“Fair access” banking laws, at the epicenter of the debates between ESG and “anti-woke” regulation and federal/state preemption, may see a resurgence under the incoming administration.
By Betty M. Huber, Arthur S. Long, Pia Naib, Austin J. Pierce, and Deric Behar
In recent years, the landscape of “fair access” banking laws, now also known as “anti-debanking”…
The consultation covers new methodologies for the financial sector’s GHG emissions reporting, including regarding avoided emissions, or “scope 4” emissions.
By Paul A. Davies, Nicola Higgs, Michael D. Green, Jaime Martin, James Bee, and Charlotte Collins
On 3 December 2024, the Partnership for Carbon Accounting Financials (PCAF) launched a consultation to gather financial industry feedback…
By Arthur Long and Pia Naib
In 2024, the US federal bank regulators were extremely active, with initiatives ranging from antitrust and capital to proposals regarding controlling shareholders and incentive-based compensation. Climate issues and resolution planning were also areas of focus.
With the election of Donald J. Trump to a second term as president of the US, however, the next…
As AI use proliferates, the advisory reminds CFTC-regulated entities of their existing obligations and the CFTC’s intention to monitor for ongoing risks.
By Douglas K. Yatter, Yvette D. Valdez, Margaret Graham, Hanyu (Iris) Xie, Adam Bruce Fovent, Mia Stefanou, and Deric Behar
On December 5, 2024, the staff of the Commodity Futures Trading Commission’s…
The proposals aim to drive more consistency in operational incident reporting and greater visibility in the use of material third-party services.
By Rob Moulton and Charlotte Collins
On 13 December 2024, the FCA and the PRA published linked Consultation Papers on operational incident and third-party reporting (FCA CP24/28 and PRA CP17/24). The consultations aim to create a structured framework…
The latest guidance from the FCA focuses on Consumer Duty board reports and how firms handle complaints and root cause analysis.
By Becky Critchley and Charlotte Collins
On 11 December 2024, the FCA published two pieces of feedback on the Consumer Duty, setting out good practices and areas for improvement in relation to Consumer Duty board reports and complaints and…
The FCA is approaching its design of the world’s first regulated private/public crossover market with a “private plus” rather than a “public minus” mindset.
By Mark Austin, Rob Moulton, James Inness, Anna Ngo, Frederick Gardner, and Johannes Poon
On 17 December 2024, the FCA launched a consultation on its proposed regulatory framework for the Private…
With appropriate safeguards, distributed ledger technology may expand the use of non-cash assets as derivatives collateral, while mitigating certain market infrastructure inefficiencies.
By Yvette D. Valdez, Adam Bruce Fovent, and Deric Behar
On November 21, 2024, the Digital Asset Markets Subcommittee (the Subcommittee) of the Commodity Futures Trading Commission’s (CFTC) Global Markets Advisory Committee (GMAC) issued a report…
When the Edinburgh Reforms were announced on 9 December 2022, they were billed as an ambitious set of reforms. Two years on, we assess which of the measures have been completed, which remain outstanding, and whether they have delivered on the agenda set out.
We also reflect on the recent Mansion House announcements, which have reset the future of regulatory…
Three recent enforcement actions highlight the risks of failing to adhere to representations made to investors regarding ESG and biblically responsible investing strategies.
The upcoming change in US administration is expected to bring about significant priority shifts by the federal government, including at the US Securities and Exchange Commission (SEC). One area of potential overlap that the investment community should…
The regulator has significantly rowed back on aspects of the proposals following industry and government feedback.
By Andrea Monks, Rob Moulton, Nell Perks, Anna James, and Charlotte Collins
On 28 November 2024, the FCA published revised proposals for announcing enforcement investigations. The original consultation, launched in February 2024, proved to be one of the most controversial…
The survey finds that most firms are using AI, but many only have a partial understanding of how the technology operates.
By Becky Critchley and Gary Whitehead
On 21 November 2024, the Bank of England (BoE) and FCA published a report setting out their findings from the AI and Machine Learning Survey 2024. In the context of the rapid adoption…
