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Our latest blog posts on regulators and regulatory framework

Cryptoasset regulation: UK regulators give the industry a further glimpse of the future

On 30 October 2023, HM Treasury (HMT) published three documents setting out how the UK government plans to regulate cryptoassets going forward: a response to its February 2023 consultation and call…

Author(s): Cyrus Pocha, Noah Schmidt, Christopher Bernard

  • blockchain
  • cryptocurrency
  • digital payment
  • fintech
  • regulatory
  • uk
  • regulatory framework

Investing like the pros – indirect investments by retail investors in investment funds for (semi-)professionals under BaFin’s scrutiny

Both the desire for higher yields and the low interest rate environment of the past years has seen retail investors’ focus increasingly shifting to alternative forms of investment, including asset…

Author(s): Theresa Kreft, Jan Struckmann

  • financial institutions
  • financing and capital markets
  • investment fund services
  • private capital
  • regulatory
  • investment funds and managers
  • retail markets
  • regulatory framework

HM Treasury’s proposals to reform the UK ring-fencing regime for banks

On 28 September 2023, HM Treasury launched a consultation on draft secondary legislation to implement near-term reforms to the ring-fencing regime for UK banks, based on recommendations set out in an…

Author(s): Christopher Bernard, Michael Raffan

  • regulatory
  • uk
  • financial institutions
  • regulatory framework

The regulatory gateway for firms who approve financial promotions

Key message Existing authorised firms who want to be able to approve financial promotions for unauthorised firms after 7 February 2024 must make sure they have applied to the FCA before then for…

Author(s): Michael Raffan, Craig Dewar, Christopher Bernard, Sebastian Hilbich

  • financial institutions
  • uk
  • regulatory framework
  • investment funds and managers
  • regulatory

Too little, too late? – Reforming the German law on general terms and conditions for financial institutions

This post is part of a series on legislative changes proposed by the German Future Investments Act (Zukunftsfinanzierungesetz, ZFG). For further content on the ZFG, please refer to our blogposts on…

Author(s): Marius Raetz, Jan Struckmann

  • regulatory
  • financial institutions
  • financial services
  • regulatory framework

Russia Sanctions: Forced administration of subsidiaries of Western groups in Russia

Over the course of the last months, the Russian government has ramped up its “countermeasures” intended to counteract the effect of sanctions imposed by Western governments. Among these…

Author(s): Lukas Pomaroli, Dr. Stephan Denk, Stephanie Brown Cripps, Daniel Gruenwald

  • sanctions
  • governance
  • investigations and enforcement
  • regulatory framework

The UK Investment Research Review: calling time on unbundling?

Background As discussed in an earlier blog post, on 10 July 2023, the Chancellor delivered his first Mansion House speech in which he outlined new “Mansion House reforms” to help unlock additional…

Author(s): James Smethurst, Christopher Bernard, Sebastian Hilbich

  • regulatory framework
  • regulatory
  • uk
  • financial services

Understanding the definition of investment advice under MiFID – ESMA revises 13-year-old guidance

It has been a while since the CESR guidelines on “Understanding the definition of advice under MiFID” were published. To be precise, 13 years have passed since CESR, ESMA’s predecessor, clarified and…

Author(s): Marius Raetz, Alicia Hildner

  • mifid
  • esma
  • eu
  • financial services
  • investment trading and markets
  • regulatory framework
  • retail markets

Proposals to clarify and modernise the UK’s transfer pricing, diverted profits tax and permanent establishment rules

On 19 June 2023, the UK Government published a consultation on reforms intended to clarify and modernise the UK’s transfer pricing (TP), diverted profits tax (DPT) and permanent establishment (PE)…

Author(s): Edward Buxton, Helen Buchanan, Sarah Bond

  • tax
  • regulatory structuring
  • regulatory framework
  • investment funds and managers

Fourth EU-U.S. Trade and Technology Council summit: the transatlantic partnership shows first achievements

Following the launch of the EU-U.S. Trade and Technology Council (TTC) on 15 June 2021, both jurisdictions have maintained intensive cooperation to deepen their level of partnership to coordinate…

Author(s): Natalie Pettinger Kearney, Pablo Artero Lines, Renea Kamenjasevic

  • europe
  • eu digital strategy
  • foreign investment
  • global
  • governments and public sector
  • regulatory
  • sustainability
  • tech media and telecoms
  • trade
  • us
  • regulatory framework
  • governance

UK-EU MoU on regulatory cooperation in financial services

Agreement  The European Commission has given its consent to the signing of the memorandum of understanding (MoU) between the UK and the EU on regulatory cooperation in financial services, and the…

Author(s): Andrew Marsh

  • regulatory
  • regulatory framework
  • financial services
  • eu
  • uk
  • financial regulatory

