Region: United Kingdom

FTX failure bolsters “same risk, same regulation” argument, UK regulator says

The Bank of England’s deputy governor for financial stability Jon Cunliffe has spoken out about how the collapse of crypto exchange FTX will impact the UK’s plans for crypto regulation – while giving details on the central bank’s plans for a systemic payment systems regulatory regime and a digital pound.

22 November 2022

CMS hires from Bank of England, as Lenz & Staehelin, Simpson Thacher and Mayer Brown all promote partners

A senior legal counsel at the Bank of England has joined CMS as a partner, while Switzerland’s Lenz & Staehelin and US firms Simpson Thacher and Mayer Brown have all promoted new financial regulatory partners.

21 November 2022

FMLC champions common law to develop “third category of property” for digital assets

The Financial Markets Law Committee, an influential City body, has urged the Law Commission to go the common law route to create a “third category of property” to cover digital assets, rather than relying on a statutory creation.

10 November 2022

Systems and controls rules key to FCA personal messaging probes

The UK’s Financial Conduct Authority will focus on potential breaches of systems and controls rules if it takes enforcement action against banks over the use of personal messaging apps to conduct business, lawyers have told GBRR’s sister publication Global Investigations Review.

09 November 2022

More is less? Regulating the digitalised future

The UK has so far taken a light-touch approach to the regulation of digital assets – but for many new entrants, the EU’s more comprehensive, holistic approach is giving better long-term certainty. Kelvin Ng reports from GBRR Live in London.

27 October 2022

FCA introduces anti-greenwashing disclosure and labelling rules

The Financial Conduct Authority is proposing new rules to tackle misleading sustainability labels on investment products, in what has been called a “change of rhetoric” from the UK regulator.

26 October 2022

Barclays challenges FCA fine over historic Qatari fundraising

Barclays has announced it will appeal a £50 million (US$56.7 million) penalty from the UK’s Financial Conduct Authority, over a long-running case which saw the bank defeat related criminal charges in 2018.

25 October 2022

“A global regulatory consensus is a pipe dream”: GBRR Live considers divergence and its implications

Last month, the UK government revealed its deregulation plan to reform financial markets in the form of the Big Bang 2.0, setting the UK further along the path of regulatory divergence from the European Union. Natasha Teja reports from GBRR Live London, where participants discussed the implications of a divergent regime.

24 October 2022

“Sovereign, but within the context of a global industry”: former City minister opens GBRR Live London

Opening the first-ever “GBRR Live,” former City minister and architect of the Financial Services and Markets Bill John Glen MP spoke about how he had sought to balance “alignment with global norms” with an independent approach to regulation. Emma Siponmaa reports from London.

20 October 2022

Non-financial misconduct – where to draw the blurry line?

Global moves to tackle broader wrongdoing in finance will leave institutions grappling with evolving, ambiguous strictures for years to come, write Herbert Smith Freehills partner Chris Ninan and senior associate Michael Tan.

20 October 2022

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