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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, 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.

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

Key developments in June 2024:

28 June

PRIIPs Regulation: The Joint Committee of the European Supervisory Authorities (“ESAs”) published an updated version of its Q&As (JC 2023 22) on the Key Information

Background

On 26 June 2024, the United Kingdom’s Financial Conduct Authority (“FCA”) published the findings of its multi-firm review of how insurance firms are implementing the Consumer Duty. In particular, the FCA was seeking to determine how firms monitor, assess, and test the outcomes customers are receiving, along with actions firms had taken

On 18 June 2024, the European Supervisory Authorities (the “ESAs”) published a joint opinion (the “Opinion”) on their recommendations for the next iteration of the Sustainable Finance Disclosure Regulation (“SFDR”). 

As we reported here, the SFDR has undergone wholesale consultation with the European Commission having sought feedback on

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

Key developments in May 2024:

31 May

ESG: The Financial Conduct Authority (“FCA”) updated its webpage on the sustainability disclosure requirements (“SDR”) and investments labelling regime. Among other things, the

Background

On 23 May 2024, Ashley Alder, the Chair of the UK Financial Conduct Authority (“FCA”), delivered a speech which outlined the regulator’s agenda for the asset management sector (the “Speech”). In particular, the Speech covered how regulation relates to the FCA’s new objectives for competitiveness and growth.

Key Points

The

On 31 May 2024, a new anti-greenwashing rule is being introduced by the Financial Conduct Authority (the “FCA”) as part of its Sustainability Disclosure Requirements (“SDR”). We cover here the introduction of the FCA’s anti-greenwashing rule and apply a legal lens on some key risk points to consider in the asset management sector.

What is

The European Securities and Markets Authority (“ESMA”) has published its Final Report on the Guidelines on funds’ names using ESG or sustainability-related terms (the “Guidelines”).  ESMA was provided with the mandates to develop guidelines on unclear, unfair or misleading fund names in the updated Alternative Investment Managers Directive[1] (“AIFMD”) and UCITS Directive, which are now in force.

On 3 May 2024, the European Commission published a summary of the 2023 consultation on the EU Sustainable Finance Disclosure Regulation (“SFDR”) (the “Summary”).  For more information on the consultation, please see our alert here.

Whilst the Summary does not hold substantive policy views of the European Commission, the feedback

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

Key developments in April 2024:

30 April

Financial Markets Infrastructure: The Bank of England published a speech by Sasha Mills, Executive Director, Financial Market Infrastructure, on operational resilience and its expectations of financial market

After political to-and-fro for over two years, the EU Corporate Sustainability Due Diligence (“CS3D”) made it over the line on 24 April 2024 with the European Parliament formally approving it.

We set out the headline requirements and timing of CS3D below.

What is the CS3D?

This legislation is far-reaching with mandatory human rights