On 12 October 2026, the European Securities and Markets Authority (“ESMA”) published its third and fourth thematic note on making clear, fair and not misleading sustainability-related claims to address greenwashing risks. These two additional notes focus on impact claims and climate transition claims (the “Thematic Notes”). The Thematic Notes follow previous
UK/EU Financial Regulation
Green Claims, Real Consequences: What the EU’s New Greenwashing Rules Mean for Businesses
Since 27 September 2026, businesses selling to consumers in the European Union (“EU”) have been subject to new rules on environmental claims. The rules come from the EU’s Empowering Consumers for the Green Transition Directive (EU) 2024/825 (the “EmpCo Directive”), which amends the Unfair Commercial Practices Directive (2005/29/EC) (“UCPD”)…
FinReg Monthly Update
Welcome to the FinReg Monthly Update, a regular bulletin highlighting the latest developments in UK, EU and US financial services regulation.
Key Developments in September 2026:
United Kingdom
General Financial Services – Cross Sector
25 September – FCA Handbook: The FCA has published Handbook Notice 144, which sets out changes to the FCA Handbook made…
Insurance and Private Capital: The Next Phase of Convergence
By Edward Lister & Andrew Wingfield on
October 2026
Background
The convergence of insurance and private capital is no longer an emerging theme.
In the US, the ‘Apollo playbook’ has become a blueprint for large-scale insurance-sector investment, whilst the UK bulk purchase annuity (BPA) market is being shaped by headline acquisitions of market incumbents: Athora completed its approximately £5.7 billion…
Parliament’s Position on SFDR 2.0
On 10 September 2026, the European Parliament’s Committee on Economic and Monetary Affairs (“ECON”) has adopted its position on the reform of the Sustainable Finance Disclosure Regulation (“SFDR”), marking a significant milestone in the SFDR 2.0 legislative process. The position is expected to be endorsed by the European Parliament (the “…
FinReg Monthly Update
Welcome to the FinReg Monthly Update, a regular bulletin highlighting the latest developments in UK, EU and international financial services regulation.
Key Developments in July 2026:
United Kingdom
General Financial Services – Cross Sector
31 July – FCA Handbook: The FCA has published Handbook Notice 143, which sets out changes to the FCA Handbook made…
SFDR 2.0: Where the Reform Stands
The EU institutions agree that SFDR should move away from Articles 8 and 9 towards three product categories. They remain divided, however, on two questions that matter particularly to private markets: fossil fuel exposure and an exemption for alternative investment funds offered exclusively to professional investors.
Where the process stands
The European Commission published its…
Next steps for Non-EU Groups in Scope of the CSRD
On 23 July 2026, EFRAG published an “Exposure Draft“ of the proposed sustainability reporting standards for certain non-EU undertakings under Article 40a of the Accounting Directive, known as the “ESRS-40a Standards”. The Exposure Draft sets out how in-scope non-EU groups would report under the CSRD framework. We summarise the key points below.
1…
FCA and HM Treasury Publish Detailed Proposals to Streamline UK Asset Management Regulation
On 14 July 2026, HM Treasury published the draft Alternative Investment Fund Managers Regulations 2026 (the “Draft AIFM Regulations”) and an accompanying policy note (the “HMT Policy Note”), setting out proposed legislative changes to the UK AIFM framework. On the same day, the Financial Conduct Authority (“FCA”) published three consultation papers designed to streamline the…
FinReg Monthly Update
Welcome to the FinReg Monthly Update, a regular bulletin highlighting the latest developments in UK, EU and international financial services regulation.
Key Developments in June 2026:
United Kingdom
General Financial Services – Cross Sector
29 June – Consumer Duty: The FCA has published a consultation paper (CP26/23) on changes to the scope and proportionality of the…