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

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

FCA publishes anti-greenwashing rule (and other measures)

The FCA published today its long-awaited Policy Statement on SDR (PS23/16 "Sustainability Disclosure Requirements (SDR) and investment labels"). This is over a year following the consultation in October 2022. The SDR Policy Statement is accompanied by a Guidance Consultation, GC23/2 "Guidance on the Anti-Greenwashing rule", which follows feedback from the industry for further guidance on the expectation on firms in respect of the anti-greenwashing rule. The FCA is consulting on the Guidance and the consultation closes on 26 January 2024. 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

EU Sustainable Finance – pulling it all together

Are you struggling to keep track of the ever changing landscape of EU Sustainable Finance? As shown by a number of our previous posts, there is a lot on the European Union’s sustainability finance agenda which financial industry participants need to keep in mind... 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