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Financial Services Hub

Leading insights in financial services

We provide advice across the entire spectrum of financial services, offering valuable insights into the latest regulatory, market, and governance developments. Our expertise spans financial crime and multi-jurisdictional investigations to fintech and sustainability, helping clients navigate the evolving landscape and stay ahead of the curve.

Where legal expertise meets the future of financial markets

The financial services sector is constantly evolving, driven by rapid regulatory change, market innovation and shifting client demands. Freshfields is deeply engaged in these changes, offering expert insights across a wide range of financial services areas.

We provide timely reactions and actionable insights on the latest legal developments, helping clients understand and navigate complex issues from investment trading and governance to financial crime and fintech.

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Regulators and regulatory framework

Regulators and regulatory framework

Risen from the Ashes: FIDA trilogue set to move forward

The EU is committed to bringing the wider financial sector into the digital age. To this end, it has proposed a new framework for secure...

FCA sets out supervision priorities for asset managers and alternatives firms

On 26 February 2025, the Financial Conduct Authority (FCA) published a portfolio letter addressed to CEOs of firms in the asset...

FCA review of ongoing advice services

On 24 February, the Financial Conduct Authority (FCA) published the findings from its review of ongoing advice services provided by 22 of...

The rise of audits as a regulatory tool for tech

As technology evolves, so do challenges in effectively regulating it. In an era where there is increasing focus on effective oversight of...

The FCA reports on climate change adaptation challenges for UK financial services firms

The FCA identifies climate adaptation challenges for financial services firms Every five years, the UK government produces an assessment...

Data Act: Commission issues updated FAQ

To aid in the implementation of the EU Data Act, the European Commission has released a set of frequently asked questions (FAQ). For a...

The UK Government’s Strategic Steer to the CMA: Impact on UK M&A (Part 2)

Today, the UK government issued its draft strategic steer to the Competition & Markets Authority (CMA) for consultation. Our separate...

The UK Government’s Strategic Steer to the CMA: Resetting the priorities (Part 1)

Today, the UK government issued its draft strategic steer to the Competition & Markets Authority (CMA) for consultation. Why does the...

Freshfields Geopolitical Monitor

Geopolitical risks are a significant concern for businesses and investors in the current global landscape. Understanding these risks is...

The new UK regime for public offer platforms: the FCA consults on further proposals

An important element of the UK’s new public offers and admissions to trading regime is the introduction of the public offer platform...

10 Key MedTech Themes for 2025

Note: this article originally ran in MedCity News The MedTech industry is accelerating at an unprecedented pace. As AI reshapes the...

Life sciences – what to watch in 2025

We asked more than 200 Freshfields lawyers – across geographies and practice areas: what are the 1-2 issues top of mind for you and your...

The first significant overhaul of the UK clinical trials regime in two decades begins to take shape

In brief: On 12 December 2024, draft legislation to amend the Medicines for Human Use (Clinical Trials) Regulations 2004 was laid before...

The year ahead in financial services: 10 trends to watch in 2025

2024 was a momentous year for the financial services industry. Financial institutions had to deal with geopolitical risks arising from...

“Regulating for growth” – the UK’s vision for financial services in 2025 and beyond

The new Labour government has placed financial services at the centre of its plans to grow the UK economy, and UK regulators have an...

MiCAR perimeter issues – tokenized deposits and payment services

As far as MiCAR is concerned, December 2024 was a busy month for both market participants and competent authorities. On 17 December 2024,...

FCA publishes discussion paper on admissions and disclosures and the market abuse regime for cryptoassets

On 16 December 2024 the FCA published its much-anticipated Discussion Paper on (i) cryptoasset admissions and disclosures and (ii) the...

Harnessing Smart Data in the UK as a National Asset: What businesses need to know

On 23 October 2024 the UK government introduced the Data (Use and Access) Bill to Parliament (the DUAB). The DUAB is a wide-ranging and...

Regulating cryptoassets in the UK: a guide to the road ahead

Finally! Avid readers of Freshfields blogs might remember from our post last autumn that the UK government and financial regulators in...

The FCA/FOS Consultation – “Modernising the Redress System” A Chance for Reform?

At a Glance On 15 November 2024, the FCA and FOS jointly published a call for input as to how the FOS might improve its redress...

