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Articles by Clive Cunningham
Stable But Constrained: Bank Of England Policy Statement And Draft Code Of Practice For Systemic Stablecoin Issuers
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
Operational Resilience: Recent UK Publications Emphasise It Remains A Priority For Regulators And Firms Alike
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
Enhancing Financial Services Bill Announced In King's Speech 2026
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
Fund Tokenisation: New FCA Rules And Guidance To Accelerate Progress
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
New UK Cryptoasset Regime: HM Treasury Proposes Amendments To Cryptoasset Regulations
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
Open Finance: FCA Roadmap
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
New UK Cryptoasset Regime: FCA Consults On Perimeter Guidance
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
UK Smart Data Strategy: Building On Open Banking's Momentum
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
New UK Cryptoasset Regime: Practical Actions For Firms' Forward Planning
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
The Berne Financial Services Agreement: Key Points For Swiss Firms
Clive Cunningham’s articles from Herbert Smith Freehills Kramer LLP are most popular: in United Kingdom with readers working within the Law Firm industries Herbert Smith Freehills Kramer LLP are most popular: within Transport, Employment and HR and Antitrust/Competition Law topic(s) with Inhouse Counsel The Berne Financial Services Agreement (BFSA) entered into force on 1 January 2026.
Preparing For FCA Authorisation As The UK Cryptoasset Regime Nears Completion
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
FCA Client Categorisation Proposals
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
European Supervisory Authorities Reveal First CTPPs Under DORA
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
ESG Ratings - New Regulated Activity
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
Wealth Consolidation - FCA Review Findings
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
Corporate Finance Firms' Client Categorisation - Evidence Of Good Practice, But Room For Improvement: FCA Feedback
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
Investment Firms' Regulatory Capital: FCA Confirms Rules Simplifying MIFIDPRU Definition Of Capital (PS25/14)
Marina Reason’s articles from Herbert Smith Freehills Kramer LLP are most popular: in United Kingdom with readers working within the Property industries Herbert Smith Freehills Kramer LLP are most popular: within Finance and Banking, Coronavirus (COVID-19) and Environment topic(s) The FCA has published a policy statement, Definition of capital for FCA investment firms(PS25/14) setting out its final rules to simplify and consolidate the definition of regulatory capital (own funds) for FCA...
UK-EEA Cross-border Interchange Fees: PSR Ditches One Price Cap And Consults On Another
Marina Reason’s articles from Herbert Smith Freehills Kramer LLP are most popular: in United Kingdom Herbert Smith Freehills Kramer LLP are most popular: within Finance and Banking, Environment and Coronavirus (COVID-19) topic(s) The Payment Systems Regulator (PSR) has published a consultation paper (MR22/2.8) on its proposed methodology for identifying an appropriate level of multilateral interchange fees for UK-EEA card-not-present (CNP) transactions (Cross-Border MIF), i.e. payments to UK...
UK Government Consultation On Abolishing The Payment Systems Regulator
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
CP25/28: Fund Tokenisation - A Few Steps Closer
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
The UK Government's 10-Year Strategy For Financial Services: Rewiring The Financial Regulatory System
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
The UK Government's 10-year strategy for Financial Services: rewiring the financial regulatory system
In July 2025, the UK Government set out its 10-year plan to "rewire the financial system", to support growth and international competitiveness: the Financial Services Growth and Competitiveness Strategy (Strategy). Financial services is one of eight high growth sectors (known as "IS-8") identified by the Government in its UK Modern Industrial Strategy. Each sector will have its own 10-year strategy.
The Closing Of The "Advice Gap"? The FCA's Targeted Support And Simplified Advice Proposals (CP25/17)
The FCA published CP25/17 on 30 June 2025 to great fanfare - declaring it "a once in a generation chance" and "landmark work". CP25/17, the FCA's consultation on Supporting consumers' pensions and investment decisions: proposals for targeted support, is the latest step in the FCA's work to address the so-called "advice gap", being the state of affairs in which few retail investors have accessed investment advice over the last decade or so.
Rewiring The Financial Regulatory System: The Leeds Reforms And Mansion House 2025 Speech
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
FCA Sets Priorities For Financial Services Regulation
KL Herbert Smith Freehills Kramer LLP More Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be.
OpRes: UK regulators' proposals for more reporting on operational incidents and material third party arrangements
The PRA and FCA are consulting in parallel on new requirements for reporting in relation to (i) operational incidents and (ii) material third party arrangements ("TPA") (including outsourcings).
