On July 20, HM Treasury published two separate consultation papers related to proposed reforms to the regulatory framework for the approval of financial promotions under the Financial Services and Markets Act 2000 (FSMA). While separate, the government recommends that they are read in conjunction with each other.
Continue Reading HM Treasury Consults on Reforms to Financial Promotion Approvals and Expanding Rules to Cover Cryptoasset Promotions

On July 20, HM Treasury published a policy statement about changes it intends to make to the UK Financial Conduct Authority’s (FCA) process for cancelling firms’ authorizations.
Continue Reading HM Treasury Publishes Policy Statement on Intended Changes to FCA’s Cancellation of Authorization Process

On March 11, HM Treasury (HMT), the office of the United Kingdom (UK) government responsible for financial services legislation, published a consultation paper on a regime which would allow overseas retail funds to access the UK (the Consultation).
Continue Reading Brexit: HMT Consults on Overseas Retail Funds Regime

On June 29, the Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 were published. The Regulations make some minor amendments to the Financial Services and Markets Act 2000 (FSMA) for the purposes of the United Kingdom’s implementation of part of the new EU Prospectus Regulation (Prospectus Regulation).
Continue Reading UK Regulations Published, Amending FSMA To Implement EU Prospectus Regulation

On June 11, the Money Market Funds Regulations 2018 (MMFR) were published and set to go into effect on July 21. The MMFR relates to the EU Regulation on Money Market Funds (EU MMF Regulation), and ensures the UK Financial Conduct Authority (FCA) can authorize money market funds (MMFs) and enforce the MMFR from the day that the EU MMF Regulation goes into effect.

The MMFR amends the Financial Services and Markets Act 2000 (FSMA) to allow the FCA to authorize funds as MMFs, as well as to exercise regulatory powers over MMFs. It further amends FSMA to grant the FCA powers to authorize, and intervene in respect of, unit trusts and contractual schemes (both being subsets of MMFs).
Continue Reading UK Money Market Funds Regulations 2018 Published

On July 26, the Financial Conduct Authority (FCA) published a consultation paper (CP) outlining proposals to extend the Senior Managers and Certification Regime (SM&CR) to all firms authorized under the UK Financial Services and Markets Act 2000 (FSMA).
Continue Reading FCA Publishes Proposals To Extend the Senior Managers and Certification Regime to All UK Financial Services Firms

On March 16, the Financial Conduct Authority (FCA) released draft guidance (Guidance) for consultation (Consultation) on the treatment of politically exposed persons (PEPs).

Section 333U of the UK’ s Financial Services and Markets Act (FSMA) requires the definition of PEPs in the Guidance be in line with the Money Laundering and Transfer of Funds (Information on the Payer) Regulations 2017 and be consistent with the requirements of when and how to conduct transactions or business relationships with PEPs.
Continue Reading Anti-Money Laundering: FCA Releases Draft Guidance on PEPs for Consultation

On January 10, the Law Society of England & Wales (Law Society) published its response to HM Treasury’s September 2016 consultation (Consultation) on amending the definition of “financial advice” for the purposes of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) (the UK legislation that defines which activities are regulated and with regard to which types of instruments, known in UK regulatory terminology as “the regulatory perimeter”). The Consultation’s aim was to bring the definition in the RAO in line with the definition set out in the Revised Markets in Financial Instruments Directive (MiFID II).
Continue Reading Law Society Publishes Response to Consultation on the Regulatory Perimeter

On February 25, the UK government published the Undertakings for Collective Investment in Transferable Securities Regulations 2016 (Regulations) along with an explanatory memorandum and transposition table. The Regulations implement provisions in the EU Undertakings for the Collective Investment of Transferable Securities V Directive (UCITS V) in relation to depositaries and sanctions, among other provisions.The Regulations set out amendments to the Financial Services and Markets Act 2000 (FSMA 2000) and the Undertakings for Collective Investment in Transferable Securities Regulations 2011 (UCITS Regulations), among others.
Continue Reading UK Government Publishes Implementing Regulations for UCITS V