United Kingdom: Commodities/Derivatives/Stock Exchanges

Market participants employ four main credit risk transfer structures—bank-issued CLNs, SPV-issued CLNs, credit default swaps, and participation interests—each carrying distinct risk, regulatory, and funding profiles that require careful evaluation. Asset managers must navigate critical considerations including due diligence protocols, credit event definitions, and recovery rights to optimize returns. Recent Basel 3 re-proposals in the U.S. and regulatory developments in the E.U. and U.K. are res

Executive Summary: This summary focuses on provisions of the Bill most relevant to investment managers, fund managers and investment advisers.

The European Securities and Markets Authority has issued a public statement clarifying that event contracts meeting certain criteria qualify as binary options subject to the EU's retail investor ban, creating significant regulatory barriers for prediction markets in Europe. This position contrasts sharply with the United States' more permissive federal framework, where the CFTC has proposed rules emphasizing informational value and hedging utility rather than categorical prohibitions.

Regulators and Approved Reporting Mechanisms (ARMs) face the complex challenge of determining which financial transactions must be reported under MiFIR regulations. The Financial Instruments Reference Data Systems (FIRDS) serves as the critical infrastructure enabling this determination, but how exactly does this system work and what are its limitations?

This comprehensive monthly bulletin tracks the latest regulatory developments across UK, EU, and U.S. financial services sectors, covering everything from banking reforms and capital markets updates to emerging...

This comprehensive monthly bulletin tracks the latest regulatory developments across UK, EU, and U.S. financial services sectors, covering everything from banking supervision and capital requirements to emerging technologies like AI and cryptoassets. The April 2026 update examines significant policy shifts, enforcement actions, and cross-border regulatory coordination affecting financial institutions, asset managers, and market participants.

The UK Financial Conduct Authority (FCA) has recently censured BlueCrest Capital Management (UK) LLP (BlueCrest) and secured a voluntary USD101m redress scheme for investors in a fund it managed.

The UK's new prospectus regime comes into force on 19 January 2026. This is the biggest shake-up of the UK prospectus regime since 2005.

Reconciliation Phase II (Phase II) is to go live in April 2026 for EU EMIR and September 2026 for UK EMIR.