Key risk areas for SEC registrants include standards of conduct, complex products, cybersecurity, digital engagement, and artificial intelligence.

By Latham & Watkins Investment Funds — Regulatory Strategy, Financial Regulatory, FinTech, and Commodities and Derivatives Regulation & Enforcement practices

On October 21, 2024, the Securities and Exchange Commission’s (SEC) Division of Examinations (the Division) published its annual examination priorities for 2025 (2025 Priorities), which focus on certain “practices, products, and services that the Division believes present potentially heightened risks

The data provides important insights to assist firms with their ongoing work in this area.

By Rob Moulton, Nicola Higgs, Nell Perks, Becky Critchley, and Charlotte Collins

On 25 October 2024, the FCA published the results of a survey on non-financial misconduct it undertook earlier in the year involving over 1,000 firms in the wholesale sector (investment banks, brokers, and wholesale insurance firms). This was the first time the FCA has looked in detail at how

PRA and FCA speeches recap the regulators’ work to deliver growth and enhance competitiveness, and outline some key upcoming policy work.

By Rob Moulton, Nicola Higgs, Becky Critchley, and Charlotte Collins

On 17 October 2024, the PRA and the FCA both published speeches given by their Chief Executives at the Annual City Banquet. Although the speeches cover different topics on the regulators’ policymaking agendas, both focus on how the regulators will further their new secondary objective to

Regulators seek to provide clarity and transparency on the bank merger review process, but changes may increase application complexity and unpredictability.

By Arthur S. Long, Pia Naib, and Deric Behar

Consistent with ongoing initiatives to strengthen US antitrust regulation,1 the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Department of Justice (DOJ) recently announced changes that may reshape the landscape of bank mergers. These updated rules, policies, and guidelines

Recent reforms in the UK market have led to less prescriptive executive remuneration principles that encourage companies to tailor structures to their business, strategy, and performance while consulting with shareholders.

By Mark Austin, Kendall Burnett, Sarah Gadd, James Inness, Anna Ngo, and Johannes Poon

On 8 October 2024, the Investment Association (IA) updated its Principles of Remuneration (and supporting guidance) (the IA Principles), which predominantly apply to UK-listed companies. UK proxy advisors refer to the

The SEC’s September 17, 2024, actions signal its commitment to penalize non-compliance, while encouraging market participants to self-report violations.

By Stephen Wink, John Sikora, Aaron Gilbride, Naim Culhaci, and Samantha Daisy

On September 17, 2024, the US Securities and Exchange Commission (SEC) announced charges against 11 institutional investment managers for failing to file Forms 13F and 13H. All parties settled the charges. These charges signal the SEC’s willingness to bring enforcement actions and impose sanctions against

The regulator has provided an update on the actions taken since its cash savings market review.

By Nicola Higgs, Becky Critchley, and Charlotte Collins

On 18 September 2024, the FCA provided an update on its work in the cash savings market. Following the FCA’s 2023 cash savings market review in light of concerns that higher interest rates were not being passed on effectively to savers, the regulator has conducted further work, including an in-depth analysis of the profits made on savings accounts and their contribution to overall firm profitability. The FCA has also worked with the largest firms regarding how they are providing fair value to easy access savings customers.

The latest guidance from the regulator focuses on the price and value outcome.

By Nicola Higgs, Becky Critchley, and Charlotte Collins

On 18 September 2024, the FCA published further feedback on the Consumer Duty, setting out good and poor practices in relation to the price and value outcome. For many firms, this is the most challenging of the four outcomes, and so it is helpful that the FCA is sharing insights which firms can use to improve their implementation of the Duty. Analysing the value different customers are deriving from a particular product, and ensuring that certain groups of customers are not receiving poor value, is a tricky exercise for firms, particularly those with fewer resources. Helpfully, the FCA acknowledges in its feedback that it does not expect smaller firms to apply the same resources to assessing fair value as larger firms, providing clarifications as to what might be a proportionate approach for a smaller firm to take.

The regulator is providing temporary flexibility in light of concerns that asset managers need extra time to prepare.

By Nicola Higgs, Jaime Martin, Sara Sayma, and Charlotte Collins

On 9 September 2024, the FCA published a statement on its naming and marketing rules under the Sustainability Disclosure Requirements (SDR) regime, allowing asset managers more time to get ready for the new requirements.

The SDR is being implemented on a staggered basis; the new investment labels have been

The case involves substantive litigation that could yield important legal principles for the treatment of decentralised projects.

By Dominic Geiser, Simon Hawkins, Sam Maxson, and Truman Mak

Decentralised autonomous organisations (DAO) are unique structures that operate autonomously in accordance with preset rules, utilising a blockchain and coordinated through a distributed consensus model. Whilst numerous DAOs are operating in the blockchain industry, these organisations are still new in legal terms and their precise legal status (including ownership and