A report from the Taskforce on Innovation, Growth and Regulatory Reform provides recommendations for how the UK can “re-imagine” its approach to regulation post-Brexit. By Rob Moulton, Stuart Davis, and Charlotte Collins On 16 June 2021, the Taskforce on Innovation, Growth and Regulatory Reform (the Taskforce) published a report (the Report) providing recommendations for how … Continue Reading
Proposed changes to the UK Listing Rules would allow certain SPACs to avoid a listing suspension. By Nicola Higgs and Charlotte Collins On 30 April 2021, the FCA published a Consultation Paper (CP21/10) on changes to the UK Listing Rules to better accommodate special purpose acquisition companies (SPACs). Whilst currently there is a presumption that … Continue Reading
A comprehensive guide to the new rule, which largely supersedes prior CFTC guidance that had informed market practice for over seven years. By Yvette D. Valdez, Adam Bruce Fovent, and J. Ashley Weeks On November 13, 2020, the US Commodity Futures Trading Commission’s (CFTC’s) final rule on the cross-border application of aspects of the swaps … Continue Reading
Latest FCA consultation focuses on remuneration, risk management and governance, and liquidity requirements. By Rob Moulton and Charlotte Collins On 19 April 2021, the FCA published its second Consultation Paper (CP21/7) on the new UK investment firms prudential regime (IFPR). The IFPR will create a new prudential regime for FCA-authorised MiFID investment firms, and will … Continue Reading
By Rob Moulton, Nicola Higgs, Anne Mainwaring, Becky Critchley, and Anna Lewis-Martinez The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q1 2021. In this edition, we cover some of the key regulatory announcements relating to MiFID II and the impact … Continue Reading
By Becky Critchley and Anna Lewis-Martinez On 5 March 2021, the UK’s Financial Conduct Authority (FCA) formally announced the dates for the cessation of all London Interbank Offered Rate (LIBOR) benchmark settings currently published by ICE Benchmark Administration (IBA). The FCA also confirmed that where a “synthetic” LIBOR is available after the cessation dates, the … Continue Reading
The recommended reforms aim to make the UK’s listing regime more competitive while maintaining high standards of corporate governance, shareholder rights, and transparency. By Chris Horton, James Inness, and Anna Ngo A new independent review (the Review), led by Lord Hill, has been released that provides recommendations on how the UK can improve its listings … Continue Reading
FCA found instances of non-compliance with the product governance rules which, in its view, increases the risk of investor harm. By Nicola Higgs, Anne Mainwaring, and Jonathan Ritson-Candler Background On 26 February 2021, the FCA published a webpage setting out eight asset management firms’ implementation of the UK MiFID II product governance requirements. The sample … Continue Reading
The Woolard Review emphasises the urgency to bring all BNPL products under FCA supervision and sets out recommendations for the unsecured credit market. By Stuart Davis, Becky Critchley, and Anna Lewis-Martinez The UK government has announced that interest-free buy-now-pay-later (BNPL) credit agreements will be regulated by the FCA. Currently, the BNPL market operates under an … Continue Reading
This annual publication outlines some of the primary focus areas in 2021 for UK-regulated financial services firms. Some of these topics are attracting attention because they are an emerging trend, or because they are at a key stage in the implementation cycle. Other topics are longstanding, but remain at the top of the PRA’s and … Continue Reading
Regulators consult on an investor identification regime and outsourcing requirements, and issue guidance on electronic storage of regulatory records and environmental risk management By Farhana Sharmeen, Simon Hawkins, Kenneth Y.F. Hui, and Marc Jia Renn Tan This blog post summarises key regulatory developments in Hong Kong and Singapore during December 2020, including: The SFC’s consultation … Continue Reading
The PRA has released a largely positive report, along with nine follow-up actions and recommendations on the SMCR for PRA-regulated firms. By Rob Moulton, Katy Sanders, and Anna Lewis-Martinez The PRA reviewed the operation of the Senior Managers and Certification Regime (SMCR) against its original objectives and examined whether there have been any unintended consequences. … Continue Reading