OpRes: UK regulators' proposals for more reporting on operational incidents and material third party arrangements
PRA (CP17/24) and FCA (CP24/28): Consultations on operational resilience - operational incident and third party management reporting dated 13 December 2024 (the "Consultations") Background The PRA and FCA are consulting in parallel on new requirements for reporting in relation to (i) operational incidents and (ii) material third party arrangements ("TPA") (including outsourcings).
Private Market Valuation Practices – FCA findings | Herbert Smith Freehills | Global law firm
The FCA yesterday published its findings on a multi-firm review of valuation practices for private assets (the "Report"). The multi-firm review was announced last March in the FCA's "Dear CEO letter" on Asset management & Alternative Supervisory Strategy, and follows the PRA's Thematic review of private equity related financing activities in April 2024. There has been a rapid growth of private markets in recent years – with the UK as the largest centre for private fund management in Europe.
Private Market Valuation Practices - FCA findings
Private Market Valuation Practices – FCA findings The FCA yesterday published its findings on a multi-firm review of valuation practices for private assets (the "Report"). The multi-firm review was announced last March in the FCA's "Dear CEO letter" on Asset management & Alternative Supervisory Strategy, and follows the PRA's Thematic review of private equity related financing activities in April 2024.
The long and winding road of regulatory overhaul
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DORA is now live – are your ICT contracts compliant? | Herbert Smith Freehills | Global law firm
On 17 January 2027, the EU's Digital Operational Resilience Act ("DORA") went live, along with the associated regulatory technical standards ("RTS") and implementation technical standards("ITS") published by the European Supervisory Authorities ("ESAs"). DORA aims to introduce a single, harmonised framework to regulate digital operational resilience across most of the European financial services sector.
Operational Resilience - CTPs: What should you be doing about the proposed UK/EU Critical Third Parties Regimes?
OPERATIONAL RESILIENCE: PROPOSED CTP REGIMES – UK / EU COMPARISON UK (FSM Bill + DP3/22) EU (DORA) 1. Scope of Regime Applies to CTPs only. Firms remain subject to existing rules (and regulator expectations) on operational resilience, outsourcing and third party risk management. Wide category of CTP services: CTPs are not limited to digital / data service providers. Cloud Services Providers (CSPs) are likely to be considered for designation.
Countdown to BNPL regulation begins
The government has launched a fast-tracked consultation to "act urgently" in introducing new rules to regulate Buy-Now, Pay-Later products HM Treasury has published a consultation to bring Buy Now, Pay Later (BNPL) firms within the scope of FCA regulation. This has been a long time coming, with HM Treasury having already consulted twice on changes to the rules surrounding BNPL.
Financial Promotion: U-Turn On UK High Net Worth Individual And Sophisticated Investor Exemptions
The government has made new regulations (the 2024 Order) to update the exemptions in the Financial Services and Markets Act 2000 (Financial Promotions) Order (2005) (the FPO), and the equivalent exemptions in the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) Order 2001 (PCIS), relating to high net worth individuals and sophisticated investors.
Operational Resilience - Predicting The Unpredictable - Financial Services - Worldwide
Firms and senior management must keep up with rising regulatory expectations, be ready to co-operate and be prepared to proactively offer redress where appropriate Six years on from the Basel Committee on Banking Supervision's (BCBS's) consultation on the implications of cloud computing and other technologies for banks and banking supervision, what we now refer to as operational resilience has matured into a more comprehensive regulatory policy covering business continuity, incident...
EEA UCITS operators take note: the Overseas Funds Regime to start by the end of 2026
Last week, the government announced its first equivalence decision under s271A of the Financial Services and Markets Act 2000 (FSMA), finding the EEA states to be equivalent under the Overseas Funds Regime (OFR). The equivalence decision will apply to undertakings for collective investment in transferable securities (UCITS), except those which are also Money Market Funds (MMFs), as there is ongoing regulatory development in this area.
Operational resilience - Predicting the unpredictable
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Six years on from the Basel Committee on Banking Supervision's (BCBS's) consultation on the implications of cloud computing and other technologies for banks and banking supervision, what we now refer to as operational resilience has matured into a more comprehensive regulatory policy covering business continuity, incident management, critical supplier management, and more, in many jurisdictions and across financial services.
By Hywel Jenkins, Clive Cunningham, Luke Hastings Verified, Cat Dankos, Valerie Tao, Annabelle Green, Elise Galati
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Lexology
Verified
Advice Guidance Boundary Review: Early Thinking On How To Fix The Advice Gap
The FCA and HM Treasury (HMT) have published a joint discussion paper, 'Advice Guidance Boundary Review – proposals for closing the advice gap' (DP23/5). DP23/5 sets out three high-level proposals to close the advice gap: Further clarifying the boundary, building on the FCA's guidance on the boundary published in August 2023.
