The new regime modernises the listing framework while maintaining robust standards to protect investors and ensure market integrity.

By Mark Austin, Chris Horton, James Inness, Anna Ngo, and Johannes Poon

On 11 July 2024, the FCA released the final rules for the new UK listing regime, which will take effect from 29 July 2024.

This new regime is a culmination of the reform journey that started with the Listing Review in 2021 and which modernises the

The deadline for implementing the Duty for closed products and services is fast approaching, however firms’ work on the Duty is far from over as they must successfully pivot to addressing the Duty as part of their day-to-day operations.

By Nicola Higgs, Becky Critchley, and Charlotte Collins

31 July 2024 will mark one year since the Consumer Duty came into force for new and open products and services, and the deadline for implementing the Duty for closed products

Guidelines indicate when asset managers may legitimately use ESG or sustainability-related terms in their fund names.

By Nicola Higgs, Laura Ferrell, and Charlotte Collins

On 14 May 2024, ESMA published its final Guidelines on funds’ names using ESG- or sustainability-related terms. The Guidelines aim to address the risk of funds’ names misleading investors by ensuring that their names can be supported in a material way by evidence of sustainability characteristics or objectives that are reflected fairly and consistently in the fund’s investment objectives and policy.

ESMA originally consulted on the Guidelines in November 2022 (see this blog post), but finalisation has been delayed while reviews of the AIFMD and UCITS Directive were completed. Notably, ESMA received substantive feedback on the consultation and made several amendments to the Guidelines accordingly.

The final guidance clarifies the scope and application date of the rule, and answers questions around good practice and accessing third-party data.

By Nicola Higgs and Jaime Martin

On 23 April 2024, the FCA published its final guidance (FG23/4) on its new anti-greenwashing rule, which comes into force on 31 May 2024. The anti-greenwashing rule will require all authorised firms to ensure that any reference they make to the sustainability characteristics of their financial products and services are

The FCA is proposing to allow asset managers to rebundle payments for third-party research and trade execution.

By Rob Moulton, Nicola Higgs, and Charlotte Collins

On 10 April 2024, the FCA published its much-anticipated Consultation Paper on payment optionality for investment research (CP24/7). The Investment Research Review made a series of recommendations in the summer of 2023 to help boost the UK investment research market, which the government committed to taking forward (see this Latham blog post).

Fighting financial crime, protecting consumers’ needs, and bolstering wholesale markets are the regulator’s key priorities for the year ahead.

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

On 19 March 2024, the FCA published its Business Plan for 2024/25, setting out its priorities for the year ahead. While the Business Plan now takes on less significance than it did historically given other publications in circulation such as the FCA’s 3-year Strategy and the Regulatory

The Sexism in the City report highlights key issues affecting women in financial services and sets out a number of recommendations to address them.

By Nell Perks, Ella McGinn, and Charlotte Collins

On 8 March 2024, the House of Commons Treasury Committee published its report from the Sexism in the City inquiry, which sought to explore progress in four key areas affecting women in financial services since the Committee’s Women in Finance report was published in 2018. Overall

The FCA found that wholesale data markets can be improved, but has ruled out a significant intervention.

By David Little, Becky Critchley, Oscar Hayward, and Effie Stathaki

The FCA has published the findings of its wholesale data market study (MS23/1.5), which examined competition in the markets for credit ratings data, benchmarks, and market data vendor services. It follows the publication of an Update Report in August 2023, which outlined the FCA’s provisional findings regarding potential

UK Chancellor launches consultation on the proposed Private Intermittent Securities and Capital Exchange System (PISCES) as part of the Spring Budget.

By Mark Austin, Rob Moulton, Anna Ngo, Frederick Gardner, Charlotte Collins, and Johannes Poon

On 6 March 2024, HM Treasury published a consultation paper seeking industry feedback on the UK’s proposed new regulated crossover market, the Private Intermittent Securities and Capital Exchange System (PISCES). PISCES would allow private companies to trade their securities in

FCA finds firms have been working hard to embed the Duty, but there remains room for improvement.

By Becky Critchley and Charlotte Collins

On 20 February 2024, the FCA published more information on the Consumer Duty, including a publication highlighting good practices and areas for improvement. The FCA also used a related speech to remind firms of the 31 July 2024 deadline for applying the Duty to closed products and services, and for producing the first annual board report assessing