Your 3-month trial: Consultation on new UK rules for consumer subscriptions

For the next three months, the UK Government will consult on new rules for consumer subscription contracts, which are due to come into...

Government set to bring Buy-Now, Pay-Later firms under FCA regulation

On 17 October 2024, HM Treasury launched its third consultation on the proposed regulation of Buy-Now, Pay-Later (BNPL) credit...

UK announces data reforms: what businesses need to know

On 23 October 2024 the UK government introduced the Data (Use and Access) Bill to Parliament (the DUAB). The DUAB is a wide-ranging and...

Leading the Change: 2025 Data Law Trends report

We’re excited to share our latest report, Leading the Change: 2025 Data Law Trends. Data now impacts all aspects of businesses, from...

Out of the shadows: the growing regulatory spotlight on private capital

In recent months, there has been significant media coverage on the growing regulatory scrutiny of the private capital sector. In this...

The worldwide focus on operational resilience in financial services: what firms and service providers need to know

Regulators around the world have long been concerned about the operational resilience of banks and other financial institutions, and the...

Consumers at the core of the new European Commission mandate: paving the way for a new ‘Digital Fairness Act’

On 3 October the European Commission published its long-awaited Digital Fairness Fitness Check report (see link here). Based on the...

Next steps for UK product regulation – the new Product Regulation and Metrology Bill

The OPSS (Office for Product Safety and Standards - the UK’s product safety regulator) proposed an overhaul of the UK’s current product...

EU Commission publishes practical guide on an evolving EU digital economy

Aiming to encourage voluntary data sharing for business and citizen benefits through secure and trustworthy exchanges, the Data...

Prudential requirements

Prudential requirements

The PRA’s thematic review of private equity related financing activities in the UK

Late last month, the PRA published a Dear CRO letter which sets out the main findings of its thematic review into UK regulated banks’...

Failing to prepare or preparing to fail – PRA policy statement on solvent exit planning for non-systemic banks and building societies

In a 2021 speech, Sam Woods, the CEO of the UK’s Prudential Regulation Authority (PRA), stated that one of the regulator’s focuses for...

Regulatory capital, liquidity and resolution planning for banks: recent developments and cross-border perspectives

Following the failure of Silicon Valley Bank (SVB) and several other U.S. small and mid-sized banks in March 2023, U.S. regulators have...

Investment funds: an evolving front line in macroprudential regulation

Regulators and standard-setters, domestic and international, are worrying about the potential for investment funds to pose risks to...

TPR and FCA publish guidance following 2022 LDI crisis

On Monday 24 April 2023 both the Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) issued new guidance on leveraged...

Lessons from the TSB IT Migration on Senior Management Responsibility

The recent Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) reform of regulations applying to operational...

PRA consultation on Phase 1 of a “simpler regime” – A further step on the road to graduated prudential regulation in the UK

Following its previous work on a new “strong and simple” prudential framework for non-systemic UK banks and building societies (see our...

ESG and more - BaFin updates its MaRisk

On 26 September 2022, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin)...

ESG in EU prudential regulation: is the framework ready for environmental risks?

The European Banking Authority (EBA) published an insightful discussion paper in May 2022 on the role of environmental risks in the EU...

How to manage and supervise climate-related financial risks – a view from the Basel Committee

The Basel Committee on Banking Supervision (BCBS) has published its “Principles for the effective management and supervision of...

Financial Services exclusion from the OECD pillar one proposals

The OECD has published a consultation on the exclusion of certain Financial Services entities from pillar one of its two-pillar solution...

Governance

Governance

Changes to the UK Stewardship Code seek to ease the burdens on signatories and support the growth of UK capital markets

On 22 July 2024, the Financial Reporting Council (FRC) announced several immediate revisions to the UK Stewardship Code 2020 in order to...

EU Elections Unpacked: Ursula von der Leyen re-elected for second term

Germany's Ursula von der Leyen has been elected President of the European Commission for a second mandate, with 401 votes in favour, 284...

PRA and FCA proposals on diversity & inclusion and non-financial misconduct seek to drive change in the UK financial sector

PRA and FCA proposals on diversity & inclusion and non-financial misconduct seek to drive change in the UK financial sector On 25...

Review of the UK Senior Managers & Certification Regime: the increasing focus on international competitiveness

On 30 March 2023, the Financial Conduct Authority (the FCA) and the Prudential Regulation Authority (the PRA) published a joint...

