EEA UCITS operators take note: the Overseas Funds Regime to start by the end of 2026

Last week, the government announced its first equivalence decision under s271A of the Financial Services and Markets Act 2000 (FSMA), finding the EEA states to be equivalent under the Overseas Funds Regime (OFR). The equivalence decision will apply to undertakings for collective investment in transferable securities (UCITS), except those which are also Money Market Funds (MMFs), as there is ongoing regulatory development in this area. Read more

FSR GLOBAL OUTLOOK 2024: FINDING SOLID GROUND AS THE BEDROCK SHIFTS

We are delighted to share our global FSR Outlook 2024: Finding solid ground as the bedrock shiftsIn 2024, the character of change facing the financial industry is more foundational - or fundamental - in nature than ever before. From ESG to AI, the shape of the world we live in is changing in a radical way. This year, we chart the paths through the shifting landscape for financial services businesses seeking solid ground. Read more

Insights on outsourcing and other lessons from a data breach – the UK FCA perspective

On 13 October 2023, the UK FCA published its Final Notice to Equifax Ltd, the UK subsidiary of US company Equifax Inc, in relation to a major 2017 data breach which affected over 13.7 million UK consumers. The FCA determined that Equifax Ltd had breached Principles 3, 6 and 7 of its Principles  and imposed a fine of over £11m. The firm agreed to resolve the matter and so qualified for a 30% discount for early settlement. The FCA's Final Notice helps to explain the rationale behind the UK regulatory authorities developing and enhancing the operational resilience regime in 2019. It also highlights some particular pitfalls in managing intra-group outsourcings effectively. Read more

Herbert Smith Freehills publishes Global Bank Review 2023: Trust Matters

Perhaps the most striking thing about the world of finance a decade and a half since the banking crisis is that the industry has not quite managed to regain the allure and self-confidence of earlier times. Certainly, this is a time in which trust – that most precious commodity in banking – is hard to earn and retain. This year's Global Bank Review: Trust Matters explores trust on many fronts. Read more

Financial Stability Board: final recommendations for the regulation of cryptoasset activities and markets

This week, the FSB (Financial Stability Board) published its final set of recommendations for regulating cryptoassets and related services. The recommendations follow on from the FSB’s previous public consultation. The guidelines are designed to provide a common base for international regulatory coverage of an otherwise borderless technology and product in respect of which regulatory development … Read more

The UK’S Retained EU Law Bill – what do you need to know?

Much has been written about the Retained EU law (Revocation and Reform) Bill (the 'Bill'), which is currently going through Parliament. This Bill is the latest in the line of legal developments since a majority of the UK voted to leave the European Union in June 2016. Approaching seven years later, what is clear is how difficult the process of unwinding our body of law from that of the EU has been. In this post we aim to keep things simple and focus on some key issues, Read more

2022 Global Bank Review – Banking on People

We are excited to announce the launch of the 2022 Global Bank Review: Banking on People. Surveying the current landscape of the financial sector in late 2022, it is hard to avoid the sense of an industry once again facing a severe squeeze. One thing is certain: global finance is currently facing mounting pressure to invest long-term for a low-carbon, high-tech world in the decades to come, while bracing itself for intense economic headwinds and volatility on the immediate horizon. Read more