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Tag Archives: FCA

FCA Publishes “Areas for Improvement” for Firms on Consumer Duty Implementation

The FCA has reviewed firms’ progress to embed the Duty into their businesses, providing good and poor practice examples for firms to improve and direct their implementation work. By Nicola Higgs, Becky Critchley, Jaime O’Connell, and Dianne Bell The Consumer Duty (Duty) rules (as set out under the FCA’s Policy Paper (PS22/9) and guidance document … Continue Reading

PE on Red Alert for Greenwashing in Light of UK Developments

PE firms face growing regulatory and litigation risks from greenwashing claims as they navigate a fragmented anti-greenwashing landscape. By Tom D. Evans, Nell Perks, Anne Mainwaring, David J. Walker, and Catherine Campbell Amid concerns of exaggerated or misleading sustainability claims, the UK Financial Conduct Authority’s (FCA) recent proposal for new labelling and disclosure rules to … Continue Reading

FCA Recommends Measures Encouraging Diversity and Inclusion in Financial Services

By David Berman, Sarah Gadd, Nicola Higgs, Rob Moulton, Becky Critchley, and Nell Perks The FCA’s latest report into D&I highlights the need for additional metrics, social mobility, firm culture, staff development, data quality, and systematic strategies. In 2021 and 2022, the FCA carried out a survey of firms in respect of their approach to … Continue Reading

Reducing Socioeconomic Bias in the UK Financial Services Sector: Emerging Best Practice

The Financial Services Skills Commission has issued an insight paper outlining how companies can collect and evaluate data on employees’ socioeconomic backgrounds. By David Berman, Nicola Higgs, Rob Moulton, and Dianne Bell Socioeconomic backgrounds of employees and socioeconomic diversity at senior levels across the UK financial services industry is beginning to feature more prominently in … Continue Reading

Major Reforms to UK Secondary Capital Raising Processes

The landmark UK Secondary Capital Raising Review Report takes a holistic approach in making bold and comprehensive recommendations to improve the UK secondary capital raising processes and ecosystem. By James Inness, Anna Ngo, Ryan Benedict, and Johannes Poon On 19 July 2022, HM Treasury published the UK Secondary Capital Raising Review Report (the Report) that … Continue Reading

FCA Proposes to Unify the Listing Regime for Commercial Companies Under a Single Listing Segment

The regulator continues its Primary Markets Effectiveness Review to promote the competitiveness of a UK listing. By Chris Horton, James Inness, Anna Ngo, and Johannes Poon On 26 May 2022, the FCA published a discussion paper (DP22/2) to seek further views on how to make the UK listing regime more effective, easier to understand, and … Continue Reading

Restructuring With Regulators: Where Law and Policy Collide

Balancing the urgency of delivering a restructuring with regulatory requirements in a regulated sector. Restructuring a company in a regulated sector is always challenging. Navigating directors’ duties is difficult enough in an unregulated sector, but the additional layer of oversight and statutory compliance required in regulated sectors often places directors proposing a restructuring in the … Continue Reading

UK Government Announces Fundamental Overhaul of the UK Prospectus Regime

The changes indicate a more dynamic and flexible UK prospectus regime with the FCA to play a central role through enhanced rule-making powers By Chris Horton, James Inness, Anna Ngo, and Johannes Poon On 1 March 2022, the UK government (through HM Treasury (HMT)) announced the outcome of its consultation to reform the UK prospectus … Continue Reading

Cannabis Rethink Sparks PE Interest

The once shunned cannabis sector now offers attractive PE opportunities in many jurisdictions. By Stuart Alford QC, Tom D. Evans, Eveline Van Keymeulen, Elizabeth Richards, David J. Walker, and Catherine Campbell In years gone by, the prospect of significant PE investment in the cannabis industry would have been unthinkable for many. However, regulatory and legal … Continue Reading

UK FCA Confirms New Rules to Remove Barriers to Listing

The new rules aim to make London a more attractive listing venue for founder-led and other innovative IPO candidates. By Chris Horton, James Inness, Anna Ngo, and Johannes Poon On 2 December 2021, the UK Financial Conduct Authority (FCA) published a Policy Statement (PS21/22) confirming the following key changes to its listing rules that took … Continue Reading

US DOJ Emphasises Importance of Corporate Culture

UK companies should be aware of the increasing focus on corporate culture by regulators on both sides of the Atlantic. By Nathan H. Seltzer, David Berman, Stuart Alford QC, Christopher M. Ting, and Nell Perks In a recent speech that has garnered significant attention, US Deputy Attorney General Lisa Monaco highlighted several important changes in … Continue Reading

