Legal Shorts
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
2025
Week ending 2nd May 2025
So which crypto assets will be regulated?
New cryptoassets regulation
FCA to simplify supervisory letters
FCA seeking views on new live AI testing service
FCA to support growth in tech
Treasury committee launches finfluencer inquiry
The FCA on global digital regulation
FCA guidance on insolvency and regulated firms
BOE on 2025 CCP supervisory stress test
ESMA final report on market abuse under MICAM
EBA final report on central contact points and CASPS
Week ending 25th April 2025
It takes industry experience to ensure that customers benefit
FCA to reduce reporting requirements
FCA insights from AI sprint
FCA consults on simplifying capital rules
PRA withdraws modification by consent for third-country covered bonds in LCR
FCA enforcement priorities
BOE announces two new stress test scenarios for 2025 bank capital stress test
Distribution agreements – some key points
FSB letter to G20 finance ministers and central bank governors: April 2025
Week ending 17th April 2025
FCA update on pre-application support
Record of HM Treasury and FCA discussion of the FCA perimeter report
FCA’s multi-firm review of trading apps
Government cyber governance code of practice
ESMA on the inconsistent regulation of trading fractional shares
The financial stability risks of AI
ESG disclosures under the benchmarks regulation in the EU
FSB finalises format for incident reporting exchange (FIRE)
Changes to the future regulation of AIFMS
ICMA:2025 GMRA legal opinions: updates and digital assets
FCA announces establishment of US and APAC presence
FCA charges individual for alleged unauthorised business activities and misleading investors
Week ending 11th April 2025
New categorisations for AIFMS
FCA and HM Treasury: the future regulation of AIFMS
FCA policy statement on derivatives trading and post-trading
ESMA consults on equity transparency for derivatives
FCA consults on fees and levies for 2025/26
FCA annual work programme 2025/26
FCA on finance for positive sustainable change
SFO business plan for 2025-26
Week ending 4th April 2025
FCA publication of exempted shares under short selling regulations
NCA’s annual report
ICMA guide: SFTR reporting
PRA and FCA consult on amendments to UK emir margining
ESMA guidelines: MICA
LMA, APLMA and LSTA on principles and guidance
ISDA publications
Week ending 28th March 2025
A fine balance
What the FCA did: March 2025
FCA strategy for 2025 to 2030
New rules on advertising unregulated investments in broadcast media
HM Treasury on pilot digital gilt instrument (digit)
Complaints commissioner criticises FCA’s handling of complaint
FCA fines London Metal Exchange £9.2 Million
Updated BAFT master trade loan agreement
New international anti-corruption prosecutorial taskforce
Week ending 21st March 2025
Natural selection?
2025 FCA crypto road map
The master of the rolls on digital assets
HM Treasury action plan to ensure regulators and regulation support growth
UK finance proposes growth reforms for UK financial services sector
New FCA webpages on applying for senior management functions
FCA criminal proceedings: unauthorised investment scheme
AML and CTF supervision report 2023-24
ESMA’s plans for 2025
Week ending 14th March 2025
Turkeys vote for christmas saying, “Yeees! Get in!”
FCA backs down on “guilty before proven innocent” enforcement investigation proposals
HM Treasury to abolish PSR
FCA and PRA call it quits on Diversity and Inclusion proposals … kind ofPSR report on card scheme and processing fees
House of Commons assesses banks it failures
ESMA prioritisation of 2025 deliverables
UKLR consultation on related party transactions
Whistleblowing data
The FCA and consumer duty
Government proposed cyber governance code of practice
ICMA updates best practice guide for european repo market
FCA and ICO letter on supporting AI, innovation and growth in financial services
FCA multi-firm review ofliquidity risk management
Now available in english: opinions and test for classifying cryptoassets under MICA
Week ending 7th March 2025
Blockchain for prosperity – telling it all to the houses of Parliament
FCA speech on supporting economic growth
Gaoled for illegally crypto business
More MICA rules
Overseas entities: protecting personal information
European commission proposes more regulations: sustainability
National security and investment act
FOS complaints data
FCA bans following US corruption convictions
Private market valuation improvements needed
EBA on fees for validation of pro-forma models under EMIR
Week ending 28th February 2025.
