Is this you? As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.
Claim your profile
Articles by Alix Prentice
FCA update on market conduct and transaction reporting issues
In its recent Market Watch newsletter, the FCA shared observations from its recent supervisory visits to UK retail brokerage firms, in which it reviewed the systems, controls and governance arrangements that regulated firms use to identify and report potential market abuse. The UK Market Abuse Regulation (UK MAR) requires firms to maintain effective arrangements, systems and controls to detect and report suspicious activity to the FCA.
FCA consulting on guidance relating to Decentralised Finance (DeFi)
The FCA has published some long awaited draft guidance regarding decentralised finance. The guidance is expressed to be for the benefit of FCA regulated firms that interact with, facilitate access to, or provide financial services using, DeFi. Once formalised, it will have the status of formal FCA guidance. The draft guidance considers two issues in particular: Operational resilience: Firms should consider whether their use of DeFi introduces additional risk.
FCA calls on private market firms to manage conflicts of interest in line with rapid growth
The FCA has recently published the results of a multi-firm review which looked at how regulated firms identify, manage, mitigate and disclose conflicts of interest in private market assets. Private markets have grown significantly in recent years, with the business models of the relevant firms becoming increasingly complex. This has led the FCA to consider whether those firms have sufficiently strong governance and control arrangements.
FCA consulting on guidance relating to Decentralised Finance (DeFi)
The FCA has published some long awaited draft guidance regarding decentralised finance. The guidance is expressed to be for the benefit of FCA regulated firms that interact with, facilitate access to, or provide financial services using, DeFi. Once formalised, it will have the status of formal FCA guidance. The draft guidance considers two issues in particular: Operational resilience: Firms should consider whether their use of DeFi introduces additional risk.
EU reaches provisional agreement on securitisation framework
The agreed text is not yet available, but based on reports the key details are likely to be as follows: Reduced burdens: There will be simplified due diligence and transparency, an enhanced framework for Simple, Transparent and Standardised (STS) transactions, and higher investment limits in single securitisation for UCITS funds. These could pave the way for reduced costs, increased investment and regulatory convergence.
FCA update on market conduct and transaction reporting issues
In its recent Market Watch newsletter, the FCA shared observations from its recent supervisory visits to UK retail brokerage firms, in which it reviewed the systems, controls and governance arrangements that regulated firms use to identify and report potential market abuse. The UK Market Abuse Regulation (UK MAR) requires firms to maintain effective arrangements, systems and controls to detect and report suspicious activity to the FCA.
FCA calls on private market firms to manage conflicts of interest in line with rapid growth
Private markets have grown significantly in recent years, with the business models of the relevant firms becoming increasingly complex. This has led the FCA to consider whether those firms have sufficiently strong governance and control arrangements. The FCA found that many firms did have effective governance but that standards varied considerably.
FCA updates on artificial intelligence
In a speech on 19 October, the FCA’s Chief Data, Information and Intelligence Officer provided an update on the FCA’s approach to AI. The FCA wants the UK to be at the forefront of the safe and responsible adoption of AI in financial services.
UK regulator allows more flexibility for investment funds investing into crypto ETNs
The UK’s Financial Conduct Authority (FCA) is proposing to relax its current restrictions for investment funds who wish to invest in exchange traded notes that reference cryptoassets (cETNs). Historically, the FCA had restricted access to cETNs on the basis that it considered the underlying cryptoassets to be unsuitable for retail customers (taking into account factors such as price volatility, unreliable valuation practices and a lack of customer understanding of cryptoassets).
FCA finalises guidance for cryptoasset firms on approach to overall risk assessments
[co-author: Jamie Phillips] The Financial Conduct Authority (FCA) has published two pieces of final non-Handbook guidance explaining how firms within its new prudential regime for regulated cryptoasset activities should approach their obligation under the FCA Handbook to perform an overall risk assessment: FG26/9 on COREPRU 7 and FG26/10 on CRYPTOPRU 7.
UK regulator allows more flexibility for investment funds investing into crypto ETNs
Historically, the FCA had restricted access to cETNs on the basis that it considered the underlying cryptoassets to be unsuitable for retail customers (taking into account factors such as price volatility, unreliable valuation practices and a lack of customer understanding of cryptoassets). Prior to 2025, the FCA prohibited the sale, distribution and marketing of certain cETNs to retail customers.
