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

APP Fraud: Prevention is surely better than paying out

Among the UK regulators' recent output relevant to Authorised Push Payment (APP) fraud, two items warrant particular consideration: Read more

Diversity and inclusion in the UK financial sector – driving change

In the next step in its drive to boost diversity and inclusion (D&I) in regulated firms, the Financial Conduct Authority (FCA) published Consultation Paper 23/20 at the end of September setting out its proposals on new regulatory framework in respect of D&I in the financial sector (FCA CP). At the same time, the Prudential Regulation Authority (PRA) published its own proposals (PRA CP18/23) for PRA-regulated firms (together, the Consultations). Read more

Attention all auditors, again – HKMA and AFRC enter into new Memorandum of Understanding to strengthen collaboration

Earlier this year, we reported on the introduction of the first joint statement between the Securities and Futures Commission (SFC) and the Accounting and Financial Reporting Council (AFRC) (please see our July 2023 bulletin). More recently, the AFRC entered into a new Memorandum of Understanding (MoU) with the Hong Kong Monetary Authority (HKMA) to strengthen co-operation between the … 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