Regulators propose new regulations for virtual asset exchanges and enhanced customer identity verification requirements, and launch an innovative commercial data interchange. By Farhana Sharmeen, Simon Hawkins, Kenneth Y.F. Hui, and Marc Jia Renn Tan This blog post summarises key regulatory developments in Hong Kong and Singapore during November 2020, including: — The Hong Kong FSTB’s … Continue Reading
The proposal would require financial institutions to use certain categories of information for non-face-to-face verification before undertaking transactions or requests. By Farhana Sharmeen and Gen Huong Tan In November 2020, the Monetary Authority of Singapore (the MAS) published a consultation paper proposing to issue a Notice on Identity Verification (the Notice) that would require financial … Continue Reading
Court of Appeal sets out correct approach to transfer of long-term Insurance. Victoria Sander, Jon Holland, Alex Cox, and Duncan Graves Latham & Watkins has won an appeal on behalf of Rothesay Life Plc (Rothesay) in an unprecedented challenge to the High Court’s refusal to sanction the transfer of around 370,000 annuity policies in August … Continue Reading
FCA’s Stephen Hanks discusses onshoring and how to ensure regulatory compliance before the year’s end. With the end of the Brexit transition period looming, many financial services firms are asking what they need to do between now and the end of the year to ensure regulatory compliance. In this episode of Connected With Latham, Anne … Continue Reading
The UK government signals a diversion from the onshored regime towards a more flexible financial services regulatory framework. By Rob Moulton, Anne Mainwaring, and Anna Lewis-Martinez HM Treasury has published a consultation paper marking the start of Phase II of its financial services review, which will focus on the broader regulatory framework for financial services … Continue Reading
Regulators consult on anti-money laundering guidelines and issue guidance on cybersecurity, best execution, and senior management accountability. By Farhana Sharmeen, Simon Hawkins, Kenneth Y.F. Hui, and Marc Jia Renn Tan This blog post summarizes key regulatory developments in Hong Kong and Singapore during September 2020, including: (i) the SFC’s consultation on enhancements to its Guideline on … Continue Reading
By Rob Moulton and James Inness After lengthy consultation ESMA has published a detailed Final Report setting out its views on how to improve MAR. The ball is now firmly in the Commission’s court as to the next steps. Latham & Watkins has produced a detailed summary for clients.… Continue Reading
The changes would allow more individuals and institutions to invest in private offerings of unregistered securities. By Alexander F. Cohen, Paul M. Dudek, Joel Trotter, Dana G. Fleischman, Stephen P. Wink On August 26, 2020, the US Securities and Exchange Commission (SEC) expanded the definitions of accredited investor (AI) and qualified institutional buyer (QIB). Notably, … Continue Reading
The FCA has provided updated guidance on the SMCR for solo-regulated firms, with new information on good and bad practices in two key areas. By David Berman and Anna Lewis-Martinez On 14 August 2020, the FCA updated its webpage on the Senior Managers and Certification Regime (SMCR) for solo-regulated firms. The updates include tables setting … Continue Reading
Regulators are consulting on how to enhance trust business regulation, introduce new omnibus legislation, and encourage best practices in sustainable banking. By Farhana Sharmeen, Simon Hawkins, Kenneth Hui, and Marc Tan This blog post summarises key regulatory developments in Hong Kong and Singapore during July 2020, including: The HKMA’s publication of examples of good practices … Continue Reading
New resource developed following increased regulatory focus on outsourcing. Latham & Watkins has partnered with the Association for Financial Markets in Europe (AFME) and law firms Matheson and BSP to develop: Outsourcing – Guidance on the Legal and Regulatory Framework, a pioneering resource examining the key European legislation, rules, and guidance for financial services firms … Continue Reading
The UK government has proposed amendments to the UK PRIIPs regime with performance information in the KID to differ from the EU “performance scenario” requirement. By Nicola Higgs and Anna Lewis-Martinez On 30 July 2020, HM Treasury published a policy statement on amendments to the Packaged Retail Investment and Insurance-based Products (PRIIPs) Regulation. The policy … Continue Reading
