United Kingdom (UK) – Global Investment Law Watch

Europe: UK’s FCA Axes Proposed “Name and Shame” and D&I Requirements, and Delays Non-financial Misconduct Rules

Apr 08 2025

The UK’s Financial Conduct Authority had proposed a so-called “name and shame” approach that would have allowed it, subject to certain safeguards, to disclose its investigations into firms publicly at an early stage (see our earlier blog); however, following significant criticism from the financial industry and Parliament—largely highlighting risks that early disclosure could potentially cause irreversible damage to firms, including those later cleared of any wrongdoing—the FCA has abandoned the proposal.

Europe: UK’s FCA Intensifies Scrutiny on Private Markets Valuations

Apr 07 2025

By: Daniel Greenaway and Flavio Picaro

The UK’s Financial Conduct Authority has published the findings of its multi-firm review of valuation processes for private market assets. This review follows the highlighting of vulnerabilities in private markets stemming, in part, from opaque valuations, in both the Bank of England’s June 2024 Financial Stability Report and IOSCO’s September 2023 report on emerging risks in private finance markets.

Europe: UK’s FCA Seeks to Simplify Its Rules

Apr 02 2025

By: Laura Price and Kai Zhang

Acknowledging “longstanding concerns from firms about the length and complexity of [its] rules and guidance”, the UK’s FCA published a call for input in July 2024. It invited firms to comment on whether some FCA rules may be unnecessary following introduction of the outcomes-based Consumer Duty. It has now outlined its proposed approach in a Feedback Statement, explaining that its aims are to achieve more flexibility, more predictability, and improved efficiency. The approach includes:

Europe: UK Sanctions Regulator Highlights Compliance Failures

Mar 31 2025

By: Michael E. Ruck, Rosie L. Naylor, Petr Bartos, Helen J. Phizackerley, and Laura Scott

On 13 February 2025, the UK’s Office of Financial Sanctions Implementation (OFSI) published an assessment of suspected sanctions breaches involving UK financial services firms since February 2022. It highlights three areas of concern:

Europe: FCA Advances Efforts to Address the UK’s EU Legislative Legacy, Starting With MIFID

Feb 28 2025

By: Philip Morgan, Andrew Massey, and Harriet Sherwin

Following an HM Treasury policy statement, the FCA has published a consultation paper proposing amendments to some of the Markets in Financial Instruments Directive (MIFID) conduct of business and systems and controls rules inherited from the EU that continue to exist in the UK statute book in close to their original form.

Europe: Are the UK FCA’s Revised “Name and Shame” Proposals an Improvement?

Jan 21 2025

By: Michael Ruck, Rosie Naylor, and Helen Phizackerley

In November 2024, the UK FCA released a Consultation which seeks to clarify its proposed approach to publicising ongoing enforcement action—dubbed the “name and shame” plan—and to assure the wider market of the plan’s benefits. Responses are due by 17 February 2025.

Europe: FCA Amends Opening Date for Registration of New UCITS Schemes Under UK Overseas Fund Regime

Aug 23 2024

By: Emma O’Dwyer, Aoife Maguire, and Gayle Bowen

The UK’s Financial Conduct Authority has put back the opening date for the application gateway for recognition of new UCITS schemes (i.e. those schemes not already registered under the Temporary Marketing Permissions Regime) under the OFR.

Europe: Updated FCA Guidance on Registration for the UK Overseas Funds Regime

Aug 19 2024

By: Emma O’Dwyer, Aoife Maguire, and Hazel Doyle

On 12 August 2024, the UK’s Financial Conduct Authority released updated information on its website page on the Overseas Funds Regime (OFR). It provides details on how UCITS management companies (Operators) can register for FCA Connect – which is the first step for any Operator looking to register funds under the OFR. See our previous OFR-related blogs for more information on the OFR.

Europe: European Commission Adopts Delegated Regulations for ELTIF 2.0 and Rejects Key Changes Proposed by ESMA

Jul 23 2024

By: Gayle Bowen and Shane Geraghty

The European Commission (EC) has adopted the long awaited ELTIF 2.0 Delegated Regulation (RTS). Its version rejects a number of key proposals previously introduced by ESMA. In particular, the EC has returned to its original versions of Annex I and Annex II, with minor amendments.

Europe: FCA Issues Final UK Overseas Funds Regime Rules

Jul 19 2024

By: Kai Zhang, Philip J. Morgan, Andrew J. Massey, and Hazel Doyle

The Financial Conduct Authority (FCA) has published its final rules for the UK’s Overseas Funds Regime (OFR) (see our prior blogs here and here which discuss eligibility and the expected OFR launch timetable).

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