Businesses relying on exemptions for high net worth individuals and self-certified sophisticated investors should ensure they are prepared to comply with the updated requirements. By Rob Moulton, Nicola Higgs, and Charlotte Collins On 7 November 2023, HM Treasury published the response to its consultation on reforming the financial promotion exemptions for high net worth individuals … Continue Reading
Government plans to add more flexibility to the regime, but its long-term future remains undecided. By Rob Moulton and Charlotte Collins On 28 September 2023, HM Treasury published further papers in relation to the planned reform of the UK bank ring-fencing regime, which was announced as part of the Edinburgh Reforms (see this Latham article). … Continue Reading
The Review recommends scrapping research unbundling, but also proposes a range of other changes to the UK research landscape. By Rob Moulton, Chris Horton, Sean Wells, Charlotte Collins, and Johannes Poon On 10 July 2023, HM Treasury published the final report produced by the independent UK Investment Research Review (Review). The Review was launched on … Continue Reading
The consultation sets out four potential models for reform, and also considers reform to sanctions supervision. By Rob Moulton, Jonathan Ritson-Candler, Thomas F. Lane, and Charlotte Collins On 30 June 2023, HM Treasury published a consultation on reforms to anti-money laundering (AML) and counter-terrorism financing (CTF) supervision in the UK. HM Treasury is consulting on … Continue Reading
The tone of the Call for Evidence indicates the controversial research unbundling rules could be primed for reform. By Rob Moulton, Gary Whitehead, and Charlotte Collins On 3 April 2023, HM Treasury published a Call for Evidence as the first step in the independent review of investment research and its contribution to the competitiveness of … Continue Reading
The consultation considers what a potential regulatory regime would look like, and its proposed scope. By Nicola Higgs, Paul A. Davies, Becky Critchley, Anne Mainwaring, Ella McGinn, and Charlotte Collins On 30 March 2023, HM Treasury published a consultation on regulating ESG ratings providers, which ties in with and was published alongside the UK government’s … Continue Reading
A reminder of the ongoing reforms to implement recommendations from the Lord Hill and Kalifa Reviews. By James Inness, Anna Ngo, and Johannes Poon The outcome of the UK Secondary Capital Raising Review, launched on 12 October 2021 to improve further capital raising processes for UK publicly traded companies, was published by HM Treasury on … Continue Reading
The landmark UK Secondary Capital Raising Review Report takes a holistic approach in making bold and comprehensive recommendations to improve the UK secondary capital raising processes and ecosystem. By James Inness, Anna Ngo, Ryan Benedict, and Johannes Poon On 19 July 2022, HM Treasury published the UK Secondary Capital Raising Review Report (the Report) that … Continue Reading
The consultation response heralds innovation-friendly reform to the UK wholesale capital markets regime. By Rob Moulton and Dianne Bell On 1 March 2022, HM Treasury published its response to the July 2021 consultation on the Wholesale Markets Review after considering the feedback received. The consultation response sets out changes that are expected to “liberate businesses … Continue Reading
The changes indicate a more dynamic and flexible UK prospectus regime with the FCA to play a central role through enhanced rule-making powers. By Chris Horton, James Inness, Anna Ngo, and Johannes Poon On 1 March 2022, the UK government (through HM Treasury (HMT)) announced the outcome of its consultation to reform the UK prospectus … Continue Reading
HM Treasury has confirmed that it will bring certain unregulated cryptoassets within scope of the financial promotions regime. By Stuart Davis, Rob Moulton, and Charlotte Collins On 18 January 2022, the UK government confirmed its intention to bring the promotion of certain cryptoassets into scope of regulation. HM Treasury has been considering for some time … Continue Reading
UK regulators are considering how they can strengthen the regime to enhance standards and reduce risk. By Nicola Higgs and Charlotte Collins On 3 December 2021, the FCA published a Consultation Paper (CP21/34) on changes to its rules regarding the Appointed Representatives (AR) regime. HM Treasury simultaneously published a Call for Evidence, seeking views on … Continue Reading
Recent publications come in light of UK’s “greater autonomy” in setting AML and CTF regulations following Brexit. By Jon Holland, Rob Moulton, and Jonathan Ritson-Candler Background to the review On 22 July 2021, HM Treasury published both a Call for Evidence on a review of the UK’s anti-money laundering (AML) and counter-terrorist financing (CTF) regulatory … Continue Reading
Equivalence decisions for EEA states, green finance and fintech initiatives are at the forefront of the UK government’s priorities. By Rob Moulton, Anne Mainwaring, and Anna Lewis-Martinez On 9 November 2020, the UK Chancellor of the Exchequer, Rishi Sunak, delivered a statement setting out plans for the start of a new chapter for UK financial … 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
HM Treasury is planning significant changes to the financial promotion regime, including expanding its scope to certain cryptoassets, and amending the approval process for promotions of unauthorised firms. By Stuart Davis, Sam Maxson, and Anna Lewis-Martinez On 20 July 2020, HM Treasury published two consultation papers on a regulatory framework for approval of financial promotions … Continue Reading
The proposals enhance the FCA’s powers to ensure an orderly wind-down of critical benchmarks and to deal with “tough legacy” contracts that cannot transition from LIBOR. By Nicola Higgs and Ella McGinn On 23 June 2020, the FCA published a statement welcoming HM Treasury’s announcement that the Treasury intends to bring forward legislation to amend … Continue Reading
By David Berman, Carl Fernandes Nicola Higgs, Rob Moulton and Charlotte Collins In our January publication, we highlighted what we were seeing as the top regulatory focus areas for our clients during the year ahead, focusing on wholesale market structures and conduct risk. In a series of 10 blog posts, we will take a closer look at … Continue Reading
Call for evidence on regulatory cooperation marks the first phase of the planned review. By Carl Fernandes, Nicola Higgs, Rob Moulton, and Charlotte Collins The Chancellor announced in the Spring Statement that HM Treasury would undertake the Financial Services Future Regulatory Framework Review — examining the long-term effectiveness of the UK regulatory regime and considering … Continue Reading
