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  • The Wholesale Markets Review – no “big bang”

    18/03/2022
    On 1 March 2022, HM Treasury published its response to its consultation on the Wholesale Markets Review (WMR), which closed on 24 September 2021. A relatively large number of organisations from across the industry participated in the consultation and the response engages in some detail with the feedback received. The ...
  • Belgium: Virtual asset service providers to be subject to FSMA supervision

    21/02/2022
    Last month, on 27 January, marked the end of an era when the provision of virtual asset services was not a regulated activity in Belgium. A law has now been adopted which amends the Belgian anti-money laundering law in order to, inter alia, regulate the provision of such services. Virtual ...
  • The Temporary Transitional Power (TTP) ends on 31 March: What Next?

    25/01/2022
    The application of the FCA’s and PRA's Temporary Transitional Power (TTP) will end on 31 March 2022. FCA and PRA authorised firms must ensure that they comply with all “onshored” EU legislation by this date. What is the TTP? Since the transition period following the UK’s exit from the European ...
  • Marketing cryptocurrencies in the UK: Latest developments

    20/01/2022
    There have been some recent and very important developments relating to the marketing of cryptocurrencies, also known as “cryptoassets” in the UK. On 18 January 2022, HM Treasury (“HMT”) published a Consultation Response (the “HMT Response”) following their Consultation Paper on Cryptoasset Promotions in July 2020 (the “HMT Consultation Paper”) ...
  • Reforming the Appointed Representative regime

    09/12/2021
    On 3 December, HMT published a call for evidence and the FCA published a consultation paper on changes to the Appointed Representative (AR) regime. While HMT and the FCA both acknowledge that the AR regime serves an important function, there is concern that it is now being used for purposes ...
  • SFDR: Commission delays Level 2 RTS by a further 6 months

    01/12/2021
    The European Commission (the Commission) has notified the European Parliament and the European Council of a further 6 month delay to the application of the Level 2 regulatory technical standards (Level 2) under SFDR. This means that the implementation date has been pushed back from the already delayed date of ...
  • Poland: Solvency II Directive review brings changes for insurance and reinsurance undertakings

    PL
    18/11/2021
    The European Commission has reviewed Solvency II Directive[1] and provided amendments to this directive[2] ("Draft”)[3]. The proposed changes in this Draft aim to further strengthen the insurance sector and to encourage insurance undertakings to adopt long-term sustainable financing of the economy. This means that insurance and reinsurance undertakings should prepare ...
  • Focusing on Funds – The Long-Term Asset Fund (LTAF)

    15/11/2021
    This Focusing on Funds looks at the new LTAF regime that takes effect today. The LTAF, a new category of UK authorised collective investment scheme, is intended to promote investment by professional investors (including pension funds) and sophisticated investors in long-term, illiquid assets. Why is this relevant to fund managers? ...
  • Bank of England issues statement on Central Bank Digital Currency next steps

    12/11/2021
    The Bank of England and HM Treasury have issued a joint statement outlining the next steps on the exploration of a UK Central Bank Digital Currency (CBDC). This statement is welcomed and indicates the UK’s commitment to pursuing and potentially implementing digital currencies. Numerous other countries, including Nigeria and the ...
  • Greening Finance: A Roadmap to Sustainable Investing

    26/10/2021
    The Roadmap outlines HM Treasury’s ambitious plan to transform the UK’s financial system – aiming to align it with the Government’s net zero commitment and making the UK a world leader in green finance and sustainable investing. What is the Roadmap? On 18 October 2021, the UK Government released its ...