On 19 March 2025, the European Commission (Commission) adopted its strategy for the savings and investments union (SIU).
More inclusive and citizen-focused
The SIU draws on progress already made under the two Capital Markets Union (CMU) action plans and the parallel efforts to develop the Banking Union. Compared to previous efforts of the CMU, the…
FCA and PRA enforcement action covers a range of misconduct with recent outcomes including both retail and wholesale cases and findings in respect of matters as various as customer treatment, market abuse and risk management. The details of the breaches and the activity which gave rise to the issues may vary but a consistent theme…
In this latest issue of Regulation Around the World we look at some of the key regulatory topics for 2025 in the following jurisdictions: United Kingdom, EU, France, Germany, Luxembourg, Netherlands, Italy, UAE, South Africa, Australia, Hong Kong, Singapore, Australia and China. We have not attempted to list every single reform expected this year but…
On 18 March 2025, the Financial Conduct Authority (FCA) updated its webpage on the interest rate ‘stress test’ rule – application of MCOB 11.6.18R to note the launch of its call for evidence on MCOB 11.6.18R – Considering the effect of future interest rate rises.
The FCA explains that it is carrying out a…
On 19 March 2025, the Prudential Regulation Authority (PRA) published a consultation paper, CP3/25 – Recognised exchanges policy and transfer of main indices.
Background
HM Treasury made amendments in November 2024 to the definition of ‘recognised exchange’ (RE) in Article 4(1)(72)(c) of the assimilated Capital Requirements Regulation (UK CRR). Under that article, an investment…
On 19 March 2025, there was published on the European Securities and Markets Authority’s (ESMA) website the official translations of the guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments. The guidelines specify the conditions and criteria for determining whether a crypto-asset should qualify as a financial instrument and therefore…
After much speculation regarding the fate of various outstanding FCA initiatives in relation to investigation announcements, D&I and non-financial misconduct, last week the FCA confirmed that:
1. it will no longer take forward the following proposals:
…
On 18 March 2025, the Chancellor of the Exchequer, Rachel Reeves, met with a group of fintech CEOs and confirmed the next steps to test distributed ledger technology (DLT) in the UK gilt market. As part of those next steps, Ms Reeves announced details of the launch of the procurement process for the pilot Digital…
On 18 March 2025, the European Securities and Markets Authority published the official translations of the joint European Supervisory Authority (ESA) guidelines on the estimation of aggregated annual costs and losses caused by major ICT-related incidents under the Regulation on digital operational resilience for the financial sector (DORA).
The joint guidelines apply from 19 May…
By David Kessler and Sue Ross
Although there is scant case law on the question, it is generally accepted that it is not a violation of one’s duty not to disclose information if it is stolen from you. Put another way, disclosure is an affirmative act, and, absent an affirmative duty to protect information from…