Lessons from the TSB IT Migration on Senior Management Responsibility

The recent Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) reform of regulations applying to operational...

How to manage and supervise climate-related financial risks – a view from the Basel Committee

The Basel Committee on Banking Supervision (BCBS) has published its “Principles for the effective management and supervision of...

HMT proposals on critical third parties

On the critical list HM Treasury’s (HMT) policy statement on critical third parties (CTPs) to the finance sector e.g. cloud services...

Investment trading and markets

Investment trading and markets

Freshfields Geopolitical Monitor

Geopolitical risks are a significant concern for businesses and investors in the current global landscape. Understanding these risks is...

FCA consults on derivatives trading obligation and post-trade risk reduction services

On 26 July 2024, the Financial Conduct Authority (FCA) published a consultation paper (CP24/14) with proposals on three different but...

EU Elections Unpacked: Ursula von der Leyen re-elected for second term

Germany's Ursula von der Leyen has been elected President of the European Commission for a second mandate, with 401 votes in favour, 284...

Maintaining ‘orderly’ markets in disorderly times: the English High Court finds in the LME’s favour in relation to the nickel crisis

In a judgment that will be of interest to exchanges and those who trade on them, the English High Court dismissed judicial review...

UK FCA’s Market Watch 75 – potential market abuse in market soundings

On 31 October 2023, the Financial Conduct Authority (FCA) issued Market Watch 75, in which it raised concerns over possible abuses of the...

Understanding the definition of investment advice under MiFID – ESMA revises 13-year-old guidance

It has been a while since the CESR guidelines on “Understanding the definition of advice under MiFID” were published. To be precise, 13...

Feels like MiFID III? - The Commission Proposal on the EU Retail Investment Strategy and what it means for firms

In the heated discussion around the ban on payment for order flow, the proposal on the Retail Investment Package (the Proposal), adopted...

Building a more permanent sandcastle in the FMI sandbox

In April 2022, in the response to its consultation on regulatory approach to, among other things, distributed ledger technology (DLT) in...

Does history repeat itself in market misconduct?

The Financial Markets Standards Board (FMSB) believes so. Or at least the recent FMSB report indicates that there are common broad...

Markets and clearing (CCPs)

Markets and clearing (CCPs)

Freshfields Geopolitical Monitor

Geopolitical risks are a significant concern for businesses and investors in the current global landscape. Understanding these risks is...

FCA consults on derivatives trading obligation and post-trade risk reduction services

On 26 July 2024, the Financial Conduct Authority (FCA) published a consultation paper (CP24/14) with proposals on three different but...

Maintaining ‘orderly’ markets in disorderly times: the English High Court finds in the LME’s favour in relation to the nickel crisis

In a judgment that will be of interest to exchanges and those who trade on them, the English High Court dismissed judicial review...

Building a more permanent sandcastle in the FMI sandbox

In April 2022, in the response to its consultation on regulatory approach to, among other things, distributed ledger technology (DLT) in...

Retail markets

Retail markets

FCA reviews implementation of Consumer Duty in payments firms

Last month, the Financial Conduct Authority (FCA) published its key findings from a review of 23 payments firms’ implementation of the...

Digital or printed? Navigating liability and evidence in product instruction and safety information

I. Introduction Manufacturers of consumer-facing products in the increasingly integrated European market operate in a complex...

Trends in fintech: our EU predictions for 2024

As we did in 2021, 2022, 2023 we have crowdsourced some fintech predictions for the year ahead from the EU Freshfields Fintech team,...

Mind the UK ‘advice gap’: Considering the Advice Guidance Boundary Review

On 8 December 2023, HM Treasury (HMT) and the FCA published a joint policy paper (DP23/5) on the Advice Guidance Boundary Review (the...

Investing like the pros – indirect investments by retail investors in investment funds for (semi-)professionals under BaFin’s scrutiny

Both the desire for higher yields and the low interest rate environment of the past years has seen retail investors’ focus increasingly...

The FCA publishes its Action Plan on Cash Savings

On 31 July 2023, the FCA published its Cash Savings Market Review 2023. In order to combat high inflation in the UK (currently at 7.9%)...

Understanding the definition of investment advice under MiFID – ESMA revises 13-year-old guidance

It has been a while since the CESR guidelines on “Understanding the definition of advice under MiFID” were published. To be precise, 13...

