Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation.

Key developments in September 2024:

30 September:

Digital Securities Sandbox: The Bank of England and the Financial Conduct Authority (“FCA”) published a joint policy statement (PS24/12), final guidance and other materials setting out their approach to implementing and operating the Digital Securities Sandbox. Please refer to the Digital Securities Sandbox Rules here.

EBA Work Programme: The European Banking Authority (“EBA”) published its work programme (EBA/REP/2024/20) for 2025.

Consolidated Tape: The European Securities and Markets Authority (“ESMA”) published a press release announcing information about the selection of consolidated tape providers for bonds, shares and exchange traded funds.

Cryptoassets: The European Commission adopted a Delegated Regulation (C(2024) 6670 final) containing regulatory technical standards (“RTS”) specifying the requirements, templates and procedures for the handling of complaints relating to asset referenced tokens under the Regulation on markets in cryptoassets ((EU) 2023/1114) (“MiCA”).

27 September:

Assimilated Law: The FCA published a new webpage on the repeal and replacement of assimilated law, replacing its webpage on the repeal and replacement of retained EU law.

26 September:

Cryptoassets: The European Commission adopted a Delegated Regulation (C(2024) 6649 final) setting out RTS that establish a template document for co‑operation arrangements between competent authorities and supervisory authorities of third countries under MiCA.

FCA Regulation Round‑up: The FCA published its regulation round‑up for September 2024.

25 September:

Artificial Intelligence: The Bank of England published awebpage announcing the establishment of the Artificial Intelligence Consortium, which will provide a platform for public‑private engagement to gather input from stakeholders on the capabilities, development, deployment and use of AI in UK financial services.

24 September:

UK Listing Regime: The FCA published Primary Market Bulletin 51 providing details of feedback on its consultation in Primary Market Bulletin 48 and subsequent changes to its Knowledge Base on the listing regime (CP23/31).

FCA Enforcement: The FCA published a speech given by Therese Chambers, FCA Joint Executive Director of Enforcement and Market Oversight, on the FCA’s evolving approach to enforcement.

19 September:

UK PRIIPS Regulation / Retail Disclosures: HM Treasury and the FCA published statements on reforms to retail disclosure requirements (here and here) and FCA forbearance on investment trust disclosure requirements (here).

18 September:

ELTIF 2.0: A corrigendum to Regulation (EU) 2023/606, which made amendments to the European Long‑Term Investment Funds Regulation ((EU) 2015/760) (“ELTIF 2.0”), was published in the Official Journal of the European Union.

Consumer Duty: The FCA published its findings following a review of firms’ implementation of the price and value outcome under the Consumer Duty.

12 September:

Sanctions: HM Treasury published its yearly review of frozen assets report requiring all persons that hold or control funds or economic resources belonging to, owned, held or controlled by a designated person to provide a report with the details of these assets to the Office of Financial Sanctions Implementation by Monday 11 November, 2024.

Overseas Funds Regime: The FCA published a document providing advice for applicants when making an application for an overseas investment fund to be recognised under the overseas funds regime.

UK CRR: The Prudential Regulation Authority (“PRA”) published a consultation paper (CP8/24) setting out its proposals to restate, and in some cases modify, the requirements relating to the UK Capital Requirements Regulation (575/2013) in the PRA Rulebook.

Cryptoassets: The Property (Digital Assets etc) Bill, accompanying Explanatory Notes and further information were published. The Bill will establish in statute the common law position that certain digital assets can constitute property.

Capital buffers: The PRA published a consultation paper (CP10/24) setting out its proposals to update the UK policy framework for capital buffers under the Capital Requirements (Capital Buffers and Macro‑prudential Measures) Regulations (SI 2014/894).

Basel 3.1: The PRA published a policy statement (PS9/24) on the second set of near‑final rules on the implementation of the Basel 3.1 standards.

9 September:

ESG: The FCA published a statement setting out temporary measures for firms on its naming and marketing sustainability rules.

EU Competitiveness: The European Commission published a report on the future of European competitiveness, prepared by Mario Draghi, a former president of the European Central Bank (ECB). The report comprises two parts: Part A (a competitiveness strategy for Europe) and Part B (in‑depth analysis and recommendations).

6 September:

FCA Quarterly Consultation: The FCA published its 45th quarterly consultation paper (CP24/18), which proposes to change the definition of “Firm” and allows a non‑UCITS retail scheme to be exposed to long‑term asset funds (“LTAFs”).

Listed Investment Companies: The Listed Investment Companies (Classification etc) Bill 2024‑25 was introduced to Parliament and had its first reading in the House of Lords. The text of the Bill, as introduced to the House of Lords, was also published.

Appointed Representatives: The FCA published a webpage outlining the findings of its review of how principals are embedding the rules for overseeing appointed representatives and sets out examples of good practice and areas for improvement for firms.

5 September:

Financial Crime: The FCA published a speech, given by Sarah Pritchard, FCA Executive Director, Markets and International, on taking a targeted and outcomes‑based approach to tackling financial crime.