A wealth of ironies
FCA and PSR on bigtech and digital wallets
FCA letter to asset managers
Notification of intention to provide cryptoasset services under MICA clarified
NDAs – what is confidential and what is in the public domain?
FCA fines broker for financial crime failings
Government response on t+1 settlement
FSB review of cryptoasset activities
Wolfsberg group on AML and digital assets
Cybersecurity feedback requested
FATF increased monitoring list: February 2025
FSB letter to G20 finance ministers and central bank governors: February 2025
Week ending 21rd February 2025.
Rachel from audit
FCA decides not to consult on the extension of the SDR to portfolio managers
FCA help on authorised fund applications
UK green taxonomy: why do we need it?
Threat assessment report
ESMA launches action on compliance and audit functions of fund managers
ESMA consults on assessing knowledge and competence under MICA
Stablecoins in Dubai
MOU on relationship between HM treasury and BOE
Week ending 14th February 2025.
Over-regulation deters innovators
The BOE asks whether hedge funds understand changes in financial markets
House of lords on FCA proposals to publicise enforcement investigations
FCA on new short selling rules
European commission on shortened settlement
Is Bailey backing off?
Draft guidelines on AI system definition
House of commons questions banks on IT failures
FCA financial promotions figures
The mystery of the missing chief executive
FCA appointment of bond consolidated tape provider
AI practices under the EU AI act
More on the about trustworthiness of AI in financial sector
Week ending 7th February 2025.
Is the FCA drawing back?I
Crypto sandbox made easier by the disapplication of aml rules
More choice in the commodity derivatives regulation
The reduction of certain UCITS investment limits
FCA consultation to sotfen the rules on admissions to trading
FCA January round-up
ESMA on the authorisation of CASPS under MICA
Treasury committee launches inquiry into AI in financial services
ESMA on EMIR and UK equivalence
FCA on healthy cultures
DFSA’s business plan
Week ending 31st January 2025.
Prime brokers and money mules – it’s all been in the news this week
PRA speech on prime brokerage
The FCA, fraud and money muling
FCA fines broker under UK MIFIR
MLSG consults on AML and CTF guidance
Key dates for the end of January: financial promotion exemptions
Key dates for February: market conduct
FSB work programme for 2025
FX global code of conduct
Brokers told to improve their conduct
Final standard for sharing standard settlement instructions
New terms of reference for DORA
The FCA on climate change adaption
UK finance report on AI risks and opportunities
Week ending 24th January 2025.
What a week
Three, two, one, crypto lift off
FCA letter to PM
N@ked short club radio show
Ransomware legislation
ESAS report on reporting incidents under DORA
ESMA on non-MICA compliance: immediate action required
The PRA on economic growth
EBA EU-wide stress test
Should software-generated evidence be used in criminal proceedings?
The FSB and resilience
Week ending 17th January 2025.
BOE on the digital pound
Crypto staking and collective investment schemes
2025 Short selling regulations
BCBS and IOSCO on variation margin and initialmargin
The FCA on bias in natural language processing
House of Lords committee inquiry into the FCA’s competitiveness and growth objects
FSCs management expenses levy limit
EBA on ESG risks under CRD IV directive
New green loans term sheet
The FCA writes letter for credit reference agencies information service providers
Proxy voting guidelines
FMSB 2025 workplan
Week ending 10th January 2025.
I want to speak to the manager
The FCA focuses on crypto complaints
Protecting the personal information of directors and partners
All aboard!
Private equity reporting
FMSB asks about good practice for sustainability-linked products
New EBA consultation paper on crypto exposure values
ESMA on updated stress testing
FMSB on good practice in wholesale traded markets