FinBrief

Raising the standard: How banks can improve the quality of climate-risk financial reporting

Posted by Bryony Widdup, Mark Dwyer and Tony Katz on 15 June 2022

As ESG issues rise up the agenda for Financial Services institutions, 86% of senior bankers say their firm is planning to invest in the improvement of climate-related financial disclosure in 2022. But what steps will firms need to take to ensure this becomes a reality?

How the Digital Commodities Consumer Protection Act of 2022 would broaden the CFTC’s authority to regulate cryptocurrencies and other digital assets

Posted on 23 August 2022

Earlier in June, Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Responsible Financial Innovation Act (the RFIA), which proposed to address significant issues arising at the intersection of traditional financial regulation and digital asset innovation across taxation, securities, banking and consumer protection.

The FCA Consumer Duty: a strategic policy to shift industry behaviour

Posted by Tony Katz, Puesan Lam and Shabaz Ahmed on 28 July 2022

The FCA has now published its final rules and guidance on its new Consumer Duty (PS22/9 and FG22/5) which are designed to fundamentally shift the mindset of firms in how they deliver for consumers.  The implementation of the Consumer Duty is a flagship initiative for the FCA, setting out its expectations of the industry over the next years.

The Financial Services and Markets Bill 2022 – A second 'Big Bang'?

Posted by Antony Hainsworth, Puesan Lam and Neil Millar on 21 July 2022

On 20th July 2022, the Financial Services and Markets Bill 2022 (the Bill) was introduced into Parliament. At over 330 pages, the Bill is the largest piece of financial services legislation since the Financial Services and Markets Act 2000 (FSMA) was passed more than two decades ago.

FCA approves use of side pockets for authorised funds affected by the Russian invasion of Ukraine

Posted by Michael McKee and Chris Whittaker on 13 July 2022

On 6 July 2022, the Financial Conduct Authority (FCA) published its Policy Statement in response to its Consultation on the use of side pockets for authorised fund managers (AFMs) who have been affected by the Russian invasion of Ukraine. These new rules and guidelines have applied from 11 July 2022.

PRA Annual Report: A review of 2021/22 and looking ahead to 2022/23

Posted by Michael McKee and Neil Millar on 11 July 2022

Published on the 23 June 2022, the Prudential Regulation Authority (PRA)’s Annual Report outlines the PRA’s activities across the financial year and, alongside the PRA Business Plan 2022/23, details the PRA’s strategy, workplan and budget for the coming year. Sam Wood, the Chief Executive of PRA notes in the report that the PRA needs to “evolve for the next phase of its existence”, with clear suggestions for improving its ability to deliver on its objectives going forward.

The FCA's new logic for equity secondary markets – get ready for the Super Reporter

Posted by Antony Hainsworth and Neil Millar on 7 July 2022

On 5 July 2022, the Financial Conduct Authority (FCA) published a consultation outlining its proposals to improve the UK’s equity secondary markets (the Consultation), including the introduction of what has been referred to as the proposed ‘Super Reporter’ regime.

Financing the green energy transition

Posted by Bryony Widdup on 5 July 2022

DLA Piper Partner Bryony Widdup has been in conversation with Jane Goodland, Group Head of Sustainability at LSEG (London Stock Exchange Group) to discuss the roadmap towards net zero and the critical role that the financial services industry has to play in climate action.

The conversation covered a variety of key topics, including how sustainable finance, the need for more public policy intervention and a refocusing on transition finance in order to ensure a framework for credible investments in green energy.

EU reaches provisional agreement on cryptoassets regulation (MiCA)

Posted by Martin Bartlam and Marina Troullinou on 4 July 2022

On 30 June 2022, the EU reached a provisional agreement on the landmark markets in cryptoassets (MiCA) regulation. This is a significant milestone for the future direction and structure of cryptoasset regulation in Europe.

MiCA sets out a comprehensive regulatory framework for a number of cryptoassets which currently fall outside the scope of EU regulation, such as certain unbacked cryptoassets and stablecoins. It captures cryptoasset issuers, as well as service providers, including trading venues and wallet providers.