FCA finalises guidance for cryptoasset firms on approach to overall risk assessments
Although COREPRU is intended to bring together prudential requirements that may ultimately apply across different types of firms that are prudentially regulated by the FCA, its current application is narrower, pending the migration of other types of firms into COREPRU in future. Accordingly, in their current application, COREPRU and CRYPTOPRU apply to firms carrying on regulated cryptoasset activities that are not PRA-authorised firms.
The European Banking Authority consults on technical standards for operational risk management frameworks | JD Supra
On 26 August 2026, the European Banking Authority published Draft Regulatory Technical Standards on operational risk management framework (RTS), as mandated to under the Capital Requirements Regulation (CRR). Article 323(1) of CRR requires institutions to have sound arrangements for the management of operational risk, and the RTS set out those obligations, taking into consideration the size and complexity of the institution, through a harmonised minimum framework based on three components: 1.
FCA finalizes enhanced liquidity risk management rules for authorized funds
On 13 August 2026, the Financial Conduct Authority (FCA) published its policy statement on liquidity risk management for authorized fund managers (AFMs) which follows on from a consultation in February this year. In Policy Statement PS26/17, the FCA makes changes to the framework governing undertakings for collective investment in transferable securities (UCITS) schemes (retail investment funds) and non-UCITS retail schemes (NURS), including some substantial new liquidity assessment requirements.
The UK regulator scrutinizes SPVs’ financial crime controls
The Financial Conduct Authority (FCA) has signalled a clear supervisory focus on “Annex 1 financial institutions”, warning of heightened financial crime risks and increasing scrutiny of firms operating in this sector. In a statement published on 7 August 2026, the FCA highlighted concerns around weak anti-money laundering (AML) controls, reliance on group-wide compliance frameworks and growing use of complex lending structures.
The UK streamlines transaction reporting requirements | JD Supra
On 3 August 2026, the UK's Financial Conduct Authority (FCA) published Policy Statement 26/15 "Improving the UK's transaction reporting regime" (PS 26/15) which, by reducing, and in some cases removing certain transaction reporting obligations looks to eliminate over £100 million in operational costs for firms. The changes involve: Geographical scope: this will be limited to financial instruments tradeable on trading venues in the UK only.
The UK's FCA Consults On A More Flexible Mortgage Lending Regime
CW Cadwalader, Wickersham & Taft LLP More Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations.
Final Cadwalader Issue Of Cabinet; See You In July!
Mercedes Kelley Tunstall’s articles from Cadwalader, Wickersham & Taft LLP are most popular: with readers working within the Advertising & Public Relations and Media & Information industries Cadwalader, Wickersham & Taft LLP are most popular: within Government and Public Sector topic(s) This is the final issue of Cabinet before the anticipated completion of our merger with Hogan Lovells. Cabinet will continue to be published.
The UK's FCA Consults on a More Flexible Mortgage Lending Regime
On 9 July 2026, the UK’s Financial Conduct Authority (FCA) released Consultation Paper 26/18 (CP 26/18) on the “Mortgage Rule Review: supporting first-time buyers and underserved consumers”. CP 26/18 looks at the ways the regulatory regime can assist other initiatives in meeting the challenges of achieving home ownership in an increasingly difficult landscape, which difficulties particularly affect first-time buyers, the self-employed and older borrowers.
The United Kingdom Consults On Significant Changes To Its Securitisation Framework
Cadwalader, Wickersham & Taft LLP are most popular: within Government and Public Sector topic(s) In this article, the authors examine proposals set out by the UK’s Financial Conduct Authority and Prudential Regulation Authority proposing the most significant overhaul of the country’s securitisation framework since Brexit.
The European Securities and Markets Authority (ESMA) Reports on Investment Managers’ Compliance and Audit Functions
In 2025, the European Securities and Markets Authority (ESMA) performed a Common Supervisory Action (CSA) exercise on the establishment of effective compliance and internal audit functions in the investment management sector. On 11 May 2026, ESMA published its Final Report on “2025 CSA on compliance and internal audit functions of fund managers” summarising its key findings and including a list of good and poor practices identified by regulators during the exercise.
CRD VI: What Does It Mean For U.S. Banks Lending Into Europe?
CW Cadwalader, Wickersham & Taft LLP More Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations.
CRD VI: What Does It Mean for US Banks Lending into Europe?
