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

Higher fines and early settlement – the future of UK PRA Enforcement?

As the Bank of England finalises its new Approach to Enforcement, we have taken a closer look at the implications for PRA enforcement cases and the answers to some important questions about the changes around the way firms and individuals under investigation will be able to seek to settle cases early and access larger discounts. The changes also include a new starting point for penalty calculations, which have led to concerns about higher fines for 'certain firms'. 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

Tackling APP Fraud in the UK: where to next?

At the end of 2023, the UK Payment Systems Regulator (PSR) published its final position on the authorised push payment (APP) fraud reimbursement requirement in Policy Statement 23/4 Fighting APP scams: Final decision. Read more

Domestic PEPs: “officially” lower risk as of today

Today, 10 January 2024, sees the commencement of the Money Laundering and Terrorist Financing (Amendment) Regulations 2023 (Amending Regulations), which were laid in mid-December and provide for changes to the enhanced due diligence (EDD) requirements in relation to so-called domestic PEPs (i.e. a politically exposed person entrusted with prominent public functions by the UK). Read more

We have lift-off! FCA publishes final rules on UK sustainability disclosure requirements and investment labels

More than two years after it published a Discussion Paper on the UK's sustainability disclosure standards and investment labels (summarised here), the FCA has now published a Policy Statement setting out its final rules. Following the high-level structure set out in last year's Consultation Paper (summarised here), the regime comprises investment labels, consumer-facing disclosures, detailed product-level and entity-level disclosures, naming and marketing rules and a general anti-greenwashing rule. Read more