Recent Articles

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  13/06/2025

  PISCES – FCA Finalises Rules for New Type of Trading Venue

  On 10 June 2025, the Financial Conduct Authority (“FCA”) published Policy Statement PS25/6 with its final rules for operating a Private Intermittent Securities and Capital Exchange System (“PISCES”).PISCES is a new form of share trading platform designed to enable secondary trading in private company shares through intermittent (i.e., occasional, time-limited) trading events. Under these rules, private companies may select the frequency and conditions under which trading may occur, including restrictions on price parameters and the types of buyers or sellers permitted to...

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  10/06/2025

  FCA confirms approach to publicising in­vest­ig­a­tions and updates Enforcement Guide

  The Financial Conduct Authority (FCA) has published Policy Statement (PS25/5) outlining its updated Enforcement Guide and the regulator’s approach to investigation publicity. The Enforcement Guide will be referred to as “ENFG” in the FCA Handbook, to set it apart from its predecessor.The changes are designed to make the FCA’s enforcement work faster, clearer and more transparent, both for the industry and the public.BackgroundThe ENFG follows Consultation Paper (CP24/2) which set out plans to empower the FCA to publicise details of enforcement cases at a very early stage....

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  06/06/2025

  Sustainable Finance Regulation 2025 Timeline

  Our updated sustainable finance timeline sets out recent and expected EU, US, UK and International regulatory developments relating to sustainable finance in 2025.

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  03/06/2025

  New UK Stewardship Code Published

  On 3 June 2025, the Financial Reporting Council (“FRC”) published its new UK Stewardship Code 2026 (the “2026 Code”). The UK Stewardship Code is a voluntary code of asset managers, asset owners and service providers, with the aim of encouraging effective stewardship of assets.The 2026 Code builds on the prior update of the code – the UK Stewardship Code 2020 (the “2020 Code”) – and follows on from a 2024-2025 consultation process. The 2026 Code was published alongside a feedback statement setting out the outcomes of the FRC’s revisions to the...

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  02/06/2025

  European Banking Authority proposes streamlined ESG disclosure rules for banks

  On 22 May 2025, the European Banking Authority (“EBA”) launched a public consultation on amending the EBA’s Pillar 3 disclosures framework by incorporating the Capital Requirements Regulation III requirements on ESG-related risks, equity exposures and the aggregate exposure to shadow banking entities (the “Consultation Paper”). Unsurprisingly, given the EU’s “Omnibus” package and wider “simplification” drive (which you can read more about here and here), the Consultation Paper aims to simplify the reporting process for in-scope institutions.In...

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  23/05/2025

  PRA publishes updated supervision framework for international banks

  On 20 May 2025, the Prudential Regulation Authority (PRA) published a Policy Statement (PS6/25) giving feedback on consultation paper CP11/24 published in July last year. PS6/25 contains the PRA’s final rules and policy on its approach to branch and subsidiary supervision.Who should read PS6/25?PS6/25 is relevant to PRA authorised banks and designated investment firms that are headquartered, or part of a group based, outside the UK (International Banks). Chapter 3 on booking arrangements is also relevant to banks and designated investment firms that are headquartered in the UK or are...

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