EMIR: The FCA published a new webpage that seeks feedback on draft guidance to help trade repositories implement the updated reporting requirements under Article 9 of UK EMIR (648/2012).

LIBOR: The FCA published its final announcement about the end of LIBOR.

4 September:

Securitisation: The Financial Services and Markets Act 2023 (Commencement No 7) Regulations 2024 (SI 2024/891) were made and published, revoking certain instruments so that the new UK securitisation framework, comprising the Securitisation Regulations 2024 and new FCA and PRA rules, can come into force on 1 November 2024.

Print:
Email this postTweet this postLike this postShare this post on LinkedIn
Photo of John Verwey John Verwey

John Verwey is a partner in the Private Funds Group. John advises on a wide number of regulatory issues at a national UK and European level, including firm authorisations, appointed representative arrangements, change in control, market abuse. He represents a variety of clients…

John Verwey is a partner in the Private Funds Group. John advises on a wide number of regulatory issues at a national UK and European level, including firm authorisations, appointed representative arrangements, change in control, market abuse. He represents a variety of clients that range from small start-up fund managers to established global fund advisers and managers.

A particular area of focus for John is Alternative Investment Fund Managers Directive (AIFMD) and Markets in Financial Instruments Directive II (MiFID II).  This includes advising on pre-marketing and marketing strategies for fund managers, advising on the Level One and Lever Two requirements under AIFMD and implementing UK rules and legislation, and advising on the organizational and conduct of business requirements under MiFID II.

Photo of Andrew Wingfield Andrew Wingfield

Andrew Wingfield is an M&A partner and member of the Private Capital Team.

Andrew undertakes a broad range of domestic and cross-border corporate and commercial work for both corporate and private equity clients, advising on acquisitions and disposals, joint ventures, mergers and public…

Andrew Wingfield is an M&A partner and member of the Private Capital Team.

Andrew undertakes a broad range of domestic and cross-border corporate and commercial work for both corporate and private equity clients, advising on acquisitions and disposals, joint ventures, mergers and public takeovers, flotations and equity capital markets and private equity investment.

Andrew is called upon by financial institutions, private equity houses, management and corporates to lead on complex and high-value transactions. Andrew has a very strong financial institutions practice and has been recognized by Chambers UK and Legal 500 in recent years as the “go-to regulatory M&A lawyer” for regulated institutions such as banks, lenders, payment providers, insurance companies, wealth managers or other financial institutions transactions.

In addition, Andrew is widely recognized as a leading M&A and private equity lawyer. In Chambers UK, Andrew has been noted as “dynamic and commercial” and for providing “tailored, practical advice.” A client told Legal 500, “Andrew Wingfield – best lawyer I ever worked with. Super helpful, goes extra mile where needed.”

Photo of Richard Bull Richard Bull

Richard Bull is a partner in the Corporate Department and a member of our Private Equity and Mergers & Acquisitions Groups.

Richard advises on a wide range of corporate work, including M&A, private investments, corporate venturing, joint ventures and corporate restructurings. Richard has…

Richard Bull is a partner in the Corporate Department and a member of our Private Equity and Mergers & Acquisitions Groups.

Richard advises on a wide range of corporate work, including M&A, private investments, corporate venturing, joint ventures and corporate restructurings. Richard has extensive experience of acting on private equity, growth and expansion capital transactions of all types and sizes for sponsors and management teams, both of a domestic and international nature, with a particular focus in the financial services and technology industries.

Richard is described by Legal 500 “as one of the most capable PE lawyers in the market” and “truly excellent.” Richard was also identified by a survey of private equity sponsors undertaken by The Lawyer as one of the top private equity lawyers based in London, and as a highly regarded private equity and M&A lawyer by IFLR 1000.

Photo of Oliver R. Howley Oliver R. Howley

Oliver Howley is a partner in Proskauer’s Technology, Media & Telecommunications Group. He is a trusted advisor to businesses in the technology, manufacturing, sports and financial services sectors, providing valued input on IP, technology and data-related strategies and transactions.

Oliver is a multi-specialist…

Oliver Howley is a partner in Proskauer’s Technology, Media & Telecommunications Group. He is a trusted advisor to businesses in the technology, manufacturing, sports and financial services sectors, providing valued input on IP, technology and data-related strategies and transactions.

Oliver is a multi-specialist, with a day-to-day practice covering commercial contracts, IP, technology and data protection work. He regularly advises on the structuring and terms of contracts relating to the creation, licensing and monetisation of technology and data products, with a particular focus on machine learning and artificial intelligence systems. He also has extensive experience in advising on the IP, technology, data and carve-out aspects of corporate transactions (including joint ventures, acquisitions, disposals and investments) and on sponsorship, image rights and endorsement deals in the sports sector.

Oliver has been recognized as a “Rising Star” in The Legal 500 for consecutive years. Recent professional directories note that “no matter how complex the landscape, no detail escapes [Oliver’s] attention” and that his “logical… and forensic analytical approach make him a force to be reckoned with”. He also receives praise for his commercial contracts work and “niche in robotics and artificial intelligence”.

