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Our latest blog posts on regulators and regulatory framework

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 Kahr

  • 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

ESG x Fintech: how to buy a green fintech

Fintech M&A has consistently been in the news, even during the last 18 months. CB Insights reported in April 2021 that there had been 67 M&A deals globally (including announced, but not yet completed…

Author(s): Claire Harrop, Mark Brewer

  • climate change
  • esg
  • financial institutions
  • fintech
  • innovation
  • mergers and acquisitions
  • regulatory
  • financial services
  • regulatory framework
  • global financial investors
  • retail and consumer goods

The EU’s proposed AML law: the impact on crypto-asset service providers

The growing popularity of crypto-assets has led to their increasing use in money-laundering schemes. A Europol study cited in the European Commission’s impact assessment (PDF) accompanying the EU’s…

Author(s): Alexander Glos, Marius Raetz, Corinna Wiedenmann, Daniel Klingenbrunn

  • corporate crime
  • europe
  • aml
  • cryptocurrency
  • financial services
  • financial institutions
  • regulatory framework
  • regulatory
  • financial crime
  • investigations and enforcement

Another EU-wide supervisory body on the way – the Commission’s proposals for an AML authority

This year has seen the European Commission propose various changes to the way certain ‘obliged entities’ are supervised. For example, the Commission is proposing that 'significant' issuers of…

Author(s): Alexander Glos, Janina Heinz, Marius Raetz, Victor Garcia Lopez, Marcel Michaelis, Corinna Wiedenmann

  • corporate crime
  • financial institutions
  • regulatory
  • europe
  • financial services
  • financial crime
  • regulatory framework
  • aml
  • investigations and enforcement

A busy day in Threadneedle Street means good news for new and ambitious banks

The Old Lady’s Resolution Directorate had a busy day on 22 July publishing both a consultation paper on the Bank of England’s review of its approach to setting a minimum requirement for own funds and…

Author(s): Michael Raffan, Lauren Moorin

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

FCA sharpens focus on greenwashing of investments: summer update

This summer has seen a continued commitment by the FCA to its role in promoting ESG-related investments, with three recent publications all highlighting the importance of firms providing accurate,…

Author(s): Anthea Bowater, Michael Raffan, Simon Orton, Alice Skupski

  • financial services
  • regulatory framework
  • investment funds

German financial supervisor as consumer protection enforcer – recent judgment stresses the priority of the Federal Court of Justice’s case law

The German financial supervisor BaFin is becoming increasingly involved in the enforcement of consumer protection legislation. For example, last month BaFin intervened in interest rate adjustment…

Author(s): Hans-Ulrich Klöppel, Alexander Glos

  • bafin
  • consumer protection
  • administrative court frankfurt
  • german financial supervisor
  • credit institutions
  • online broker
  • negative interest rate
  • supervised entities
  • financial institutions
  • investment firms
  • financial services
  • regulatory framework

Are client funds protected? EU reviews Deposit Guarantee Scheme Directive

In a move that may surprise some market participants, the European Commission – in its current review of the Deposit Guarantee Scheme Directive (‘the Directive’) – intends to clarify that client…

Author(s): Marius Raetz

  • deposits
  • payments
  • e-money
  • digitalfinancestrategy
  • assetprotection
  • investmentfirms
  • creditinstitutions
  • regulatory framework

The Financial Services Act 2021 – what’s changed?

The Financial Services Act 2021 ('the FS Act') received Royal Assent on 29 April 2021 and has been hailed by HM Treasury as representing a 'major milestone in shaping a regulatory framework for UK…

Author(s): Reena Parmar

  • financial institutions
  • europe
  • regulatory framework
  • benchmarks
  • insurance
  • investment trading and markets
  • financing and capital markets

Wholesale Markets Review: Openness, competitiveness and high regulatory standards

With focus on the UK’s role as a global centre for financial services, the much-anticipated post-Brexit UK Wholesale Markets Review has been published by HM Treasury. The consultation opens on 2 July…

Author(s): Elisabeth Overland

  • europe
  • financial regulation
  • regulatory
  • brexit
  • regulatory framework
  • investment trading and markets

The proposed Consumer Duty for UK financial services firms – a paradigm shift?

The Financial Conduct Authority (FCA) has just published its Consultation Paper on a proposed Consumer Duty for financial services firms selling products and services to customers classified as…

Author(s): Piers Reynolds, Anthea Bowater, Christine Simpson

  • financial conduct authority
  • regulatory
  • investigations and enforcement
  • financial services
  • regulatory framework
  • europe
  • ifpr
  • retail markets

‘Strong and simple’ – a new prudential framework for small UK banks and building societies

Since Sam Woods’ speech last November, we have been expecting proposals for a new prudential regime for smaller banks and building societies. Last week, the Prudential Regulation Authority (PRA)…

Author(s): Lauren Moorin, Michael Raffan, Fran Kahr

  • financial institutions
  • regulatory
  • europe
  • regulatory framework

Exempt no more: the impact of the FCA’s IFPR consultations on exempt CAD firms

On 19 April 2021, the FCA published its second consultation paper on the Investment Firms Prudential Regime (IFPR). The IFPR closely follows the EU’s new Investment Firms Regime, which takes effect…

Author(s): Emily Smith, Lauren Moorin, Melanie Fitzsimons, Charlie Fisher

  • ifpr
  • regulatory
  • financial services
  • europe
  • regulatory framework
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