Feels like MiFID III? - The Commission Proposal on the EU Retail Investment Strategy and what it means for firms

In the heated discussion around the ban on payment for order flow, the proposal on the Retail Investment Package (the Proposal), adopted...

The UK FCA’s latest Financial Lives Survey spotlights the rise in vulnerable customers

The FCA’s focus on vulnerable customers is longstanding. In the aftermath of the Covid-19 pandemic, the ongoing cost of living crisis,...

Are UK retail banks capitalising on customer inertia on savings rates? The FCA makes its approach known in advance of the consumer duty

Although the FCA’s new Consumer Duty is not yet in force, the regulatory environment is already shifting. For example, the FCA has stated...

Retail Financial Services: Five Key Themes on the FCA’s Agenda

The issue front and centre of the Financial Conduct Authority’s (FCA) 2022 Annual Public Meeting was the cost of living crisis. At that...

The UK FCA’s latest ‘Dear CEO’ letter: insurers, consumers, SMEs and the cost of living crisis

The anticipated cost of living crisis is here, and yesterday’s ‘Dear CEO’ letter to insurers confirms the FCA’s return to a theme it...

Financial crime

Financial crime

UK FCA sets out key expectations of payments firms in “Dear CEO” letter

On 3 February 2025, the UK’s Financial Conduct Authority (FCA) published a Dear CEO letter to payments firms that are supervised by the...

Freshfields Fintech: Our Predictions for 2025

As we did in 2021, 2022, 2023 and 2024, we have crowdsourced predictions for the year ahead from the Freshfields global fintech team....

Financial rewards for whistleblowers in the UK - the calls for reform grow louder

The drumbeat of calls for the UK to introduce a programme of whistleblower incentivisation continues to grow louder. In our view, a...

Time is ticking for the Failure to Prevent Fraud offence coming into force

On 6 November 2024, the UK Government published final guidance on what constitute reasonable prevention procedures (the “Guidance”), on...

Penny for your thoughts? A US and UK take on incentivising financial crime reporting

On both sides of the Atlantic, law enforcement agencies are showing increasing interest in using incentivisation as a means to detect...

FCA consultation on publicising investigations: Talks to resume

After a few months of silence (the FCA’s promise to listen to the “extensive feedback” it had received at the consultation’s close in...

The new European AML package - a comprehensive overview

Few areas of regulatory law are evolving as rapidly as European money laundering law. Over the past few years these requirements have...

AML compliance in the UK: Court of Appeal Decision throws a spotlight on the adequate consideration exemption

A recent Court of Appeal decision [1] on the UK Proceeds of Crime Act (POCA) has provoked significant interest given its focus on the...

Global enforcement trends to tackle money laundering

Legislators, regulators and law enforcement authorities are increasing their efforts to detect and combat money laundering. Although this...

Federal Agencies Propose Customer Identification Program Requirements for Investment Advisers: Another Step Toward Comprehensive AML/CFT Regulation

On May 13, 2024, the Financial Crimes Enforcement Network (FinCEN) and the US Securities and Exchange Commission (the SEC) took another...

Update: The EU keeps the ball rolling in its battle against money laundering – next on the agenda: professional football

Professional football is not just an entertaining happening for millions of fans around the world; it is also a big money game. During...

From PSD2 to PSD3 and PSR – European Parliament sets out its vision on the future of payments

The payments landscape has undergone significant changes over the past decade, changes driven by fast-paced technological advancements...

The UK FCA’S Business Plan 2024/25: Five Takeaways for Financial Institutions

At a Glance The UK’s Financial Conduct Authority (the FCA) has recently published its Business Plan for 2024/25, setting out its...

'De-banking’ claim against Revolut struck out as an abuse of process

In the recent case of Uzbekov v Revolut, the English High Court struck out a breach of contract claim brought by Mr Uzbekov following...

Fund transfers, crypto-assets and AML/CTF – the European Banking Authority’s take on the ‘Travel Rule’

Fund transfers, crypto-assets and AML/CTF – the European Banking Authority’s take on the ‘Travel Rule’ The fight against money laundering...

Economic crime and corporate transparency: Significant company law changes and new offences

The Economic Crime and Corporate Transparency Act 2023 which received Royal Assent on 26 October is aimed at preventing the abuse of UK...