ESG Toolkit Expands for European PE

By Paul A. Davies, Tom Evans, Nicola Higgs, Farah O’Brien, David Walker, Michael Green, Hannah Berdal, Anne Mainwaring, and Catherine Campbell Green shoots emerge as PE firms consider new ways to incorporate ESG into dealmaking. Market sentiment and the increasing importance of environmental, social, and governance (ESG) to firms’ competitiveness across the market, combined with … Continue Reading

FCA Proposes Enhanced Disclosures on Diversity and Inclusion for Listed Companies

Proposals reflect growing investor focus on the ESG performance of listed companies. By Chris Horton, James Inness, Rob Moulton, Anna Ngo, and Johannes Poon The UK Financial Conduct Authority (FCA) has launched a consultation setting out proposed changes to its Listing Rules (LRs) and Disclosure Guidance and Transparency Rules (DTRs). The proposals seek to: (i) … Continue Reading

Private Bank Briefing – March 2021

By Rob Moulton, Nicola Higgs, Anne Mainwaring, Becky Critchley, and Anna Lewis-Martinez The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q1 2021. In this edition, we cover some of the key regulatory announcements relating to MiFID II and the impact … Continue Reading

HM Treasury Consults on Post-EU Financial Services Regulatory Framework

The UK government signals a diversion from the onshored regime towards a more flexible financial services regulatory framework. By Rob Moulton, Anne Mainwaring, and Anna Lewis-Martinez HM Treasury has published a consultation paper marking the start of Phase II of its financial services review, which will focus on the broader regulatory framework for financial services … Continue Reading

Copyright, Competition, and Controversy: Press Publishers’ Right under the Copyright Directive

French Competition Authority orders Google to negotiate remuneration with press publishers and news agencies under Article 15 of the Copyright Directive (as implemented in France). By Deborah Kirk, Elva Cullen, Rachael Astin, and Grace Erskine Background In April 2019 the European Parliament officially adopted Directive (EU) 2019/790 on Copyright and Related Rights in the Digital Single … Continue Reading

Focus on Culture and Conduct Brings New Considerations for Corporates and Investors

Companies and investors must consider the impact that poor corporate culture may have on their potential to achieve an exit, in particular an IPO. By David Berman, Richard Butterwick, Chris Horton, Robbie McLaren, Anna Ngo, Nell Perks, Catherine Campbell, and Charlotte Collins It is now apparent that no institution or business unit, whatever its geography, … Continue Reading

Culture and Conduct Ahead of Exit — Key Points for Private Equity

Buyout firms planning an acquisition or preparing a portfolio company for exit must consider the impact of poor corporate culture, particularly on a potential IPO. By David Berman, Chris Horton, Robbie McLaren, Anna Ngo, Nell Perks, Charlotte Collins, Catherine Campbell, Tom Evans, and David Walker No institution, whatever its geography, industry, sector, or size, is … Continue Reading

Latest COVID-19 Taskforce Update Sets Out CMA’s Response to Principal Areas of Concern

The taskforce continues to receive and monitor complaints about unfair practices in relation to cancellations and refunds and potentially unjustifiable price rises. By John D. Colahan and Anuj Ghai On 21 May, the CMA released a further update setting out the work of its COVID-19 Taskforce in responding to complaints regarding competition and consumer protection … Continue Reading

Changes to Reporting Requirements for Issuers in Light of COVID-19

UK regulators announce a further package of measures to ease the burden on issuers. By Chris Horton, James Inness, Rob Moulton, Koushik Prasad, Connor Cahalane, and Charlotte Collins In response to the COVID-19 pandemic, UK regulators have published further measures affecting issuers, to try to preserve the flow of information to investors and support the … Continue Reading

UK Listed Companies: Key Legal Developments in 2020

Latham explores the primary legal developments for issuers and their advisers in the year ahead. By Chris Horton, James Inness, and Connor Cahalane The regulatory regime and disclosure requirements for listed companies in the UK will continue to evolve in 2020. Issuers and their advisers should be aware of the key legal developments that will … Continue Reading

Trends in Outsourcing Regulation and Supervision in Financial Services

Insights from Latham’s flagship event: Managing the risk and promise of digitisation in financial services Authors: Andrew Moyle, Nicola Higgs, Christian McDermott, and Kirsty Watkins. The financial services industry is leading the way in outsourcing, with contract values in excess of US$10.7 billion in 2018, causing regulators to focus more than ever on the associated … Continue Reading

FCA Warns of ‘Significant Weaknesses’ in Firms’ Implementation of the Conduct Rules

All firms should take note of the FCA’s latest feedback on SMCR implementation. By Rob Moulton, Charlotte Collins and David Berman In its latest piece of feedback on firms’ implementation of the SMCR, the FCA indicated that firms must improve their implementation of the Certification Regime and, most particularly, the Conduct Rules. While the FCA’s … Continue Reading
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