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12 December 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.
New year new standards: will regulated individuals in financial services need to be “paragons of virtue”?
Podcast12 December 2023
The Financial Conduct Authority (“FCA”) and Prudential Regulation Authority (“PRA”) are looking to re-emphasise the regulators’ position that non-financial misconduct is misconduct for regulatory purposes. On the agenda by Lewis Silkin, we discuss the fitness and propriety and conduct rules requirements, as well as the forthcoming guidance ahead of the consultation closing date on 18 December.
The National Security and Investment Act 2021: will it lead to greater certainty and lower burdens for businesses?07 December 2023
Since the National Security and Investment Act (the NSI Act) came into force on 4 January 2022, one of the criticisms levelled at the legislation has been its broad scope and ambiguity over whether a transaction might be captured by the mandatory notification regime or voluntary notification regime.
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 promotion exemptions for high net worth individuals and sophisticated investors: HM Treasury publishes its response15 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.
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.
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 published09 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.
Financial promotions: draft legislation updating the perimeter for qualifying cryptoassets now published30 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.
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.
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.
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 crypto12 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.
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.
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.
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.
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 potential22 July 2022
Sir Jon Cunliffe, BoE Deputy Governor, Financial Stability, commented in a recent speech  on the latest developments in the crypto market and his conclusions from the so-called “crypto-winter”.