Practical, Experience-Based Insights on Financial Regulatory Developments
Welcome to the FinReg Monthly Update, a regular bulletin highlighting the latest developments in UK, EU and U.S. financial services regulation.
Key developments in January 2026:
2 February – Client Categorisation: The United Kingdom Financial Conduct Authority’s (“FCA”) consultation paper (CP25/36) on its proposals to amend the client…
The new Administration has a clear mandate to provide a securities regulatory pathway for crypto, but it had been unclear whether the SEC would take the initiative in building a framework for crypto regulation, or whether legislation making its way through Congress would steal the momentum. What is taking shape is a blend of the…
As 2026 begins, our Regulatory team has mapped the key legal and regulatory developments affecting managers of investment funds (including private equity, private credit, hedge and other alternative funds), insurers and other financial institutions operating in the UK, U.S. and EU. We have distilled the main dates into an easy-to-read timeline with brief commentary on…
Welcome to the FinReg Monthly Update, a regular bulletin highlighting the latest developments in UK, EU and U.S. financial services regulation.
Key developments in December 2025:
18 December – AIFMD 2.0 Liquidity Management Tools: European Securities and Markets Authority (“ESMA”) published an amended version of its guidelines on…
Overview
On January 8, 2026, the Federal Communications Commission (FCC) announced a landmark settlement with the Marlink, a satellite and ground station operator, marking the first-ever enforcement of a Team Telecom national security mitigation agreement. Initiated after a referral from the Department of Justice’s National Security Division (DOJ), the investigation revealed that Marlink violated the…
On January 7, 2026, the Securities and Exchange Commission (the “SEC”) proposed updates to the definition of “small entity” for purposes of the Regulatory Flexibility Act (the “RFA”). Although the proposed changes, if adopted, would not directly affect the regulatory burden of any entity, over the long term, they could have a substantial impact on…
On 15 December 2025, HM Treasury took a significant step towards establishing a UK regulatory regime for cryptoassets by laying the draft ‘Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2005’ (the “Draft Order”) before Parliament.
The Draft Order aims to set the statutory foundation for a new UK cryptoasset regulatory regime…
Overview
On December 19, 2025, the Commodity Futures Trading Commission (the “CFTC”) issued a no‑action letter (the “No‑Action Letter”) that permits many private fund managers registered with the Securities and Exchange Commission (the “SEC”) to forgo registering with the CFTC as commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) or to withdraw existing CPO/CTA…
On 16 December 2025, the European Parliament adopted a significantly streamlined version of the Corporate Sustainability Reporting Directive (“CSRD”). This represents a very significant recalibration of the EU’s sustainability reporting regime.
CSRD’s evolution
The CSRD represents the EU’s flagship framework for mandatory sustainability reporting. Originally designed to apply to a broad range of EU and…
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