merger Guidelines, overhauling antitrust review and increasing uncertainty
The Department of Justice (DOJ) announced on September 17, 2024 that it has withdrawn its 1995 Bank Merger Guidelines, effectively overhauling how it reviews M&A transactions involving banks and bank holding companies. According to the DOJ, the 2023 Merger Guidelines are its sole authoritative statement across all industries that identify the factors and…
Internal investigations and in-house lawyers: managing ethical and regulatory risks
Speak up and other internal investigations are on the rise (see our article here) amid increasing scrutiny from the media, public, authorities and other stakeholders of how investigations are conducted. Indeed, in higher profile matters the way in which an investigation is conducted can receive as much attention as the underlying issues.
The recent…
Failure to prevent fraud: what to do now? Part 2: Policies and procedures
This is the second article in our series breaking down the steps that companies will need to take to put in place “reasonable procedures” to prevent fraud. Our first post, which focussed on how to conduct effective fraud risk assessments, can be found here.
This comes ahead of the new UK failure to…
FS Monthly Wrap-Up – February to April 2024
Authors: Liz Hastilow, Ray Giblett, James Morris, Rajaee Rouhani, Stephen Lee, Jeremy Moller, Charles Nugent-Young, Merren Taylor, Timothy Chan, Joshua Kan, Steven Li, Liam Mackay and Mia Blundell.
Regulatory activity in the financial services sector picked up between February and April 2024. Notably, ASIC made an opening statement before the public inquiry into insurers’ responses…
Fit for purpose? The UK’s Treasury Committee scrutinises UK sanctions
- Economic sanctions are a critical weapon in resisting Russia’s war against Ukraine.
- Despite its own production of