The cost of a £250 withdrawal: latest UK sanctions developments

The UK Office of Financial Sanctions Implementation (OFSI) recently issued its first “disclosure notice” and, on the same day, updated...

A further expansion of the UK corporate crime enforcement toolkit

In a nutshell Recent amendments to the UK's Economic Crime and Corporate Transparency Bill (the Bill), announced on 15 June, could...

Works council remuneration remains in spotlight in Germany

In January of this year, the German Federal Court of Justice (Bundesgerichtshof – BGH) ruled in on the unduly high remuneration granted...

A Speedboat for AML enforcement

In August 2022, Germany’s finance minister, Christian Lindner, announced a new federal agency, the Higher Federal Authority for Combating...

AML update: Germany needs to pick up speed

It is said to have been one of the hottest summers in Germany since weather records were kept - the heated atmosphere in the money...

FCA enforcement action on Russian sanctions

Given the exceptional scale and speed with which sanctions were implemented against Russia by the UK Government, the FCA and the Office...

Does history repeat itself in market misconduct?

The Financial Markets Standards Board (FMSB) believes so. Or at least the recent FMSB report indicates that there are common broad...

The Queen’s Speech – what next for UK financial services?

The 2022 Queen’s Speech contained details of two proposed Bills that will impact the financial services community. The Financial Services...

Global Enforcement Outlook: Anti-money laundering trends to watch

Given the opportunities for money laundering, fraud and other financial crime that government responses to the pandemic presented, it is...

Investigations and enforcement

Investigations and enforcement

SUPPLY CHAINS AND LABOUR EXPLOITATION: THE NEW INVESTIGATIVE AND LITIGATION TREND?

Introduction Supply chains are under the radar of public prosecutor offices, other governmental authorities, including the competition...

FCA publicity consultation: ‘How not to regulate’

The House of Lord’s Financial Services Regulation Committee has today published its report on the FCA’s publicity consultation, Naming...

UK financial services enforcement themes and looking ahead

Although 2024 has not seen a return to the levels of fines and outcomes of the pre-financial crisis era, there has been a notable uptick...

Secret Commissions – Supreme Court to hear appeal

The Court of Appeal’s decision On 25 October 2024, the Court of Appeal handed down its judgment in three linked appeals – Johnson v...

FCA publicity consultation – take 2: A solution to one of the FCA’s problems?

The FCA yesterday published its revised proposals to publicise enforcement investigations. Reactions to the original proposals both from...

When is it Wise to report non work-related conduct issues to the UK FCA?

A recent UK FCA decision highlights the FCA’s expectation that, in certain circumstances, issues relating to the conduct of senior...

Time is ticking for the Failure to Prevent Fraud offence coming into force

On 6 November 2024, the UK Government published final guidance on what constitute reasonable prevention procedures (the “Guidance”), on...

Redressing the UK FCA’s power to impose consumer redress schemes

In a recent decision, the UK Court of Appeal confirmed that the FCA can impose a redress requirement on an FCA-regulated firm without...

Business Judgement Rule Decisions – A How-To Guide

In today’s dynamic business environment, decision-making frequently entails venturing into unknown territory. It is often challenging to...

The new European AML package - a comprehensive overview

Few areas of regulatory law are evolving as rapidly as European money laundering law. Over the past few years these requirements have...

Strategic risk spotlight on EU-China investigations: How to reconcile EU investigations with Chinese law in light of recent EU General Court order

In an order dated 12 August 2024, the General Court of the European Union (‘General Court’) dismissed an application for interim measures...

The UK’s digital roadmap: CMA consults on draft digital markets guidance

Within minutes of the UK Digital Markets, Competition and Consumers Act 2024 (the DMCC Act) receiving Royal Assent on the evening of 24...

Across the finish line in the wash-up: the DMCC Act receives Royal Assent – what happens next?

In the final days of Parliament, the landmark UK Digital Markets, Competition and Consumers Act 2024 (the ‘Act’) has received Royal...

FCA consultation on publicising investigations: The strength to let go – will the FCA reconsider ‘naming and shaming’?

The consultation period for CP24/2 closed on Tuesday, marking the end of (at least the first phase of) what has been widely perceived to...

The UK FCA’S Business Plan 2024/25: Five Takeaways for Financial Institutions

At a Glance The UK’s Financial Conduct Authority (the FCA) has recently published its Business Plan for 2024/25, setting out its...