Is this a trading venue? BaFin extends scope of MTF licencing requirement

On 5 May 2023, the German regulator BaFin issued a press release, informing the public about an update of its circular on so-called multilateral trading facilities (MTF). MTF are multilateral…

Author(s): Jan Struckmann, Marius Raetz

  • mifid
  • mtf
  • banks
  • financial institutions
  • regulatory framework

The EU keeps the ball rolling in its battle against money laundering – next on the agenda: professional football

Professional football is not just an entertaining happening for millions of fans around the world; it is also a big money game. During the 2021/22 football season, the top 10 clubs based in the EU…

Author(s): Jan Struckmann, Marcel Michaelis

  • aml
  • corporate
  • financial institutions
  • foreign investment
  • global financial investors
  • investigations
  • private capital
  • regulatory
  • sports
  • financial crime
  • regulatory framework

Review of the UK Senior Managers & Certification Regime: the increasing focus on international competitiveness

On 30 March 2023, the Financial Conduct Authority (the FCA) and the Prudential Regulation Authority (the PRA) published a joint discussion paper (DP) on the review of the Senior Managers and…

Author(s): Michael Raffan, Emily Smith, Megan Rodgers

  • europe
  • regulatory
  • financial institutions
  • governance
  • financial services
  • regulatory framework

Italian consumer protection goes digital!

On 2 April 2023, a major amendment to the Italian Consumer Code entered into force, implementing the EU consumer protection “Omnibus Directive”, and more broadly modernizing and enhancing the…

Author(s): Gian Luca Zampa, Ermelinda Spinelli, Cecilia Carli, Filippo Alberti, Mila Filomena Crispino

  • antitrust and competition
  • consumer
  • consumer protection
  • antitrust litigation
  • tech media and telecoms
  • regulatory framework

Italy transposes the EU Whistleblowing Directive

Italy has finally implemented the EU Whistleblowing Directive now requiring companies to set up effective reporting channels, protect whistleblowers from retaliation, and duly investigate reported…

Author(s): Giuseppe Curtò, Luca Capone, Federico Mercuri, Enrico Mantovani, Francesca Incaprera Huerta

  • corporate crime
  • employment
  • europe
  • regulatory framework
  • governance
  • whistleblowing

PRA consultation on Phase 1 of a “simpler regime” – A further step on the road to graduated prudential regulation in the UK

Following its previous work on a new “strong and simple” prudential framework for non-systemic UK banks and building societies (see our previous blog post for more information on the initial work),…

Author(s): Michael Raffan, Claire Harrop, Lauren Moorin, Fran Kaehr

  • europe
  • financial institutions
  • regulatory
  • financial services
  • prudential requirements
  • regulatory framework

The Edinburgh Reforms: A Love Rekindled

It’s a modern love story: a strong, mutually beneficial partnership where each party grew and nurtured the other over the years; then one party went through a difficult period and had to be supported…

Author(s): James Smethurst, Michael Raffan, Claire Harrop

  • financial institutions
  • regulatory
  • united kingdom
  • fintech
  • financial services
  • regulatory framework

UK revocation of retained EU financial services law

A quick summary “Retained EU law” governing financial services will be revoked. But, with some exceptions, its substance will largely be retained and restated. Much of it will in future be set out in…

Author(s): Andrew Marsh

  • brexit
  • financial institutions
  • financing and capital markets
  • global financial investors
  • investment fund services
  • market abuse
  • regulatory
  • regulatory framework
  • financial services

The consumer duty – how does it apply to wholesale firms?

Pursuant to the FCA’s new Consumer Duty Principle, firms will have to act to deliver good outcomes for retail customers. This overarching duty will be supported by more specific rules and guidance.…

Author(s): Mark Kalderon, Elisabeth Overland

  • financial services
  • regulatory framework

Future of financial services regulation - PRA's approach to policy

Following the introduction of the Financial Services and Markets Bill to parliament on 20 July 2022 (see our post), the PRA has published a discussion paper (DP4/22) on its approach to policy.…

Author(s): Claudia Rugue, Melanie Fitzsimons

  • financial services
  • regulatory framework

Promoting high-risk investments – the FCA’s new rules

The FCA has recently published its policy statement (PS22/10) on the financial promotion rules for high-risk investments (HRI) and firms approving financial promotions. This follows consultation in…

Author(s): Mark Kalderon, Greg King, Claudia Rugue

  • financial ser
  • regulatory framework

Ownership of digital assets: cryptic proposals?

