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Jan 23, 2025 | 
herbertsmithfreehills.com | Charlotte Henry |Luke Hastings |Kelesi Blundell |Marina Reason
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Jan 21, 2025 | 
herbertsmithfreehills.com | Clive Cunningham |Nick Pantlin |Marina Reason |Kelesi Blundell
OPERATIONAL RESILIENCE: PROPOSED CTP REGIMES – UK / EU COMPARISON UK (FSM Bill + DP3/22) EU (DORA) 1. Scope of Regime Applies to CTPs only. Firms remain subject to existing rules (and regulator expectations) on operational resilience, outsourcing and third party risk management. Wide category of CTP services: CTPs are not limited to digital / data service providers. Cloud Services Providers (CSPs) are likely to be considered for designation.
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Oct 24, 2024 | 
lexology.com | Marina Reason |Clive Cunningham |Kelesi Blundell |Chris Hurn
The government has launched a fast-tracked consultation to "act urgently" in introducing new rules to regulate Buy-Now, Pay-Later productsHM Treasury has published a consultation to bring Buy Now, Pay Later (BNPL) firms within the scope of FCA regulation. This has been a long time coming, with HM Treasury having already consulted twice on changes to the rules surrounding BNPL.
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Mar 20, 2024 | 
mondaq.com | Clive Cunningham |Marina Reason |Kelesi Blundell |Erica MacDonald
The government has made new regulations (the 2024 Order) to update the
exemptions in the Financial Services and Markets Act 2000 (Financial
Promotions) Order (2005) (the FPO), and the equivalent
exemptions in the Financial Services and Markets Act 2000 (Promotion
of Collective Investment Schemes) Order 2001 (PCIS), relating
to high net worth individuals and sophisticated investors.
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Feb 12, 2024 | 
mondaq.com | Hannah Cassidy |Kelesi Blundell |Michelle Virgiany |Patricia Horton
With crypto currencies and assets firmly lodged in the public
mind, regulators need to lay guardrails to facilitate innovation
and combat misbehaviour
Tokenisation of securities (securities that are traditionally
issued but then represented digitally using distributed ledger
technology (DLT), or security tokens that exist only on DLT) is a
focus for many in the financial services industry including banks
and financial market infrastructure.
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Feb 5, 2024 | 
lexology.com | Nish Dissanayake |Patricia Horton |Zoë Wilson |Shantanu Naravane |Krishna Shorewala |Clive Cunningham | +2 more
Last week, the government announced its first equivalence decision under s271A of the Financial Services and Markets Act 2000 (FSMA), finding the EEA states to be equivalent under the Overseas Funds Regime (OFR). The equivalence decision will apply to undertakings for collective investment in transferable securities (UCITS), except those which are also Money Market Funds (MMFs), as there is ongoing regulatory development in this area.
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Jan 30, 2024 | 
lexology.com | Hannah Cassidy |Kelesi Blundell |Michelle Virgiany |Patricia Horton |Chee Hian Kwah |Calvin To
Tokenisation of existing securitiesTokenisation of securities (securities that are traditionally issued but then represented digitally using distributed ledger technology (DLT), or security tokens that exist only on DLT) is a focus for many in the financial services industry including banks and financial market infrastructure. The EU DLT Pilot regime launched in March 2023 and allows the testing of use of DLT for issuance, trading, and settlement of certain tokenised financial instruments.
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Dec 22, 2023 | 
mondaq.com | Marina Reason |Clive Cunningham |Kelesi Blundell |Patricia Horton
The FCA and HM Treasury (HMT) have published a
joint discussion paper, 'Advice Guidance Boundary Review
– proposals for closing the advice gap' (DP23/5). DP23/5 sets out three high-level
proposals to close the advice gap:
Further clarifying the boundary, building on
the FCA's guidance on the boundary published in August
2023.
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Nov 3, 2023 | 
mondaq.com | Clive Cunningham |Marina Reason |Kelesi Blundell |Patricia Horton
On 30 October 2023, the government published three policy
documents on cryptoassets regulation in the UK, covering
fiat-backed stablecoins, the wider cryptoasset regulatory regime
and the failure of systemic digital settlement asset
(DSA) firms.
On the whole, the updates confirm the approaches previously
proposed. However, much of the detail will only emerge in the next
phase once secondary legislation and regulators' rules have
been published.
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Aug 25, 2023 | 
mondaq.com | Geoffrey Maddock |Grant Murtagh |Kelesi Blundell |Alison Matthews
On 2 August 2023 HM Treasury published the response to its January 2023 consultation on a
new Insurer Resolution Regime (IRR).
In its consultation HM Treasury set out its proposal
for legislative requirements that would give regulators additional
tools and powers to manage the failure of (re)insurers in an
orderly manner (to "resolve" an entity) where such a
failure would have a wider impact on the financial system and
policyholders.