The sixth amendment to the European Union’s Capital Requirements Directive (Directive EU 2024/1619 or “CRD VI”) introduces a significant new hurdle for US banks lending into Europe. This article focuses on the impact of CRD VI on those US banks with a European nonretail borrower constituency that do not have a physical presence in Europe either in the form of a branch or a separately incorporated subsidiary.
The UK’s New Short Selling Regime Launches
April 23, 2026 To embed, copy and paste the code into your website or blog: On 16 April, the UK’s Financial Conduct Authority (FCA) published Policy Statement 26/5 on “Changes to the UK Short Selling Regime” (PS 26/5) which forms part of the UK government’s programme to repeal and replace retained European Union (EU) law post-Brexit (for our earlier note on this see here).
PRA Consultation Proposes Modernising Liquidity Policy
Alix Prentice’s articles from Cadwalader, Wickersham & Taft LLP are most popular: with readers working within the Retail & Leisure, Securities & Investment and Law Firm industries Cadwalader, Wickersham & Taft LLP are most popular: within Law Department Performance, Government and Public Sector topic(s) On 17 March the UK's Prudential Regulation Authority (PRA) published a Consultation Paper on "Modernising the liquidity policy framework" (CP5/26), which is an ambitious salvo aimed at making...
PRA Consultation Proposes Modernising Liquidity Policy
On 17 March the UK’s Prudential Regulation Authority (PRA) published a Consultation Paper on “Modernising the liquidity policy framework” (CP5/26), which is an ambitious salvo aimed at making “targeted and proportionate” adjustments to firms’ responses to liquidity shocks and enhance their operational readiness for future challenges across an increasingly wide range of scenarios.
What New FCA Rules Mean For Deferred Payment Providers
By Alix Prentice ( March 25, 2026, 2:25 PM GMT) -- The Financial Conduct Authority set out its final rules on new requirements for firms offering consumers deferred payment credit, or DPC, and options to finance goods or services obtained from merchants in policy statement 26/1, published on Feb. 11.[1]... Law360 is on it, so you are, too. A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence.
Toolkits, Cross‑Border Branches, and Tokens — Regulatory Realignment in Action, March 2026 - The European Banking Authority Issues Final Guidelines on Capital Endowment Requirements for Third-Country Branches Under CRD VI
On 2 March 2026, the European Banking Authority (EBA) published its Final Report on Guidelines Available For Third-Country Branches For Unrestricted and Immediate Use to Cover Risks or Losses Under Article 48E(2)(C) of Directive 2013/36/EU (the Report). As a quick recap, amendments introduced in Directive 2013/36/EU in the form of CRD VI require non-EEA banks and large investment firms offering cross-border banking services to do so via a branch or subsidiary established in the EEA.
Regulatory Developments in Digital Finance, February 2026 - The UK Publishes Final Rules on the Regulation of Buy Now Pay Later | JD Supra
On 11 February 2026, the UK’s Financial Conduct Authority (FCA) published Policy Statement 26/1: “Regulation of Deferred Payment Credit (unregulated Buy Now Pay Later): Feedback to CP25/23” (PS26/1), giving consumers of Deferred Payment Credit (DPC) new protections when borrowing. As distinct from the current position, DPC (an interest-free credit product repayable over 12 months or less in 12 or few instalments) will no longer be unregulated.
The UK Publishes Final Rules On The Regulation Of Buy Now Pay Later
CW Cadwalader, Wickersham & Taft LLP More Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations.
Crypto Within the Perimeter, January 2026 - The UK Consults on How It Applies Its Regulatory Regime To Regulated Cryptoasset Activities | JD Supra
On 23 January 2026, the UK’s Financial Conduct Authority (FCA) published Consultation Paper 26/4 (the CP) on remaining aspects as to how cryptoasset firms will be required to follow FCA Handbook requirements once they are brought within the FCA’s regulatory remit following its imminent expansion.
The UK Consults On How It Applies Its Regulatory Regime To Regulated Cryptoasset Activities
CW Cadwalader, Wickersham & Taft LLP More Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations.
Innovation Within Limits January 15, 2026 - The UK’s House of Lords Reports on Concerns About Private Market Exposures | JD Supra
On 9 January the Financial Services Regulation Committee of the UK Parliament’s House of Lords published its report on “Private markets: Unknown unknowns” (the Report).
The UK's Banking Regulator Sets Out Its Supervisory Expectations
CW Cadwalader, Wickersham & Taft LLP More Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations.
