Insights & News

FCA publishes long-awaited rules and guidance on anti-greenwashing and sustainability

01 December 2023

The UK’s Financial Conduct Authority (FCA) has published long-awaited guidance on anti-greenwashing and sustainability due to come into effect in 2024.

Financial promotions regulatory horizon scanner

24 November 2023

Our financial promotions horizon scanner (below) identifies regulatory changes and updates that are likely to impact firms who offer financial services and products in the UK. The tracker identifies key current and future developments across numerous areas including, anti-greenwashing, social media, high risk investments and cryptoassets.

Financial promotion exemptions for high net worth individuals and sophisticated investors: HM Treasury publishes its response

15 November 2023

HM Treasury has published its Response to the Consultation: Financial promotion exemptions for high net worth individuals and sophisticated investors (Consultation) which set out proposals to reform exemptions in the Financial Promotion Order 2005 (FPO) relating to high net worth individuals and sophisticated investors.

Is there a future for crypto marketing in the UK?

Press

03 November 2023

Following the coming into force of the Financial Conduct Authority’s new crypto marketing regime, Wendy Saunders provides a breakdown of what it all means in practice.

National Security And Investment Act 2021

01 September 2023

The National Security and Investment Act 2021 (“NSI Act”) provides the UK government with new powers to scrutinise investments on national security grounds. The regime set out in the NSI Act came into force on 4 January 2022.

Promoting cryptoassets: what you need to know and next steps

23 June 2023

New legislation, the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (FPO Amendment Order) has been made which brings certain cryptoassets within the UK’s framework for regulating financial promotions.

Financial promotions: final legislation, rules and guidance bringing cryptoassets within the financial promotion regime now published

09 June 2023

The final version of Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (Order) has been published. The Order relates to the regulation of certain cryptoasset financial promotions.

Wendy Saunders writes for City A.M. on trading in unbacked crypto assets

Press

31 May 2023

Wendy Saunders of Lewis Silkin examines the recent Treasury Committee report on regulating digital assets and explores whether trading in unbacked crypto assets presents a regulatory dichotomy.

Financial promotions: draft legislation updating the perimeter for qualifying cryptoassets now published

30 March 2023

So, we finally have the long-awaited next step in the ever-evolving regulatory framework that applies to crypto. By way of recap, cryptoasset exchange providers and custodian wallet providers need to be registered with the FCA under money laundering legislation.

Checklist for a successful crypto-provider registration application

07 March 2023

Any business that intends to operate in the UK as a cryptoasset exchange provider or custodian wallet provider is required to register, but many are at risk of falling short at the first hurdle: the application for registration.

CBDC - the future of payments and money in the UK?

09 February 2023

Back in April 2022 I wrote an article about the future of cryptoassets, payments and money in the UK. At that time, the UK government announced that it intended to bring in a regulatory regime for stablecoins used as a means of payment.

Finalisation of prudential treatment of cryptoasset exposures for banks: how will this impact the market?

22 December 2022

Banks will benefit from greater clarity and certainty now that the Basel Committee on Banking Supervision (“BCBS”) has finalised its prudential standard on the treatment of banks’ exposures to cryptoassets.

The evolving UK financial promotion regime: can you keep up?

22 December 2022

The UK financial promotion regime is going through a series of complex and interconnected changes that are being legislated for and implemented in a somewhat piecemeal manner, meaning that it is not straightforward for firms to keep abreast of all the changes or to see the bigger picture.

From crypto winter to crypto trading platform collapse – paving the path to greater regulation of crypto

12 December 2022

The trajectory of the crypto sector has been marked by a number of events over the course of this year from the crypto-winter (including instability in crypto markets, the collapse of Terra (an algorithmically-backed stablecoin supplemented by a reserve of Bitcoin) and consequential failures of crypto-related firms) through to the collapse of the centralised crypto trading platform FTX and most of its associated businesses. The regulatory message from Sir John Cunliffe has been consistent throughout: we need effective regulation of crypto technologies in finance.

Latest proposals from the FSB on regulating cryptoasset activities and stablecoins

21 November 2022

Cryptoassets are volatile by nature; while high risk may lead to high reward, there is also the very real prospect of such assets losing all value.

Failure to meet the required standards for FCA authorisation

03 November 2022

A recent case serves as a useful reminder to firms seeking FCA authorisation of the paramount importance of positive and timely engagement with the FCA.

Appointed Representatives: The enhanced regime following lessons from Greensill Capital

06 October 2022

Following publication of the Treasury Select Committee’s report in 2021 on Lessons from Greensill Capital, the TSC made a series of recommendations for the FCA and HM Treasury to consider. These included reforms to the Appointed Representatives regime that was first introduced in 1986, with a view to limiting the scope of the regime and accordingly reducing opportunities for misuse.

The FCA New Consumer Duty: Principle 12 is here

19 August 2022

The Consumer Duty sets the standard of care that firms should provide to customers in retail financial markets.

“New technology does not change old risks” – why the crypto industry needs a regulatory framework to realise its full potential

22 July 2022

Sir Jon Cunliffe, BoE Deputy Governor, Financial Stability, commented in a recent speech [1] on the latest developments in the crypto market and his conclusions from the so-called “crypto-winter”.