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  • New code of conduct for ESG ratings and data providers

    29/11/2022
    The appetite for environmental, social and governance (ESG) focused financial products and services gathers pace. At the same time, financial services firms are under increasing scrutiny for "greenwashing", which refers to false claims of how "green" or socially-focused a financial product or service may be. Many firms are making their ...
  • Unlocking the potential of Solvency II?

    24/11/2022
    Few Autumn Statements have been of as much interest to insurers (and annuity insurers, in particular) as the one delivered by Jeremy Hunt on 17 November 2022. With a promise of “unlock[ing] tens of billions of pounds of investment across a range of sectors”[1], the statement announced the long-awaited final ...
  • Belgium regulates the marketing of insurance policies for the purchase of multimedia devices

    24/11/2022
    The Financial Services and Markets Authority (FSMA) imposes (via a Regulation) restrictive conditions on the commercialisation, vis-à-vis consumers, of certain insurance contracts on multimedia devices. This Regulation was issued after a seller of multimedia devices offered its consumers a supposedly free insurance policy when purchasing a multimedia device. To do ...
  • ESG: A summary of the FCA’s Sustainability Disclosure Requirements (SDR) and investment labels consultation paper (CP22/20)

    17/11/2022
    The FCA’s long-awaited Consultation Paper setting out its proposals for the UK’s sustainability disclosure regime (CP22/20) was published on 25 October 2022. The updated proposals are materially different to those set out in the FCA’s November 2021 Discussion Paper (DP21/4), reflecting the strength of feedback on the Discussion Paper and ...
  • Belgium: Insurance distributor licence imposed by European Court of Justice on policyholders of a collective insurance policy with optional membership

    11/11/2022
    The European Court of Justice (ECJ) recently ruled that an entity acting as group policyholder under a collective insurance policy and offering optional membership to customers falls under the scope of the Insurance Distribution Directive (IDD) and may need to be licensed as an insurance distributor (subject to any available ...
  • Dubai: Decrypting the new DFSA Crypto Regime

    08/11/2022
    In March earlier this year, the Dubai Financial Services Authority (“DFSA”) issued a consultation paper on the regulation of Crypto Tokens (“CP143”). CP143 set out the DFSA’s proposals for a regulatory framework overseeing crypto tokens, a link of which can be found here. On 17th October 2022, the DFSA provided ...
  • Changes to crypto regulation on the horizon

    02/11/2022
    On 20 July 2022, the Financial Services and Markets Bill (the Bill) was introduced into Parliament. The Bill is the largest piece of financial services legislation for over two decades and covers a wide range of topics. At that time, we published an article which mentioned that the Bill contains ...
  • Financial Services & Markets Bill: A new beginning? UK financial services in a post-Brexit world

    02/11/2022
    On 20 July 2022, the Financial Services and Markets Bill (the Bill) was introduced into Parliament. The Bill is the largest piece of financial services legislation for over two decades and covers a wide range of topics. However, it contains very few surprises because all of its main proposals have ...
  • Tokenised Funds Series: Paper 5 – Operational & Cyber Resilience Implications

    21/10/2022
    CMS has published a series of papers in collaboration with the IA. These papers explore the basics of tokenised funds, the regulatory considerations, and prospectus disclosures that may be necessary. This is the fifth paper in which we explore the implications for firms running tokenised funds from an operational and ...
  • ESMA Guidelines on suitability updated to take into account sustainability factors, risks and preferences of the clients

    14/10/2022
    On 23 September 2022, ESMA released an updated version of its Guidelines on certain aspects of the suitability requirements as provided for under Directive 2014/65 on Markets in Financial Instruments (“MiFID II”) (the “Guidelines”). These Guidelines aim to ensure a common, uniform and consistent implementation of the MiFID II requirements ...