Photo of Mary Wilks Mary Wilks

Mary Wilks is an antitrust partner in the Corporate Department and a member of our Private Equity Transactions and Mergers & Acquisitions Groups.

Mary advises on a broad range of EU and UK competition law issues, including multijurisdictional mergers, behavioral investigations, complex supply…

Mary Wilks is an antitrust partner in the Corporate Department and a member of our Private Equity Transactions and Mergers & Acquisitions Groups.

Mary advises on a broad range of EU and UK competition law issues, including multijurisdictional mergers, behavioral investigations, complex supply and distribution arrangements, and foreign investment controls including, notably, the UK’s newly adopted National Security and Investment Act. She advises clients on the competition aspects of transactions including M&A, equity investments, consortium transactions and secondaries.

Mary works across all sectors, with particular experience in consumer products, healthcare, TMT and financial services.

Mary regularly counsels clients on their engagement with the Competition and Markets Authority, the European Commission, and other prominent international enforcement agencies and regulatory authorities.

Mary Wilks has a reputation as an “excellent lawyer” who “plays a leading role on a range of high-profile cases.” According to sources, “She is always fully on top of the detail but also able to pull out the most important points for the case.

Prior to joining Proskauer, Mary was a counsel in the antitrust, competition and trade department at another leading law firm in London.

Photo of Rachel Lowe Rachel Lowe

Rachel E. Lowe is a special regulatory counsel in the Corporate Department and a member of the Private Investment Funds Group.

Rachel advises on financial services regulation specializing in sustainable finance and ESG regulation. She has particular expertise in drafting and advising on…

Rachel E. Lowe is a special regulatory counsel in the Corporate Department and a member of the Private Investment Funds Group.

Rachel advises on financial services regulation specializing in sustainable finance and ESG regulation. She has particular expertise in drafting and advising on the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation. Rachel has also supported with EU MiFID and AIFMD sustainability updates for clients, including from a governance and organizational perspective, as well as providing drafting and training support. She also advises on the Corporate Sustainability Reporting Directive (CSRD), including analysis of its applicability for large international group structures.

From a UK perspective, Rachel supports clients with the TCFD-related requirements in the Financial Conduct Authority’s ESG Sourcebook and is increasingly engaged on the UK’s Sustainability Disclosure Requirements (SDR).

More broadly, Rachel has worked with litigation colleagues to assist clients with understanding and mitigating greenwashing-related legal and regulatory risk.

Photo of Amar Unadkat Amar Unadkat

Amar Unadkat is a special regulatory counsel in the Corporate Department and a member of the Private Funds Group.

Amar advises on a variety of financial services regulatory and compliance matters both from a UK and European perspective. Amar regularly advises his clients…

Amar Unadkat is a special regulatory counsel in the Corporate Department and a member of the Private Funds Group.

Amar advises on a variety of financial services regulatory and compliance matters both from a UK and European perspective. Amar regularly advises his clients on issues relating to the Alternative Investment Fund Managers Directive (“AIFMD”), the second Markets in Financial Instruments Directive (“MiFID II”), as well as the latest ESG developments. Amar also focusses on UK regulatory compliance matters, including the FCA’s change of control regime, the appointed representative regime and the Senior Managers & Certification Regime.

Amar’s clients include private equity firms, investment managers and advisers, firms in the FinTech space, wealth management businesses, banks and sovereign wealth funds.

Photo of Sulaiman Malik Sulaiman Malik

Sulaiman Malik is an associate in the Corporate Department and a member of the Private Funds Group.

Sulaiman advises clients on a range of UK and international financial regulation. He advises private equity funds, hedge funds, sovereign wealth funds and other asset managers…

Sulaiman Malik is an associate in the Corporate Department and a member of the Private Funds Group.

Sulaiman advises clients on a range of UK and international financial regulation. He advises private equity funds, hedge funds, sovereign wealth funds and other asset managers, as well as banks, FinTechs, broker-dealers and governments.

Prior to joining Proskauer, Sulaiman trained at Simmons & Simmons in London, where he was seconded to Brevan Howard. He has also spent time at the UK’s Ministry of Justice and as an adviser to the Mayor of Brisbane, in Australia.

Sulaiman is a passionate advocate for diversity and inclusion. He previously worked at Rare, a market-leading diversity consultancy, and provides pro bono legal advice to a range of community and civil rights organizations.

Photo of Michael Singh Michael Singh

Michael is an associate in the Private Funds Group in the Corporate Department.

Michael advises clients on a variety of regulatory issues both from a UK and European perspective. He also helps clients on fund related transactions. His clients include private equity firms…

Michael is an associate in the Private Funds Group in the Corporate Department.

Michael advises clients on a variety of regulatory issues both from a UK and European perspective. He also helps clients on fund related transactions. His clients include private equity firms, investment managers, FinTech companies and wealth management businesses.

He is dual-qualified as a German lawyer (“Rechtsanwalt”) and Solicitor of England and Wales and previously was in-house counsel at Deutsche Bank.