Are cryptoassets a type of property? This seems like a relatively straightforward question but for something that is very cutting edge, this question takes us back to some longstanding legal…

Author(s): Claire Harrop, Emma Probyn, Claudia Rugue

  • financial services
  • fintech
  • regulatory framework

Building a more permanent sandcastle in the FMI sandbox

In April 2022, in the response to its consultation on regulatory approach to, among other things, distributed ledger technology (DLT) in financial markets, HM Treasury (HMT) confirmed that it would…

Author(s): Claire Harrop, Claudia Rugue

  • financial services
  • fintech
  • regulatory framework
  • investment trading and markets
  • markets and clearing

Wide-sweeping powers: the Financial Services and Markets Bill 2022

In the very last days before the Parliamentary summer recess, the UK Government introduced the Financial Services and Markets Bill 2022 for its first and second reading. Whilst the Bill contains…

Author(s): James Smethurst, Melanie Fitzsimons, Claudia Rugue

  • financial services
  • regulatory framework

Does money grow on trees? The future monetary system

The Bank for International Settlements (BIS) has, rather grandly, set out its vision for the future of the monetary system in its recent annual economic report. Its vision is remarkably similar to a…

Author(s): Cyrus Pocha, Craig Dewar, Claudia Rugue, Bhavya Sharma

  • financial services
  • fintech
  • regulatory
  • global
  • regulatory framework

How to manage and supervise climate-related financial risks – a view from the Basel Committee

The Basel Committee on Banking Supervision (BCBS) has published its “Principles for the effective management and supervision of climate-related financial risks” following a November 2021…

Author(s): Melanie Fitzsimons, Emma Rachmaninov, Claudia Rugue

  • financial services
  • sustainable finance
  • regulatory framework
  • governance
  • prudential requirements

HMT proposals on critical third parties

On the critical list HM Treasury’s (HMT) policy statement on critical third parties (CTPs) to the finance sector e.g. cloud services providers, contains proposals to mitigate the risk that a key…

Author(s): Melanie Fitzsimons, James Smethurst

  • financial services
  • regulatory framework
  • governance

Financial Services exclusion from the OECD pillar one proposals

The OECD has published a consultation on the exclusion of certain Financial Services entities from pillar one of its two-pillar solution to address the tax challenges arising from the digitalisation…

Author(s): Melanie Fitzsimons, Paul Davison, Brin Rajathurai

  • financial services
  • regulatory framework
  • prudential requirements
  • tax
  • regulatory
  • financial institutions
  • global financial investors
  • global

The Queen’s Speech – what next for UK financial services?

The 2022 Queen’s Speech contained details of two proposed Bills that will impact the financial services community. The Financial Services and Markets Bill aims to deliver on the Government’s vision…

Author(s): Claudia Rugue

  • financial services
  • regulatory framework
  • financial crime

Synthetic data and financial services: the FCA’s Call For Input

On 30 March 2022, the UK’s Financial Conduct Authority (FCA) issued a Call For Input regarding the use of ‘synthetic’ data in supporting and promoting financial services innovation. The deadline for…

Author(s): Rhodri Thomas, Emma Probyn, Sophie Horton

  • financial technology
  • financial institutions
  • big data
  • data privacy
  • financial services
  • regulatory framework
  • fintech

Key Hong Kong financial regulatory themes for 2022

As we start a new lunar year, we look ahead to the heavy regulatory agenda planned for 2022 in Hong Kong. These include the introduction of a new investor identification regime in the second half of…

Author(s): Kenneth Hui

  • financial institutions
  • sustainability
  • regulation
  • financial services
  • regulatory framework

Key takeaways from the FCA’s strategic review of retail banking – growing competition, digitisation and innovation

The Financial Conduct Authority’s long-awaited 2022 Strategic Review of Retail Banking Business Models finds that digital innovation and changing consumer behaviour are reducing the ‘historic…

Author(s): Paul Seppi, Rikki Haria, Rod Carlton, Francesca Triggs

  • antitrust and competition
  • financial institutions
  • regulatory
  • financial services
  • regulatory framework
  • antitrust
  • competition
  • fig competition

New European crowdfunding regime: finally opening up to a truly European crowd?

More than six years after the European Commission outlined its proposals for building a capital markets union in its Green Paper, an important milestone towards the establishment of such a union –…

Author(s): Jan Struckmann, Alexander Glos, Nikita Grätsch

  • financial services
  • regulatory framework
  • retail markets

Revolution, not evolution: application of PFMI to systemic stablecoin arrangements

As part of an ongoing commitment by the international regulatory community to ensure new technologies are treated using the principle of ‘same risk, same regulation’, the Committee on Payments and…

Author(s): Claire Harrop, Melanie Fitzsimons, Claudia Rugue

  • governance
  • financial services
  • prudential requirements
  • regulatory framework
  • regulatory
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