Financial services businesses of all kinds find it challenging to cope with the flood of new regulation and changes in the way in which it is enforced. It has never been more important to ensure compliance as the regulators become more willing to take strong enforcement action.
In the UK, the apportioning of financial services regulation between the FCA and PRA has coincided with a renewed focus on both the content of financial services regulation and enforcement. UK regulated firms are also dealing with initiatives from Europe, and many firms are operating global businesses with global compliance frameworks.
We advise on the full range of regulatory issues that affect our clients. Our deep understanding of what is behind the regulation allows us to offer truly commercial advice that helps our clients to meet their business objectives whilst minimising regulatory risk and cost.
For any financial services institution, all of its activities – whether to do with the products and services of the organisation or how the organisation operates – need to be viewed from the regulatory perspective. Financial services regulation cannot be viewed in isolation, so issues like employment and outsourcings need a regulatory perspective.
Firms that are not regulated need their advisers to be able to advise clearly on perimeter issues, and to consider what financial services regulated activities may be an adjunct to their business.
Our experts coordinate projects involving financial services regulation, leading a cross-practice team to ensure we deliver a comprehensive service that catches, and satisfactorily resolves, all the financial services regulatory issues in any of our clients’ activities.
Our financial services practice is highly ranked by the legal directories, and our lawyers are praised by Legal 500 for, “'great knowledge of market practice and really understand[ing] the nuances of the regulations'."
Notable deals / highlights
Advised Federated Investors on appropriate governance arrangements for the Prime Rate UK authorised firm it acquired, and integration of compliance arrangements for its UK and US authorised firms so far as practicable.
Advised a well-known UK intermediary on conflicts of interest and other systems and control issues for a joint venture UK authorised fund manager entity, and the respective responsibilities of the provider and distributors of the products it manages.
Advised a long-established industry-wide benefits scheme client (which has two FCA regulated firms within its group) on certain activities that could fall into the realms of deposit-taking business.
Advised major players such as GLG, Threadneedle and PSigma on outsourcing arrangements for front, middle and back office services.
Coordinated European-wide analyses of new regulatory issues, for example on MiFID, UCITS passport activating and recently AIFMD for a wide variety of asset management and fund management clients.
Worked with RICS in devising the terms for its designated professional body arrangements and drafting its DPB Rule Book.