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FCA to strengthen financial promotions rules to protect consumers
Posted by Michael McKee, Chris Whittaker and Simon Galante on 24 January 2022On 19 January 2022, the Financial Conduct Authority published its Consultation Paper (CP 22/2), in which it proposes to significantly strengthen the rules on the promotion of high-risk financial products.
Law Commission's advice on smart legal contracts: can the laws of England and Wales cope with this emerging technology?
Posted by Dan Jewell, Mariel Luna and Bryony Widdup on 19 January 2022As the Law Commission put it, smart legal contracts are expected to revolutionise the way business is conducted. In light of this potential paradigm shift, the Law Commission was asked to consider whether the existing legal framework in England and Wales can support the use of smart legal contracts and whether there are any significant uncertainties or gaps in the law.
Securitisation - Caymans to be blacklisted by the EU?
Posted by Mark Daley and Ronan Mellon on 14 January 2022Is the Caymans about to stop being an acceptable jurisdiction of incorporation for an SSPE under the EU SR? If so, it could mean that issues with Caymans issuers (for example, many US CLOs) may not be accessible to certain EU investors, and potentially open up a divergence between the UK and EU regimes.
Further growth expected for Ireland as a domicile for private market/closed-ended funds following welcome regulatory clarification regarding non-discretionary advisors
Posted by Aongus McCarthy on 14 January 2022On 20 December 2021 the Central Bank of Ireland published an updated version of its AIFMD Q&A which included, amongst other updates, the Central Bank’s expectations in respect of the appointment of a non-discretionary investment advisor providing services to a qualifying investor alternative investment fund.
Reverse Solicitation – ESMA’s response to request for support in relation to the report on reverse solicitation
Posted by Aongus McCarthy and Eusapia Simone on 12 January 2022On the 3rd January 2022, the European Securities and Markets Authority published a letter dated 17 December, 2021 to the European Commission setting out the results of its survey of national competent authorities in connection with the Commission's forthcoming report on the use of reverse solicitation by asset managers and the impact on passporting activities.
FCA publishes draft consumer duty rules and guidance
Posted by Tony Katz, Michael McKee, Sophie Lessar, Puesan Lam and Rachel Tookey on 17 December 2021The FCA published a further Consultation Paper on the new Consumer Duty which includes draft rules and guidance. The emphasis behind the new Consumer Duty rules remains aimed at improving and prioritising customer protection in retail financial markets. We highlight the key points from the further Consultation Paper.
Changes to FCA Payment Services and E-Money Regulatory Regime
Posted by Michael McKee, Sophie Lessar, Chris Whittaker and Jinu Choi on 10 December 2021On 29 November 2021, Financial Conduct Authority published amendments to the Regulatory Technical Standards on Strong Customer Authentication and Secure Communication. The FCA also amended the guidance in “Payment Services and Electronic Money – our Approach” .
FSB Commonwealth of Independent States group discusses risks relating to high debt levels and crypto assets
Posted by Michael McKee and Simon Galante on 2 December 2021On the 25 November 2021, the Financial Stability Board (FSB) Regional Consultative Group (RCG) for the Commonwealth of Independent States (CIS) met to discuss key risks relating to high debt levels and crypto assets.
and then 