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

Key developments in October 2024:

31 October

ESG: The Transition Plan Taskforce (‘‘TPT’’) published its final report (Progress Achieved and the Path Ahead: The Final Report of the Transition Plan Taskforce) and officially concluded its work.

PRA Rulebook: The Prudential Regulatory Authority (‘‘PRA’’) published a policy statement (PS17/24) to its occasional consultation paper (CP6/24), setting out its final policy on the changes to the PRA Rulebook.

FSMA 2023: The draft Financial Services and Markets Act 2023 (‘‘FSMA 2023’’) (Addition of Relevant Enactments) Regulations 2024 were published, together with an explanatory memorandum. The draft legislation empowers HM Treasury to make regulations to establish financial markets infrastructure sandboxes.

Artificial Intelligence: The Bank of England published a speech by Sarah Breeden, Bank of England Deputy Governor, Financial Stability, on AI and financial stability.

30 October

ESG: The European Supervisory Authorities (‘‘ESAs’’) published a final report (JC 2024 68) on principal adverse impact disclosures under the Sustainable Finance Disclosure Regulation ((EU) 2019/2088) (‘‘SFDR’’).

Private Markets: The Financial Conduct Authority (‘‘FCA’’) published a speech, given by Nikhil Rathi, FCA Chief Executive, on the growth of private markets.

Reserved Investor Funds: As part of the Autumn 2024 Budget, HM Treasury confirmed it is proceeding with the introduction of reserved investor funds.

29 October

ELTIF Regulation: Commission Delegated Regulation 2024/2759, containing regulatory technical standards supplementing the Regulation on European Long-Term Investment Funds ((EU) 2015/760) (‘‘ELTIF Regulation’’), was published in the Official Journal of the European Union.

ESG: The Taskforce on Nature-related Financial Disclosures (‘‘TNFD’’) published a discussion paper setting out draft guidance on nature transition planning for companies and financial institutions. Please refer to our dedicated article on this topic here.

MiFID II: ESMA published a consultation paper (ESMA35-335435667-5979) on draft technical advice to the European Commission on amendments to the research provisions in the MiFID II Delegated Directive in the context of the Listing Act under the MiFID II Directive (2014/65/EU) (‘‘MiFID II’’).

28 October

FSMA 2023: The Financial Services and Markets Act 2023 (Commencement No 8) Regulations 2024 (SI 2024/1071) were made and published. The regulations revoke certain pieces of retained EU law and bring into force amendments to retained EU law made by the Financial Services and Markets Act 2023.

25 October

Non-Financial Misconduct: The FCA published a webpage presenting the results of a survey it had sent to 1,028 wholesale banks, brokers and insurance firms examining how firms detect and handle non-financial misconduct incidents. It has also published the survey questions.

Motor Finance: The Court of Appeal ruled on a set of cases addressing undisclosed or partially disclosed commission payments in motor finance agreements, setting new standards for disclosure. Please refer to our dedicated article on this topic here.

24 October

Consumer Duty: The FCA published a speech, given by Graeme Reynolds, FCA Director of Competition, on addressing the issue of vulnerable customers in the wealth management sector.

MiFIR / MiFID II: The Association for Financial Markets in Europe published an implementation guide for firms operating in wholesale secondary markets, providing an overview of the reforms to the Markets in Financial Instruments Regulation (600/2014) (‘‘MiFIR’’) and MiFID II in the EU and the UK.

22 October

Tokenisation: The Financial Stability Board published a report on the financial stability implications of tokenisation.

Benchmarks: The Critical Benchmarks Regulations 2024 (SI 2024/1051) were published, together with an explanatory memorandum.

17 October

Economic Growth: The PRA and FCA published speeches (here and here) on economic growth, given at the Annual City Banquet, Mansion House.

16 October

Collective Investment Schemes: A draft version of the Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 was published, together with a draft explanatory memorandum.

UK / Switzerland Collaboration: HM Treasury published a joint statement issued by it and the Swiss State Secretariat for International Finance on the first UK-Switzerland financial dialogue.

