Monthly Regulatory Newsletter – September 2024

Welcome to the September edition of our monthly newsletter.

In the UK, regulatory initiatives continue at a slow pace, at least from the perspective of a regulated investment firm or fund manager. Whilst the FCA's priorities remain consistent, various initiatives previously communicated by the FCA are on a slower track or – in some cases – there has been radio silence. For example, 12 months ago, the FCA proposed revising the role of non-financial misconduct within the senior managers and certification regime ("SMCR"). However, unexpectedly, the proposals have not yet been implemented.

Another initiative to look out for is tackling the "alphabet soup" (as described by the FCA) of UCITS, AIFMD and MiFID, including a review of AIFMD, which took effect in the UK in 2013 and has remained largely unchanged since. There might be some movement on this before the festive season, but this cannot be guaranteed.