Looking Into H2 And Beyond

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.

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

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.

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 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.

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.

On November 25, 2015, the Financial Conduct Authority fined Barclays Bank plc £72,069,400 for failing to minimize financial crime risks appropriately.

As widely anticipated, the Bank of England voted last week to hold Bank Rate at 3.75%. Whilst markets had expected the decision, it is noticeable that the Monetary Policy Committee (MPC) moved from a 7-2 decision, to a 6-3 one, with three members favouring a 0.25% increase. The move demonstrates the continued uncertainty around the UK’s inflationary environment, particularly in light of geopolitical tension, tariffs and trade disruption and political change, and their combined impact on global energy prices and the wider economic outlook.

The Health Resources and Services Administration has announced a revised 340B Rebate Model Pilot Program for drugs subject to Medicare's Maximum Fair Price, expanding eligibility to manufacturers with selected drugs for 2026 and 2027. The program introduces new data requirements, dispute resolution mechanisms, and stricter compliance monitoring while addressing stakeholder concerns about administrative burden and program integrity.

Landlords of rent stabilized buildings in New York City have filed a lawsuit challenging the rent freeze passed by the Rent Guidelines Board, questioning the Board's independence and data integrity. With operating costs rising 31% over five years while the Board voted 7-1 for a freeze affecting 1 million apartments, the case raises critical questions about the balance between tenant protection and landlord viability.

FinCEN notified U.S. financial institutions that the Financial Action Task Force ("FATF") updated the list of jurisdictions with strategic deficiencies in combating anti-money laundering and countering the financing of terrorism ("AML/CFT").

The Treasury Department and IRS have proposed new regulations that would establish an explicit racial nondiscrimination requirement for private schools seeking federal tax exemption under Section 501(c)(3). These proposed rules go beyond existing law by prohibiting all forms of racial discrimination in education regardless of intent, legality, or purpose, potentially affecting admissions policies, scholarship programs, and other school-administered initiatives.

On February 25, 2026, the Office of the Comptroller of the Currency (the "OCC") issued a Notice of Proposed Rulemaking (the "NPRM") to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the "GENIUS Act").

The Surface Transportation Board has lifted its abeyance and established a procedural roadmap for the Union Pacific and Norfolk Southern merger proceeding, marking the official start...

This September 2026 edition of Quorum examines critical developments in corporate governance, M&A transactions, and securities regulation, including Delaware Court decisions on strategic investor rights and control group standards, new SEC guidance on beneficial ownership reporting, and Supreme Court rulings on disgorgement remedies. The newsletter also analyzes FTC perspectives on vertical mergers in defense sectors and provides comprehensive updates on the SEC's 2026 regulatory agenda under Chairman Atkin

The Federal Trade Commission closed its investigation of IonQ's acquisition of SkyWater Technology after the Commission's two sitting members divided over whether the transaction warranted a negotiated behavioral consent order. These detailed statements reveal how each Commissioner analyzes vertical transactions and their claimed benefits, offering critical insights for parties planning vertical transactions in defense and national-security sectors.

FINRA proposed a rule amendment to restrict access to representative- and principal-level qualification scores.

California's Air Resources Board has released comprehensive guidance for entities preparing their first greenhouse gas emissions reports under SB 253, introducing a voluntary reporting platform and clarifying expectations for the November 2026 deadline. The guidance addresses critical questions about data collection requirements, assurance standards, and enforcement discretion for companies that weren't tracking emissions as of December 2024. Understanding these reporting parameters and submission options w