Express consent needed for collateral use of Mutual Legal Assistance material in FCA civil proceedings

The High Court has declined to strike out civil proceedings brought by the Financial Conduct Authority in respect of alleged market abuse, even though it found that the Financial Conduct Authority (FCA) had made impermissible collateral use of material obtained through mutual legal assistance (MLA) requests without first obtaining the consent of the relevant overseas authorities. Read more

New podcast – Investigate: a 360 degree view of investigations

In the first episode of our new investigations podcast series, join Robert Hunt, Elizabeth Head and Eamon McCarthy-Keen who offer an insight into what this series will cover, the key steps in an investigation, initial considerations, the typical challenges associated with investigation scoping and immediate priorities once an investigation is underway. Read more

More light in the dark? A first analysis of ESAs Q&A on the SFDR Delegated Regulation published on 17 November 2022 for the asset management industry

On 17 November 2022, the European Supervisory Authorities (ESAs) published a collection of questions and answers on Commission Delegated Regulation (EU) 2022/1288 (SFDR Delegated Regulation) (ESAs Q&A). The SFDR Delegated Regulation, often also called "SFDR RTS", applies from 1 January 2023. Over 34 pages, the ESAs Q&A compiles 70 questions asked by market participants and industry associations, partitioned in six chapters. Read more

Webinar: Panel discussion – Virtual asset regulatory developments and highlights from Hong Kong and Singapore Fintech Week

Both the Hong Kong and Singapore regulators have announced further developments and guidance in relation to the regulation of virtual asset (VA)-related products and services. Hong Kong is proposing to recalibrate its existing legal and regulatory regimes to enable greater access to VA by retail investors, while Singapore has launched consultations on stablecoin-related activities and digital payment token services. Read more

Sanctions tracker: new UK sanctions regarding Russian oil

The UK introduced further sanctions against Russia on 4 November 2022, via the Russia (Sanctions) (EU Exit) (Amendment) (No. 16) Regulations 2022 (the "No. 16 Regulations"). These introduce further amendments to the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Russia Regulations"). The amendments introduced by the No. 16 Regulations will come into force on 5 December 2022 (although, as set out below, certain specific measures will not take effect until February 2023) and introduce further measures relating to Russian oil, as discussed further in this briefing. Read more

Retail access for virtual assets – risky business or radical open-mindedness?

Hong Kong’s Fintech Week 2022 began with a crypto-infused bang with keynote speeches from the Government and financial regulators embracing the financial innovation made possible by virtual assets (VAs). Recognising that VAs are here to stay, Hong Kong has proposed to recalibrate the existing legal and regulatory regimes, with a focus on enabling greater access by retail investors to VA-related products and services while mitigating attendant risk. We also anticipate developments in the near future around the property rights of tokenised assets and stablecoins. Read more

Sanctions tracker: UK introduces new Russia lending and trade restrictions

New UK Russia sanctions legislation was published on 28 October: the Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (the "No. 15 Regulations"). These amend the UK's principal Russia sanctions legislation: the Russia (Sanctions) (EU Exit) Regulations 2019 (the "Russia Regulations"). This briefing summarises the key amendments to the Russia Regulations, the majority of which came into force on 29 October. Read more

FCA publishes consultation paper on sustainability disclosure requirements and investment labels

The FCA published today their long-awaited consultation paper on sustainability disclosure requirements and investment labels (the "Consultation"). This follows the discussion paper published in November 2021. The Consultation builds on the core elements of the regime outlined in the discussion paper: sustainable investment labels, consumer-facing disclosures, detailed product-level disclosures and entity-level disclosures. In addition, the Consultation also proposes naming and marketing rules with broader applicability, a general anti-greenwashing rule and other specific obligations on distributors. In this post, we summarise our key takeaways from the Consultation, together with a high-level overview of the FCA's proposals. Read more