Recent Articles

•  

  10/07/2025

  FCA’s Consultation on Tackling Non-Financial Misconduct

  On 2 July 2025, the FCA published its Consultation Paper and Policy Statement (CP25/18) on tackling non-financial misconduct in the financial services sector. The Consultation Paper follows the FCA’s consultation in 2023 (CP23/20) which proposed broader reforms in relation to diversity and inclusion and non-financial misconduct. While the FCA confirmed in March 2025 that it would not be taking forward the D&I related reforms, it made clear that it would continue to prioritise its work to tackle non-financial misconduct (NFM). CP25/18 builds on CP23/20 and feedback received on those proposals....

  Read more
•  

  07/07/2025

  European Commission adopts delegated act simplifying EU Taxonomy reporting

  In what marks the latest step on the EU’s road to sustainability reporting simplification, on 4 July 2025, the European Commission (“EC”) adopted a Delegated Act amending the currently in-force Taxonomy Disclosure, Climate and Environmental Delegated Acts (the “Delegated Act”).BackgroundThe EC published a draft version of the Delegated Act in February 2025 as part of its first Omnibus simplification package, which you can read more about here. A public consultation period followed, during which the EC sought feedback on (among other things) simplifying the do no significant...

  Read more
•  

  04/07/2025

  Ancillary Activities Exemption Overhaul for Commodity Derivative and Emission Allowance Trading

  The Financial Conduct Authority (“FCA”) and HM Treasury have jointly published proposals to reform the “Ancillary Activities Exemption” (“AAE”) that permits non-financial firms to deal in commodity derivatives, emission allowances, and related instruments without becoming fully authorised investment firms.These developments are a key aspect of the Wholesale Markets Review (“WMR”), and have been in development for some time. The reform package consists of two main components: (i) draft amendments to the Financial Services and Markets Act 2000 (Regulated...

  Read more
•  

  02/07/2025

  ESMA Releases Practical Guidance on Sus­tain­ab­il­ity Claims and ESG Credentials

  On 1 July, the European Securities and Markets Authority (“ESMA”) released “thematic notes” on sustainability claims. ESMA emphasises that these are intended to inform and educate market participants about making clear, fair and not misleading sustainability claims, with the initial thematic note focussing on references to “ESG credentials” (e.g. participation or involvement in voluntary alliances or initiatives, ESG labels, ESG awards and comparisons to peers). ESMA states that other thematic notes will follow on other topics as judged necessary.Key ExpectationsBuilding...

  Read more
•  

  02/07/2025

  Financial Services Webinars On Demand

  View recordings of CMS financial services webinars available on demand.Webinars are a convenient way to stay informed and hear from our legal experts.Webinars On Demand

  Read more
•  

  01/07/2025

  “Targeted support” consultation heralds new era for advice options

  The Financial Conduct Authority (“FCA”) has published a consultation paper (CP) outlining their proposals for “targeted support”. The proposals in this CP25/17 build on several FCA investigations and consultations.The FCA recognises that many people lack adequate guidance or confidence when making critical decisions about saving, investing, or drawing on their pensions. Whilst the concept of “investment advice” is longstanding, the rigorous obligations around it mean many firms choose not to offer it at all, or not to investors with lower investment amounts,...

  Read more