MiFID II / MiFIR: ESMA published an updated version of its manual (ESMA74-2134169708-6870) on post-trade transparency under MiFID II and MiFIR.

MiCA: ESMA published an opinion (ESMA35-1872330276-195) on the European Commission’s amendments to draft regulatory technical standards on authorisations and notifications under MiCA.

15 October

Regulatory Initiatives: The Financial Services Regulatory Initiatives Forum published an interim version of the Regulatory Initiatives Grid, covering initiatives affecting firms from October 2024 to March 2025.

14 October

ESG: ESMA published an updated sustainable finance implementation timeline.

Financial Advice Sector: The FCA published a speech given by Nick Hulme, FCA Head of Department (Advisers, Wealth and Pensions), on the FCA’s new supervisory strategy for the financial advice sector.

TISFD: The Taskforce on Inequality and Social-related Financial Disclosures (“TISFD”) launched on 23 September 2024, with the aim of developing guidance for businesses and financial institutions to report on inequality and social-related financial risks, opportunities, impacts and dependencies. Please refer to our dedicated article on this topic here.

Ring-Fencing Reform: The House of Commons published a written statement by Tulip Siddiq, Economic Secretary to HM Treasury, on the status of reforms to the bank ring-fencing regime.

11 October

Sanctions: ESMA published its first annual consolidated report (ESMA43-1527801302-1333) on sanctions and measures imposed by national competent authorities in member states in 2023.

LTAFs: The Productive Finance Working Group published a revised model long-term asset fund (“LTAF”) instrument of incorporation and a model authorised contractual scheme co-ownership deed (here and here).

10 October

Cryptoassets: The European Commission adopted a Delegated Regulation (C(2024)6766) containing regulatory technical standards on information to be exchanged between competent authorities under MiCA.

ESG: The FCA updated its webpage on the Climate Financial Risk Forum to announce the publication of guides for the financial industry on nature-related risks, short-term scenarios and adaptation finance.

Financial Advice Sector: The FCA published a ‘‘Dear CEO Letter’’ setting out expectations for financial advisers and investment intermediaries. Please refer to our dedicated article on this topic here.

Artificial Intelligence: The Investment Association published a report produced by the technology working group to HM Treasury’s asset management taskforce that considers the current and future usage of AI in investment management.

9 October

Consumer Duty: The FCA published its findings on a webpage following a multi-firm review of 23 payments firms to determine how those firms have implemented the Consumer Duty.

8 October

ESG: The European Parliament published a corrigendum to the proposed Regulation on the transparency and integrity of ESG rating activities (2023/0177 (COD)).

EU Listing Regime: The Council of the EU formally adopted at first reading the Listing Act package, a legislative package adopted by the European Commission on 7 December 2022 to make public capital markets more attractive to EU companies and to facilitate access to capital for SMEs.

Market Volatility: The FCA published a speech given by Nikhil Rathi, FCA Chief Executive, on market volatility.

7 October

ESG: ESMA published its first annual report (ESMA50-43599798-10379) on EU carbon markets.

UK PRIIPS Regulation / Retail Disclosures: A draft version of the Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 2024 was published, together with an explanatory memorandum.

Financial Advice Sector: The FCA published a portfolio letter setting out its supervisory strategy for financial advisers and investment intermediaries.

4 October

ESG: The European Commission issued FAQs on the Corporate Sustainability Due Diligence Directive. Please refer to our dedicated article on this topic here.

FCA Handbook: the FCA published Handbook Notice 122, which sets out changes to the FCA Handbook made by the FCA board on 18 September and 3 October 2024.

3 October

MiFIR: ESMA published a consultation paper relating to amendments to the requirements on transaction data reporting and order book recordkeeping that were introduced to MiFIR by MiFIR II ((EU) 2024/791).

ESG: The European Commission issued warnings to EU Member States who failed to implement the Corporate Sustainability Reporting Directive. Please refer to our dedicated article on this topic here.

2 October

Financial Policy Committee: The Bank of England published the financial policy summary and record of the meeting of its Financial Policy Committee on 19 September 2024.

1 October

ESMA Annual Work Programme: ESMA published its annual work programme for 2025.

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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.