Important new FCA rules on marketing investments

This article contains important information on proposed new rules and guidelines that are proposed to be made by the Financial Conduct Authority (“FCA”) and HM Treasury (“HMT”). These new rules and guidelines are still open to consultation but, if adopted in their current form, may mean significant changes to: the types of investors that are…

2021: The FCA laying the foundations to tackle consumer harm

Reducing consumer harm has been a key regulatory focus for the FCA over 2021, and the final hallows of the year provide a good opportunity to reflect on the plans, proposals and policies seen from the FCA during this period. Consumer harm is not a novel concept, nor are efforts to mitigate harm; but nonetheless…

“Knock, knock” – how to approach negotiations with your lender: 5 top tips

Our previous article covered aspects of a company’s third-party credit facilities that could cause concern in light of the hardships caused by COVID-19. In this piece we provide practical tips on how a borrower might approach discussions with third party lenders to refinance or adjust the terms of its facilities 1. Engage early and decisively…

Regulatory capital – Top 10 tips

In this piece we discuss the FCA’s focus for the year ahead and what FCA authorised firms should be thinking about in regard to the impact of COVID-19 on their regulatory capital position. We hosted a webinar on regulatory capital – COVID-19 – How may it impact your regulatory capital position – Thursday, 30 Apr…

FCA on COVID-19 and LIBOR

Yes, that is right, in this article we are covering two completely unrelated topics which are (a) the beginning of the Coronavirus outbreak and (b) the end of the London Inter-Bank Offered Rate – LIBOR. The only connection is that in the last month the FCA issued statements on both. Yes, that is right, in…

Financial services M&A – 6 flashpoints

In this article we focus on some of the key legal and structuring flashpoints encountered in UK financial services M&A. Financial services has long been a popular sector for private equity and corporates alike, but in the last two to three years the rise of Fintech companies, particularly in the personal finance sub-sector, has boosted…

Mind the gap – 8 key issues when splitting signing and completion

This month, we look at 8 key considerations for parties contemplating a split between signing (also known as exchange) and completion (also known as closing). 1. Avoid the gap? If a transaction is particularly complicated, or if the parties need extra time to transfer funds but are keen to ‘lock in’ a deal, a split…

Understanding PRIIPS disclosures

The publication of Key Information Documents (KIDs) has prompted a widespread negative response in the investment community, with large numbers of fund managers criticising the documents. More recently the Chief Executive of the Financial Conduct Authority (FCA), Andrew Bailey, stated his concerns. – I want to be clear that I am concerned about PRIIPs Andrew…

Mind iF I Don’t, too? (MiFID)

With three weeks to go until MiFID II takes effect, this article shines a light on 4 of the issues our hedge fund clients tell us are exercising them most: Research unbundling Telephone taping Transaction reporting LEIs References in this article to “MiFID II” include the MiFID II Directive (2014/65/EU), the Markets in Financial Instruments…

Acquiring a regulated business – Change in control regime

Financial services businesses remain hot targets in the UK, but as the purview of the UK financial services regulators creeps ever wider and deeper (see recent focus on consumer credit businesses) it is imperative to identify at an early stage whether a target is FCA regulated, or is carrying out activities that mean it should…

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