Key developments in December 2024:
FCA Handbook: The Financial Conduct Authority (‘‘FCA’’) published Handbook Notice 125, setting out changes to the FCA Handbook made by the FCA board on
On 12 December 2024, the European Securities and Markets Authority (“ESMA”) published a consultation paper (“Consultation”) on draft regulatory technical standards relating to open-ended loan originating AIFs under the revised Alternative Investment Fund Managers Directive (EU/2024/927) (“AIFMD 2”).
AIFMD 2 stipulates that loan-originating AIFs should
Key developments in November 2024:
Financial Crime: The Financial Conduct Authority (“FCA”) published a policy statement (PS24/17) setting out changes to its Financial Crime Guide.
FCA Handbook: The FCA published Handbook
In the evolving landscape of financial services, there have been reports that the Financial Conduct Authority (FCA) has recently classified FNZ, a prominent wealth management platform provider, as a ‘co-manufacturer’ of financial products. This designation carries significant regulatory implications, underscoring the critical role of product governance in ensuring consumer protection and market integrity.
On 11 November 2024, the Financial Reporting Council (“FRC”) launched a consultation with significant updates proposed to the UK Stewardship Code (the “Code”). The aims of the consultation are to streamline reporting requirements and reduce burdens for signatories whilst ensuring there is a clearer purpose of the Code and the outcomes
On 24 October 2024, the European Securities and Markets Authority (“ESMA“) released its 2024 European Common Enforcement Priorities (“ECEP“) for corporate reporting, drawing particular attention to sustainability and taxonomy-related disclosures. With the backdrop of Europe’s ambitious climate objectives and the growing impact of environmental, social, and governance (“ESG“) factors
UPDATE: On 19 November 2024, the Council of the EU issued a press release confirming it had adopted the EU Ratings Regulation. The next step is that the Regulation will be published in the Official Journal of the EU and enter into force 20 days later – applying 18 months after is entry into force.
On 1 November 2024, the Financial Conduct Authority (“FCA”) updated its sustainability disclosure and labelling regime website and added detailed examples of pre-contractual disclosures to its Sustainability Disclosure Requirements (“SDR“) guidance. The SDR and investment labels regime enters into force on 2 December 2024 and firms have been able to use investment labels
The FCA’s Climate Financial Risk Forum has published a paper on “Nature-related Risk: Technical Data Guidance for Financial Institutions” (the ‘‘Paper’’).
What does the FCA’s Paper cover?
The Paper serves as a useful summary of the potential relevance of nature on financial institutions and covers the following fundamental concepts:
Key developments in October 2024:
ESG: The Transition Plan Taskforce (‘‘TPT’’) published its final report (Progress Achieved and the Path Ahead: The Final Report of the Transition Plan Taskforce)