Recent publications come in light of UK’s “greater autonomy” in setting AML and CTF regulations following Brexit. By Jon Holland, Rob Moulton, and Jonathan Ritson-Candler Background to the review On 22 July 2021, HM Treasury published both a Call for Evidence on a review of the UK’s anti-money laundering (AML) and counter-terrorist financing (CTF) regulatory and supervisory regime and a Consultation Paper on amendments, to be made via statutory instrument in Spring 2022…

As the countdown to the LIBOR sunset enters its final six months, the CFTC staff is trying to help the market transition. By Yvette D. Valdez and Deric Behar With less than six months to go before the London Interbank Offered Rate (LIBOR) expires on December 31, 2021, regulators around the world have been amplifying already loud calls for market participants to switch to alternative reference rates. In many cases, those calls have been accompanied…

UK rules will diverge from the much-criticised EU framework. By Nicola Higgs and Charlotte Collins On 20 July 2021, the FCA published a Consultation Paper (CP21/23) on amending the UK PRIIPs Regulation. The FCA has long held concerns about the PRIIPs framework, and pre-Brexit had been heavily involved in efforts to persuade EU lawmakers to amend the rules. The UK government and the FCA had indicated that the UK PRIIPs Regulation would be…

FCA has published guiding principles on the design, delivery, and disclosure of ESG and sustainable investment funds. By Nicola Higgs, David Berman, Paul Davies, Anne Mainwaring, and Charlotte Collins On 19 July 2021, the FCA published a letter sent to chairs of authorised fund managers, which sets out the regulator’s expectations regarding disclosures by funds that make ESG-related claims. The FCA aims to ensure that any ESG-related claims are clear and…

FCA signals that it aims to take a tougher stance. By Rob Moulton and Charlotte Collins The FCA published its Business Plan for 2021/22 on 15 July 2021. The Plan, and accompanying remarks made by Nikhil Rathi, FCA CEO, suggest that the FCA intends to take a more assertive and proactive approach in future. While many of the policy objectives set out in the Business Plan will be familiar to firms, the FCA’s new ethos…

ESMA warns against investor protection risks and provides guidance on expected disclosures. By Nicola Higgs, Chris Horton, James Inness, Rob Moulton, Oliver Seiler, Isabella Porchia, and Charlotte Collins On 15 July 2021, ESMA published a statement on the prospectus disclosure and investor protection issues raised by special purpose acquisition companies (SPACs). SPAC activity in the EU has increased significantly in recent months, but there is not a harmonised regulatory…