CREDO - Banking & Finance Update - December 2017

The Financial Conduct Authority has released comprehensive perimeter guidance for the UK's new regulated cryptoasset activities regime, clarifying when firms will need authorization and how the regulatory framework applies to qualifying cryptoassets and stablecoins. The guidance addresses critical questions about scope, territorial application, and the narrower "by way of business" test that determines which entities fall under the new regulatory requirements.

Islamic finance is experiencing rapid global expansion, with assets approaching US$6tn and record sukuk issuance attracting non-traditional investors. The convergence of Shariah-compliant and sustainable investing is creating new opportunities, while AAOIFI Standard No. 62 and tokenisation developments are reshaping how Islamic finance structures are designed and implemented across international markets.

The Financial Conduct Authority has released a comprehensive package of regulatory updates and findings covering investment management, wealth management, and consumer protection. Key developments include reforms to MiFID costs and charges disclosures, remuneration code changes, AIFM regime overhauls, and detailed reviews of firms' Consumer Duty compliance, financial crime controls, and governance frameworks.

The London Stock Exchange has implemented sweeping reforms to the AIM Rules, fundamentally reshaping admission requirements, transaction thresholds, and governance obligations for companies on the Alternative Investment Market. These changes eliminate longstanding requirements like working capital statements and corporate governance codes while introducing new features such as capital access windows and special voting shares, marking the most significant overhaul of AIM regulations in recent years.

Cryptoasset firms face a rapidly evolving regulatory landscape as the FCA's authorisation gateway opens on 30 September 2026. With the Financial Services and Markets Act 2000 (Cryptoassets) (Miscellaneous Amendments) Regulations 2026 laid before Parliament and the FCA's finalised PERG 18 guidance published within 24 hours, firms must navigate significant perimeter changes including new stablecoin payment exclusions.

On 14 July 2026, HM Treasury published its long-awaited consultation on modernising the UK’s payment services and electronic money regulatory framework. The consultation is part of the Government’s National Payments Vision agenda, which aims to ensure that the UK has a trusted, world-leading payments ecosystem delivered on next generation technology, while preserving choice for consumers and businesses.

The European Parliament has published its negotiating position on SFDR 2.0, setting the stage for trilogue negotiations between the Commission, Parliament and Council. With the asset management industry hoping for relief from the complexities of SFDR 1.0, the Parliament's proposals claim to simplify the regime while maintaining credibility of sustainability-related investments.

In July 2017, the FCA published its Enforcement annual performance account for 2016/17.

The FCA has published Policy Statement PS26/15, “Improving the UK transaction reporting regime,” confirming its final rules following last year’s consultation CP25/32.

This weekly bulletin examines critical developments in UK financial regulation, including the FCA's findings on systemic operational resilience from its Defence, Security, and Resilience Lab exercise, the government's comprehensive consultation on modernising corporate reporting frameworks, and progress on the Financial Services and Markets Bill through Parliament. The bulletin also covers international regulatory updates on cyber resilience for financial market infrastructures, sustainable finance disclosu

The UK Government has accelerated the implementation timeline for new subscription contract laws under the Digital Markets, Competition and Consumers Act 2024, moving the enforcement date from Spring 2027 to January 2027. This change significantly reduces the preparation window for businesses offering subscription services, requiring urgent review of sign-up processes, renewal notifications, and cancellation systems to ensure compliance with the new consumer protection regime.

Workers have a statutory right to be accompanied at certain disciplinary and grievance hearings by a work colleague, trade union official or certified union representative.

Named in memory of Martyn Hett who was killed in the Manchester Arena attack, it requires those responsible for certain premises and events to take steps to prepare for potential terrorist attacks. This will include those responsible for certain commercial premises such as shops and shopping centres.

Earlier this month, the Chancellor of the Exchequer (John Healey MP), Secretary of State (Louise Haigh MP) and the Attorney General (Ellie Reeves KC MP) issued a Letter to all ministers...

As artificial intelligence systems begin to influence dispute resolution in construction, questions arise about their potential role in UK adjudication proceedings. With the American Arbitration Association now offering AI-led arbitration for construction disputes, could similar technology transform the adjudication landscape under the Housing Grants, Construction and Regeneration Act 1996, or do fundamental legal and practical barriers prevent such innovation?

Explore critical updates in UK employment law affecting workplace rights, trade union access, and immigration compliance. These insights examine how recent legislative changes impact employer obligations, from expanded right-to-work verification requirements to new union workplace access provisions and evolving discrimination frameworks.

Since my blog last September, there has continued to be lots of activity in the battery energy storage systems (BESS) sector in Scotland.

Minister for Public Finance Hannah Mary Goodlad MSP joins industry experts to explore Scotland's evolving planning system, examining current priorities and strategic initiatives shaping the future...

Large construction projects rely on complex subcontracting chains where liability flows downward, but protection only travels as far as the contract terms actually allow. When a subcontractor fails to deliver...

The decision in Shell Chemicals UK Ltd and Shell UK Limited against Scottish Ministers is an important planning law decision which explores the relationship between planning controls, private property rights and other regulations.