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Our latest blog posts on regulators and regulatory framework

Trends in fintech: our EU predictions for 2024

As we did in 2021,  2022, 2023 we have crowdsourced some fintech predictions for the year ahead from the EU Freshfields Fintech team, with a couple of longer-term trends. The topics for these…

Author(s): Natalie Pettinger Kearney, Eva Schneider, Alicia Hildner, Daniel Klingenbrunn, Jimena Gonzalez, Victor Garcia Lopez

  • consumer protection
  • europe
  • financial institutions
  • financing and capital markets
  • governments and public sector
  • platformeconomy
  • regulatory
  • tech media and telecoms
  • retail markets
  • regulatory framework
  • financial services
  • fintech

The Private Intermittent Securities and Capital Exchange System (PISCES)

This blog considers the recent HM Treasury (HMT) consultation on the proposed trial of a new ‘Private Intermittent Securities and Capital Exchange System’ (PISCES).  How would the PISCES platform…

Author(s): James Smethurst, Tom Godwin, Richard Ho, Regina Erie, Christopher Bernard, Jennifer McCarthy

  • ecm
  • employment
  • financialservices
  • financial institutions
  • regulatory
  • uk
  • regulatory framework

Failing to prepare or preparing to fail – PRA policy statement on solvent exit planning for non-systemic banks and building societies

In a 2021 speech, Sam Woods, the CEO of the UK’s Prudential Regulation Authority (PRA), stated that one of the regulator’s focuses for its future work was ease of exit from the market. Acknowledging…

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

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

Spring Budget 2024: The Hunt for Blue October

In an unusually rowdy House of Commons, the Chancellor delivered what will be his last Spring Budget before a UK general election widely expected to take place in autumn this year. Further details on…

Author(s): Alison Dickie, Laura Western

  • uk
  • tax
  • regulatory
  • real estate
  • private capital
  • investment fund services
  • regulatory structuring
  • regulatory framework
  • investment funds and managers

Text of the new EU Product Liability Directive is agreed – what happens next?

In brief:  The text of the revised new EU Product Liability Directive (PLD) has now been agreed. After intense negotiations resulting in provisional political agreement at the end of last year, the…

Author(s): Harriet Hanks, Andrew Austin

  • product liability
  • life sciences
  • litigation
  • consumer
  • consumer protection
  • europe
  • regulatory framework

New market investigation powers of the Italian Antitrust Authority - Council of State confirms they apply to all economic sectors

In its opinion of 29 January 2024, the Italian Council of State (CdS) published its views on the scope of application of the new market investigation powers recently granted to the Italian Antitrust…

Author(s): Gian Luca Zampa, Ermelinda Spinelli, Alessandro Di Giò, Alberto Galasso

  • antitrust and competition
  • regulatory
  • cartels
  • market abuse
  • merger control
  • investigations
  • investigations and enforcement
  • regulatory framework
  • regulatory structuring

New Year, New Me(chanism for bank resolution) – HM Treasury consultation on enhancements to special resolution regime

The failure of Silicon Valley Bank (SVB) in spring 2023 posed new challenges for the UK resolution regime, as we commented in a blog post published at the time on what this failure would mean for the…

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

  • financial institutions
  • uk
  • regulatory framework

The Italian Annual Law on Competition: what’s new?

The reform of Italian competition and consumer protection laws – which have already been significantly amended over the past two years – continues: a new “piece of the puzzle” has just been added by…

Author(s): Gian Luca Zampa, Ermelinda Spinelli, Alessandro Di Giò, Cecilia Carli, Irene Indino

  • antitrust and competition
  • consumer protection
  • merger control
  • regulatory framework

Mind the UK ‘advice gap’: Considering the Advice Guidance Boundary Review

On 8 December 2023, HM Treasury (HMT) and the FCA published a joint policy paper (DP23/5) on the Advice Guidance Boundary Review (the Review). The Review is part of the ‘Edinburgh Reforms’ announced…

Author(s): Elisabeth Overland, Christopher Bernard, Billy Liu

  • fca
  • financial institutions
  • uk
  • retail
  • regulatory
  • consumer protection
  • the financial conduct authority
  • retail markets
  • regulatory framework
  • financial services

Regulation of culture in financial institutions: global trends and challenges

Around the world, regulators have become increasingly concerned about culture in financial services firms, as part of a wider focus on ESG issues. In the UK, the FCA and PRA recently published highly…

Author(s): Elisabeth Overland, Holly Insley, Falko Glasow, Jennifer Loeb, Christopher Bernard

  • uk
  • financial institutions
  • fca
  • pra
  • regulatory
  • us
  • global
  • europe
  • financial services
  • regulatory framework
  • the financial conduct authority

The Future of Payments Review – A recipe for success?

On 22 November 2023, the UK government published the Future of Payments Review report. The Future of Payments Review was initiated in July 2023 by HM Treasury (HMT) and chaired by Joe Garner (former…

Author(s): Michael Raffan, Christopher Bernard, Julia Robilliard-Smith, Natalia Rodriguez Moskalkova

  • financial institutions
  • uk
  • regulatory
  • regulatory framework
  • financial services

The PRA/FCA consultation on assessment of changes in control: what you need to know

The PRA and the FCA have published a joint consultation paper on the prudential assessment of acquisitions and increases in control (CP25/23). In the CP, the UK regulators propose to replace the EU…

Author(s): Borja Ruiz De Gopegui, James Smethurst, Christopher Bernard

  • fca
  • pra
  • regulatory framework
  • uk

New regulatory regime for sophisticated professional investors in Hong Kong

On 28 July 2023, the Hong Kong Monetary Authority and the Securities and Futures Commission issued a joint circular detailing a streamlined approach for compliance with suitability obligations when…

Author(s): Matthew O'Callaghan, Kenneth Hui

  • asia-pacific
  • regulatory
  • global financial investors
  • regulatory framework
  • financial services

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

Regulatory capital, liquidity and resolution planning for banks: recent developments and cross-border perspectives

Following the failure of Silicon Valley Bank (SVB) and several other U.S. small and mid-sized banks in March 2023, U.S. regulators have proposed new capital and liquidity rules, as well as resolution…

Author(s): David Sewell, Mac Mackenzie, Janina Heinz, Matthew O'Callaghan, Christopher Bernard

  • uk
  • financial institutions
  • fca
  • pra
  • regulatory
  • us
  • global
  • europe
  • financial services
  • regulatory framework
  • the financial conduct authority
  • prudential requirements

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
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