FCA consultation on publicising investigations: Balancing transparency and collateral damage?

On 27 February 2024, the FCA announced a consultation on proposed amendments to its existing enforcement policy. These include proposals...

Sexism in the City: the FCA's latest efforts to tackle non-financial misconduct in the workplace

The FCA has taken another notable step as part of its efforts to crack down on non-financial misconduct in the workplace. As we noted in...

New market investigation powers of the Italian Antitrust Authority - Council of State confirms they apply to all economic sectors

In its opinion of 29 January 2024, the Italian Council of State (CdS) published its views on the scope of application of the new market...

FCA enforcement - Not the only show in town

We have published an article on recent UK financial services enforcement and emerging trends. There has been a decline in the number and...

UK PRA updates its enforcement policies – but will this mean faster investigations and a change in penalty levels?

Following a consultation last year, the Bank of England policy statement (PS01/24) introduces changes to the Prudential Regulation...

Compliance duties on German boards – 10 years on from the landmark decision in Siemens v. Neubürger

Introduction Yesterday (10 December 2023) was the tenth anniversary of what must be the most cited decision when it comes to board-level...

A new toolkit for gender-inclusive competition law

Until recently, competition policy has been considered through a gender-neutral lens – focused on “average” consumers, characterised by...

The cost of a £250 withdrawal: latest UK sanctions developments

The UK Office of Financial Sanctions Implementation (OFSI) recently issued its first “disclosure notice” and, on the same day, updated...

Russia Sanctions: Forced administration of subsidiaries of Western groups in Russia

Over the course of the last months, the Russian government has ramped up its “countermeasures” intended to counteract the effect of...

Germany Turning Up the Heat on Malfunctioning Markets (but which ones?)

Lawmaking in Germany can be turbulent at times but the German Bundestag – i.e., the parliamentary groups of the ‘traffic light coalition’...

A further expansion of the UK corporate crime enforcement toolkit

In a nutshell Recent amendments to the UK's Economic Crime and Corporate Transparency Bill (the Bill), announced on 15 June, could...

Works council remuneration remains in spotlight in Germany

In January of this year, the German Federal Court of Justice (Bundesgerichtshof – BGH) ruled in on the unduly high remuneration granted...

Lessons from the TSB IT Migration on Senior Management Responsibility

The recent Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) reform of regulations applying to operational...

A Speedboat for AML enforcement

In August 2022, Germany’s finance minister, Christian Lindner, announced a new federal agency, the Higher Federal Authority for Combating...

Unexpected amendments to EU guidance on abuse of dominance: back to the future?

In a surprise move, the European Commission has published a revised version of its 2008 guidance on enforcement priorities for abusive...

Antitrust enforcers’ attention on labor markets spreading across the globe: a new legal battlefield?

Antitrust enforcement in labor markets has gained momentum in recent months as agencies in the US, Europe and Asia signal tougher...

FCA enforcement action on Russian sanctions

Given the exceptional scale and speed with which sanctions were implemented against Russia by the UK Government, the FCA and the Office...

Global Enforcement Outlook: Anti-money laundering trends to watch

Given the opportunities for money laundering, fraud and other financial crime that government responses to the pandemic presented, it is...

UK financial services enforcement – Themes and a landmark decision

The FCA’s first criminal prosecution of a bank, which was also its first prosecution for breaches of the UK’s Money Laundering...

Financial services litigation

Financial services litigation

Bifurcated representative actions in shareholder claims rejected by the Court of Appeal

The English Court of Appeal has rejected the use of a bifurcated representative procedure to bring shareholder claims under section...

UK Banking Litigation Update

So far this year we’ve seen a range of important cases and developments before the Courts in the UK affecting financial institutions. In...

English High Court implies an alternative reference rate in post-LIBOR test case

The decision in Standard Chartered v Guaranty Nominees [2024] EWHC 2605 (Comm) considers how to interpret contractual provisions...

The English Court of Appeal upholds dismissal of LME nickel crisis claims

The English Court of Appeal dismissed an appeal of the High Court’s judgment in favour of the London Metal Exchange (LME) and LME Clear,...

The new leading decision procedure – a relief for the judiciary and an increase in efficiency in mass claims proceedings?

Today, the German Federal Council (Bundesrat) passed the law already adopted by the German Parliament (Bundestag) to introduce a new...

