HMT reform of prospectus regime: the potential impact on securities litigation

HM Treasury (HMT) has published an initial consultation on fundamental reforms promising the biggest shake up of the prospectus regime since 2005. The consultation follows the conclusions of the Hill Review of the UK listing regime published in March 2021. In this blog post, we consider HMT’s consultation paper through a securities litigation lens, highlighting the … Read more

UK post-Brexit reform: Financial Services Act 2021

On 29 April 2021, the Financial Services Act 2021 received royal assent. The Act is a milestone in implementing the UK Government’s wider Future Regulatory Framework initiative and represents the first major step towards HM Government’s objective of maintaining the competitive position of the UK financial services industry whilst capitalising on new opportunities following the … Read more

LIBOR transition: critical FCA consultation on “tough legacy” definition

The FCA has published an important consultation in respect of its enhanced powers under the UK’s legislative solution for the transition of so-called “tough legacy” LIBOR contracts, including the all-important question as to which legacy LIBOR contracts will be within the scope of the legislative fix: Benchmarks Regulation: how we propose to use our powers … Read more

The FCA’s proposed new “Consumer Duty” – what does it mean?

The FCA has published its long-awaited consultation on “duty of care” which has morphed into a proposed package of measures intended to deliver better outcomes for consumers – together a new “Consumer Duty”. The consultation, which is open until 31 July 2021, proposes: a new Consumer Principle that provides an overarching standard of conduct; and … Read more

Duty of Care – countdown to the much anticipated FCA consultation

Our Financial Services Regulatory colleagues have published a blog post considering the latest developments in the possible introduction of a new “duty of care” owed by authorised persons to consumers in carrying out regulated activities under FSMA. In particular, the article considers the legislative and regulatory developments since the FCA first published a Feedback Statement in … Read more

Redemption periods and liquidity mismatch in authorised open-ended property funds: regulatory update and litigation risks

The FCA has recently published a feedback statement to its consultation into liquidity mismatch in authorised open-ended property funds (CP20/15) (considered in our previous banking litigation blog post). The FCA consultation considered whether property funds should be required to have notice periods before an investment can be redeemed, suggesting a notice period of between 90 and … Read more

Climate-related disclosures for issuers: further steps towards mandatory requirements?

In November 2020, the UK Joint Government Regulator TCFD Taskforce published its “roadmap towards mandatory climate-related disclosures”, which set out a vision for the next five years. As an initial step towards fulfilling that vision, in January 2021, the new Listing Rule 9.8.6(8) (LR) came into force. The LR requires premium-listed issuers, in their periodic … Read more