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As lawmakers look to reform aspects of wholesale markets regulation, the UK may be poised to drift closer to the US. In his Mansion House speech on July 1, 2021, Rishi...
On 20 May the outgoing Chair of the FCA, Charles Randell, made a speech that was surprising in its almost overtly political nature and which addressed a number of key points which could indicate the future direction of travel for the role of the FCA over the next few years.
<h2><span style="font-size: small;">Highlights</span></h2> <ul> <li><span style="font-size: small;">Her Majesty’s Treasury is consulting on giving the FCA significant new rulemaking powers, through the Future Regulatory Framework (FRF)</span></li> <li><span style="font-size: small;">The FRF is a critical opportunity to adapt the regulatory system so that it continues to enhance the attractiveness of UK capital markets</span></li> <li>&l...
whatsapp Financial services will thrive on the world stage with access to rich foreign markets, writes Rachel Kent. Something has changed in financial services. The events of the last week have put this beyond doubt. In the aftermath of the Brexit referendum, we were focused on designing a deep and comprehensive relationship with the EU based on alignment. When that was rejected, we hoped for the significantly less comprehensive equivalence determinations. As the Chancellor pointed out, clearly, on Thursday, “that has not happened”. At the same time as we continually try to strengthe...
To embed, copy and paste the code into your website or blog: As described in our recent blog posts, the Department of Labor (“DOL”) recently issued guidance in the form of FAQs to address questions concerning the practical application of PTE 2020-02, Improving Investment Advice for Workers & Retirees. This blog post discusses the guidance the DOL offers with respect to various topics under PTE 2020-02. Guidance with respect to the general requirements of PTE 2020-02 was discussed in our prior blog post and the DOL’s guidance with respect to the application of PTE 2020-02 to rollove...