Redressing the UK FCA’s power to impose consumer redress schemes

In a recent decision, the UK Court of Appeal confirmed that the FCA can impose a redress requirement on an FCA-regulated firm without...

FCA consultation on publicising investigations: Talks to resume

After a few months of silence (the FCA’s promise to listen to the “extensive feedback” it had received at the consultation’s close in...

High Court hands down its first judgment on the Quincecare duty since Philipp

The High Court’s recent judgment in CCP Graduate School Ltd v National Westminster Bank, [2024] EWHC 581 (KB) is the first decision...

ESG dispute risk for financial institutions: A global picture

Climate litigation and other ESG risks are on the rise around the world for corporates and financial institutions. In the EU and UK a...

'De-banking’ claim against Revolut struck out as an abuse of process

In the recent case of Uzbekov v Revolut, the English High Court struck out a breach of contract claim brought by Mr Uzbekov following...

Maintaining ‘orderly’ markets in disorderly times: the English High Court finds in the LME’s favour in relation to the nickel crisis

In a judgment that will be of interest to exchanges and those who trade on them, the English High Court dismissed judicial review...

UK Supreme Court rejects extension of Quincecare duty and clarifies its juridical basis

In the important judgment in Philipp v Barclays Bank plc handed down this week, the UK Supreme Court has rejected the extension of a...

Lord Sumption delivers Judgment on the Quincecare duty

Lord Sumption recently delivered the lead judgment in proceedings before the Hong Kong Court of Final Appeal (CFA) which concerned the...

Section 1782 Discovery and Russian Sanctions: Same as It Ever Was

One consequence of Russia’s invasion of Ukraine and the US, UK, and EU sanctions that it spawned is a spate of Russia-related litigation...

What to expect from US enforcement agencies in 2022

In recent months, public statements by the Biden administration and senior officials from US enforcement agencies attest to a renewed...

Investment funds and fund managers

Investment funds and fund managers

Änderung der Anlageverordnung: mehr Infrastruktur, Risikokapital und Flexibilität

Die englische Version dieses Artikels finden Sie hier. Der Regierungsentwurf zum 2. Betriebsrentenstärkungsgesetz vom 18. September 2024,...

Changes to the UK Stewardship Code seek to ease the burdens on signatories and support the growth of UK capital markets

On 22 July 2024, the Financial Reporting Council (FRC) announced several immediate revisions to the UK Stewardship Code 2020 in order to...

FCA Proposes an Option for Bundling Payments for Investment Research and Execution

On 10 April 2024, the Financial Conduct Authority (FCA) published a consultation paper (CP 24/7) on Payment Optionality for Investment...

Spring Budget 2024: The Hunt for Blue October

In an unusually rowdy House of Commons, the Chancellor delivered what will be his last Spring Budget before a UK general election widely...

Investing like the pros – indirect investments by retail investors in investment funds for (semi-)professionals under BaFin’s scrutiny

Both the desire for higher yields and the low interest rate environment of the past years has seen retail investors’ focus increasingly...

The regulatory gateway for firms who approve financial promotions

Key message Existing authorised firms who want to be able to approve financial promotions for unauthorised firms after 7 February 2024...

Investment funds: an evolving front line in macroprudential regulation

Regulators and standard-setters, domestic and international, are worrying about the potential for investment funds to pose risks to...

Proposals to clarify and modernise the UK’s transfer pricing, diverted profits tax and permanent establishment rules

On 19 June 2023, the UK Government published a consultation on reforms intended to clarify and modernise the UK’s transfer pricing (TP),...

Developments in Spanish taxation of dividends received by non-resident investment funds

The Spanish Supreme Court has recently confirmed that dividends paid by Spanish companies to non-resident open-ended alternative...

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Financial services insights newsletters

Financial services insights newsletters

Freshfields FS Insights - June 2024

Cryptoasset regulatory and risk developments: the global picture

Freshfields FS insights – February 2024

Regulation of culture in financial institutions: global trends and challenges

Freshfields FS insights – September 2023

AI in financial services

Freshfields FS insights - June 2022

Lessons from the Ukraine crisis

Contacts

Contacts

David SewellPartner & US Head of Financial Services Regulatory

Frankfurt am Main

Alexander GlosPartner & Co-head Financial Institutions Group

Simon OrtonPartner & Co-head Financial Institutions Group

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