On 4 July 2025, the European Commission adopted a regulation (the “Delegated Regulation”) aimed at streamlining the European Union’s Taxonomy Regulation (the “Taxonomy Regulation”). These reforms are intended to ease administrative burdens on EU companies and strengthen the EU’s global competitiveness, while maintaining the integrity of its core climate and environmental…

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

Key developments in June 2025:

30 June

Investment Advice: The Financial Conduct Authority (“FCA”) published a consultation paper (CP25/17) on proposals for a new form of support for consumers’ pensions and retail investments…

On 1 July 2025, the European Securities and Markets Authority (“ESMA”) published a thematic note on making clear, fair and not misleading sustainability-related claims, to address greenwashing risks (the “Thematic Note”).

In the Thematic Note, ESMA sets out that sustainability information is increasingly important in investor choice, and, due to its…

A new extended timetable is now in play for the European Financial Reporting Advisory Group (“EFRAG”) following a letter sent by the EU Commissioner Albuquerque on 1 July 2025. EFRAG is tasked with the responsibility to streamline the European Sustainability Reporting Standards (“ESRS”) which form the core requirements of the Corporate…

On 1 September 2025, the new UK corporate offence of “failure to prevent fraud” will come into force, as introduced under the Economic Crime and Corporate Transparency Act 2023 (the “Act”).

We cover in this client alert the new offence’s aims, scope including extra‑territorial reach, defence availability and some key areas of focus for…

On June 25, 2025, the SEC’s Office of the Investor Advocate (OIAD) released its annual report to Congress on its policy priorities for fiscal year 2026. The office was established by Congress to focus on retail investor issues and, in many years, its annual report draws limited attention. This year’s report is notable because it…

The U.S. Department of the Treasury (“Treasury”) has been active in the context of the Committee on Foreign Investment in the United States’ (“CFIUS”) and the Outbound Investment Security Program (“OISP”). The main updates relate to: (1) Treasury’s announcement of an intent to launch a Fast Track Pilot Program under CFIUS for Foreign Investors; and (2) the review of Silicon Valley firm Benchmark Capital’s investment in Manus AI, a Chinese-linked startup.

On June 12, 2025 the Securities and Exchange Commission (“SEC”) formally withdrew fourteen outstanding rule proposals issued by the prior administration. Although most observers doubted that the current Commission would adopt these proposals, the SEC’s action confirms that any future rulemaking on these topics must start anew with a new proposal and a fresh opportunity…

On June 11, 2025, the Securities and Exchange Commission (“SEC”) voted to extend the compliance date for the most recently adopted amendments to Form PF by approximately four months, to October 1, 2025. The amendments were adopted jointly by the SEC and the Commodity Futures Trading Commission (“CFTC”) on February 8, 2024, with an initial…