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Feb 13, 2024 | 
mondaq.com | Nish Dissanayake |Patricia Horton |Zoë Wilson |Shantanu Naravane
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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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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Jan 30, 2024 | 
lexology.com | Lisa Fried |Hywel Jenkins |Mark Smyth |Marina Reason |Edward Einfeld |Patricia Horton | +2 more
The EUIn 2024, the EU will plough ahead with upgrading its various disclosure requirements, requiring firms to do a lot of heavy lifting to implement changed and new rules. Among these are the Sustainable Finance Disclosure Regulation (SFDR); the Commission will conduct a post-implementation review of the SFDR and issue a report on its effectiveness due in Q2 2024.
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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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Jul 24, 2023 | 
mondaq.com | Clive Cunningham |Marina Reason |Kelesi Blundell |Patricia Horton
This week, the FSB (Financial Stability Board) published its final set of recommendations for regulating cryptoassets and
related services. The recommendations follow on from the FSB's
previous public consultation.
The guidelines are designed to provide a common base for
international regulatory coverage of an otherwise borderless
technology and product in respect of which regulatory development
has been inconsistent and open to arbitrage.
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Jul 11, 2023 | 
mondaq.com | Clive Cunningham |Marina Reason |Kelesi Blundell |Patricia Horton
Just under a year after it was introduced in Parliament, the
Financial Services and Markets Bill 2023 received royal assent on 29 June 2023. Hailed
as a 'landmark' piece of legislation to
'regain control of the financial services
rulebook', the Financial Services and Markets Act 2023
(Act) will also enable the delivery of key
proposals announced as part of the Edinburgh Reforms last year.
We plan to publish a series of briefings in the coming weeks on
different aspects of the Act.
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Jul 4, 2023 | 
mondaq.com | Clive Cunningham |Marina Reason |Kelesi Blundell |Patricia Horton
Originally expected by March 2021, the UK and EU have, more than
two years later, finally signed a memorandum of understanding (the
"MoU"), which sets up a framework for
increased cooperation on financial services regulation. The MoU,
first published in draft form on 19 May 2023 and signed on 27 June
2023, does not agree anything concrete or – despite
referencing potential equivalence decisions in several places
– indicate a direct path to equivalence in any area.
