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  • FCA Response and Policy Statement on the use of side pockets for retail funds affected by the Russian invasion of Ukraine

    The FCA has published their response (the “Response”) in the form of a policy statement (the “Policy Statement”) on rules to allow Authorised Fund Managers (“AFMs”) to create separate unit classes (“side pockets”) for assets in retail investment funds affected by the invasion of Ukraine. In our previous article, we ...
  • Amendments to the UK MLRs – 14 key changes to know now

    HM Treasury launched a consultation on 22 July 2021 (Consultation), which outlined how the government intended to amend the UK’s money laundering regime to ensure that the UK continues to meet international standards, whilst also strengthening and ensuring clarity on how the UK’s anti-money laundering and counter-terrorist financing (AML/CTF) regime ...
  • Financial Services Future Regulatory Framework: A bonfire of investor protection?

    The House of Commons Treasury Committee (TSC) has published its second report on the future of financial services regulation, considering the priorities for regulatory change. Its findings strike an unexpectedly cautious note, suggesting that the TSC sees the possibility of change as a costly prospective bonfire of investor protection rather ...
  • Financial Market Infrastructures – a new era of responsibility for individuals

    HMT has announced that it intends to proceed with its new Senior Managers & Certification Regime (SM&CR) for financial market infrastructures (FMIs). The new regime will be similar to the SM&CR for other regulated financial services firms, and will introduce a new era of personal responsibility for individuals within FMIs. ...
  • Lenders told to support consumers struggling with the cost of living

    The FCA has sought to address the impact of the rising cost of living on consumers by writing to Chief Executives of over 3,500 lenders reminding them of the standards they are expected to uphold (the “Letter”). As consumers face increasing pressure, with the Institute of Fiscal Studies estimating that ...
  • Consumer Credit Act to be reformed

    The Government has announced that it is committing to reform the Consumer Credit Act 1974 (“CCA”), which regulates lending, including credit cards and personal loans. This reform is part of a drive to modernise legislation in this area, cutting costs for businesses and simplify rules for consumers. What is the ...
  • Spain: CNMV circular concerning notification forms for significant shareholdings

    On 8 June 2022 the Spanish National Securities Market Commission (“CNMV”) published a Circular in the Official State Gazette (“BOE”), approving the notification forms concerning significant shareholdings, treasury stock transactions and market makers (the “Circular”). This Circular replaces the one issued on 22 December 2015 (“Circular 8/2015”) in order to ...
  • English High Court treats Non-Fungible Tokens as legal property in fraud case

    In an important ruling, the High Court of England and Wales recognised that there was at least a realistically arguable case that non-fungible tokens (“NFTs”) were to be treated as legal property for the purposes of granting an injunction against persons unknown and a Bankers Trust Disclosure Order against Ozone ...
  • ESAs provide further guidance on application of SFDR

    1. Background In her speech given on 31 May 2022, Verena Ross – Chair of the European Securities and Markets Authority (“ESMA”) – warned on the danger of greenwashing, as disclosures requirement under the Sustainable Finance Disclosure Regulation (“SFDR”) are too often used as product classification for marketing purposes. She ...
  • Critical Third Parties to the financial services sector: the dawn of a new era

    Background HMT has confirmed that it will legislate to permit UK financial regulators to directly oversee and supervise (previously unregulated) “critical” third parties (“CTPs”) that provide services to the finance sector. Financial services firms have become increasingly reliant upon cloud and other third-party providers in recent years, coming to rely ...