Securities and derivatives

Recent Articles

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    19/02/2024

    Financial Services Webinars On Demand

    Use the below link to view recordings of CMS financial services webinars available on demand. Webinars are a convenient way to stay informed and hear from our legal experts.   
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    08/02/2024

    UK government publishes delayed update on AI policy

    The UK government has published its delayed response to the consultation accompanying its March 2023 white paper on artificial intelligence (AI). It had been expected by the end of September 2023, but was delayed until after the AI Safety Summit at Bletchley Park in November 2023.The government has not put forward any legislative proposals at this stage and remains committed to a sector-by-sector approach to regulating AI. Instead, the government will continually review whether its approach of issuing non-binding principles to UK regulators remains appropriate, recognising that legislative action...
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    21/12/2023

    Critical Third Parties: The unstoppable march of the regulatory universe

    Expansion of the regulatory perimeterThe Financial Services and Markets Act 2023 establishes a new Critical Third Parties regime which gave power to the FCA, PRA and Bank of England to make rules to govern critical third party service providers (CTPs) to the UK’s financial services industry for the first time. The regulators have now published a joint consultation paper (CP26/23) for this new regulatory framework for CTPs.The new rules bring CTPs into the scope of the regulatory perimeter for the first time, reflecting a significant and transformative shift for CTPs but not, it seems, for...
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    13/12/2023

    Finalisation of CRD6/CRR3 and the Article 21c third country branch requirement

    On 6 December 2023, the finalised texts of the EU banking package known as CRD61and CRR32 were published following the conclusion of negotiations between the EU co-legislators. In this article, we set out an overview of the latest developments and the next steps. We also explain the final compromise position on Article 21c of CRD6, which introduces a requirement for third country undertakings to establish a branch in the EU in order to provide core banking services, subject to certain exemptions.Latest developmentsOn 6 December 2023, the Council of the EU published the final compromise texts of...
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    06/12/2023

    EU publishes Directive on distance financial services contracts in Official Journal

    In November 2023, the EU legislator adopted the new Directive regarding financial services contracts concluded at distance.This Directive essentially aims to modernise the existing legal framework governing distance contracts for financial services concluded between a professional and a consumer. For the record, a "financial service" is defined as any service relating to banking, credit, insurance, personal pensions, investments and payments.The European legislator has focused on the following subjects: (i) pre-contractual information, (ii) the right of withdrawal, (iii) the obligation to provide...
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    29/11/2023

    Financial Services Webinars On Demand

    Use the below link to view recordings of CMS financial services webinars available on demand. Webinars are a convenient way to stay informed and hear from our legal experts.     
    Read more