Tracing Trends, November 2025 - The UK’s Banking Regulator Sets Out Its Supervisory Expectations | JD Supra
In Supervisory Statement SS31/15, the UK’s Prudential Regulation Authority (“PRA”) updates banks and the large investment firms it supervises on its expectations for their Internal Capital Adequacy Assessment Process (“ICAAP”) and Supervisory Review and Evaluation Process (“SREP”).
The European Central Bank Consults On Guidelines For Managing Legacy Non-Performing Exposures
The European Central Bank (ECB) has issued a consultation on draft guidelines on the supervisory approach by national competent authorities to coverage of non-performing exposures held by less significant supervised entities, along with associated FAQs (together, the Guidelines).
Boundaries of Banking and Markets, October 2025 - The European Central Bank Consults on Guidelines for Managing Legacy Non-Performing Exposures | JD Supra
October 3, 2025 To embed, copy and paste the code into your website or blog: The European Central Bank (ECB) has issued a consultation on draft guidelines on the supervisory approach by national competent authorities to coverage of non-performing exposures held by less significant supervised entities, along with associated FAQs (together, the Guidelines).
Boundaries of Banking and Markets, October 2025 - The European Central Bank Consults on Guidelines for Managing Legacy Non-Performing Exposures | JD Supra
October 2, 2025 To embed, copy and paste the code into your website or blog: The European Central Bank (ECB) has issued a consultation on draft guidelines on the supervisory approach by national competent authorities to coverage of non-performing exposures held by less significant supervised entities, along with associated FAQs (together, the Guidelines).
The UK's Financial Services Regulator Consults On The Application Of Rules To Regulated Cryptoasset Activities
CW Cadwalader, Wickersham & Taft LLP More Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations.
Autumn Transitions, September 2025 - The UK’s Financial Services Regulator Consults on the Application of Rules to Regulated Cryptoasset Activities | JD Supra
In Consultation Paper CP24/25, (the CP) the UK’s Financial Conduct Authority (FCA) is consulting on how it should extend its reach over cryptoasset activities beyond its existing remit of financial promotions and the prevention of financial crime once firms and individuals conducting the regulated activities set out in the UK’s draft Statutory Instrument (The Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025) comes into force...
Summer Reading: CRD VI, August 2025 - What Fund Finance Lenders Need To Know About CRD VI | JD Supra
One of the aims of the European Union’s Capital Requirements Directive VI[1] (CRD VI) is to harmonise the banking supervisory and access framework across the EU, including in relation to the provision of core banking services. In broad terms, Article 21c of CRD VI prohibits the provision of cross-border core banking services into the EU by non-EU entities (the CRD VI Prohibition). This article looks at who the CRD VI Prohibition applies to, and what exemptions apply to the CRD VI Prohibition.
European Supervisory Authorities Make Recommendations For The EU Securitisation Market
CW Cadwalader, Wickersham & Taft LLP More Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations.
Global Moves, Digital Shifts, July 2025 - UK Government Announces Programme of Regulatory Reforms | JD Supra
On July 15th, the UK Government published the final version of its Financial Services Growth and Competitiveness Strategy (the Strategy). The Strategy aims to “[roll] back regulation that had gone too far in seeking to eliminate risk” in order to drive growth in the financial services sector.
Summer Reading: CRD VI, August 2025 - What Fund Finance Lenders Need To Know About CRD VI | JD Supra
One of the aims of the European Union’s Capital Requirements Directive VI[1] (CRD VI) is to harmonise the banking supervisory and access framework across the EU, including in relation to the provision of core banking services. In broad terms, Article 21c of CRD VI prohibits the provision of cross-border core banking services into the EU by non-EU entities (the CRD VI Prohibition). This article looks at who the CRD VI Prohibition applies to, and what exemptions apply to the CRD VI Prohibition.
What To Expect As UK, US Gov'ts Develop Stablecoin Policies
By Alix Prentice and Mercedes Tunstall ( July 16, 2025, 4:03 PM BST) -- This article considers fiat-backed stablecoins and progress in their introduction as a mainstream method of making retail payments in both the U.K. and the U.S.... Law360 is on it, so you are, too. A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence.
Show More
loading
Actions
Is this you?
As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.Get in touch with Alix
Contact Alix, search articles and posts on X, monitor coverage, and track replies from one place.
Learn more about Muck Rack