Insights On Outsourcing And Other Lessons From A Data Breach – The UK FCA Perspective - Financial Services - Worldwide
On 13 October 2023, the UK Financial Conduct Authority (FCA) published its press release and Final Notice to Equifax Limited (Equifax Ltd), the UK subsidiary of US company Equifax Inc, in relation to a major 2017 data breach which affected over 13.7 million UK consumers. The FCA determined that the firm had breached Principles 3, 6 and 7 of its Principles for Businesses and imposed a fine of over £11m on Equifax Ltd.
Insights on outsourcing and other lessons from a data breach - the UK FCA perspective
On 13 October 2023, the UK Financial Conduct Authority (FCA) published its press release and Final Notice to Equifax Limited (Equifax Ltd), the UK subsidiary of US company Equifax Inc, in relation to a major 2017 data breach which affected over 13.7 million UK consumers. The FCA determined that the firm had breached Principles 3, 6 and 7 of its Principles for Businesses and imposed a fine of over £11m on Equifax Ltd.
Cryptoasset Regulation: UK Government Publishes Policy Papers On Future Regulation Of Cryptoassets And Fiat-Backed Stablecoins
On 30 October 2023, the government published three policy documents on cryptoassets regulation in the UK, covering fiat-backed stablecoins, the wider cryptoasset regulatory regime and the failure of systemic digital settlement asset (DSA) firms. On the whole, the updates confirm the approaches previously proposed. However, much of the detail will only emerge in the next phase once secondary legislation and regulators' rules have been published.
Financial Stability Board: Final Recommendations For The Regulation Of Cryptoasset Activities And Markets
This week, the FSB (Financial Stability Board) published its final set of recommendations for regulating cryptoassets and related services. The recommendations follow on from the FSB's previous public consultation. The guidelines are designed to provide a common base for international regulatory coverage of an otherwise borderless technology and product in respect of which regulatory development has been inconsistent and open to arbitrage.
Mansion House 2023 & Edinburgh Reforms 2022: Progress Tracker
On 10 July 2023, the Chancellor gave his Mansion House speech where he presented a series of 'Mansion House reforms'.
The Financial Services And Markets Act 2023: Overview
Just under a year after it was introduced in Parliament, the Financial Services and Markets Bill 2023 received royal assent on 29 June 2023. Hailed as a 'landmark' piece of legislation to 'regain control of the financial services rulebook', the Financial Services and Markets Act 2023 (Act) will also enable the delivery of key proposals announced as part of the Edinburgh Reforms last year. We plan to publish a series of briefings in the coming weeks on different aspects of the Act.
The Edinburgh Reforms - Half-Year Review - Financial Services - UK
Tracking the progress of the Edinburgh Reforms In December 2022, the Chancellor of the Exchequer announced a series of financial services proposals which became known as the Edinburgh Reforms. Together with the Financial Services and Markets Act 2023, which received royal assent on 29 June 2023, the Edinburgh Reform proposals are intended to drive growth and competitiveness in the financial services sector.
Has The EU And UK Relationship ‘Turned A Page'? EU And UK Agree Memorandum Of Understanding Establishing Framework For Financial Services Regulatory Cooperation - Financial Services - Worldwide
Originally expected by March 2021, the UK and EU have, more than two years later, finally signed a memorandum of understanding (the "MoU"), which sets up a framework for increased cooperation on financial services regulation. The MoU, first published in draft form on 19 May 2023 and signed on 27 June 2023, does not agree anything concrete or – despite referencing potential equivalence decisions in several places – indicate a direct path to equivalence in any area.
Crypto-marketing - 4 Months To Comply With New UK Rules - Fin Tech - UK
On 8 June 2023, the FCA published PS23/6 which sets out near final Handbook rules on the new financial promotions regime for cryptoassets. The new rules apply from 8 October 2023. We set out the key takeaways. Key impacts Businesses wishing to continue marketing cryptoassets must act now as they only have 4 months to prepare before the rules start to apply.
Key takeaways as MiCA reaches the finishing line
Well over two years after the Markets in Cryptoassets Regulation (MiCA) was first proposed, it has finally received the green light. MiCA will enter into force on 29 June 2023, with some provisions applying a year later on 30 June 2024, and the rest from 30 December 2024.
Key Takeaways As MiCA Reaches The Finishing Line
Well over two years after the Markets in Cryptoassets Regulation (MiCA) was first proposed, the European Parliament gave it the green light on 20 April 2023 and MiCA was adopted by the Council on 16 May 2023. MiCA is likely to enter into force in July 2023 following publication in the Official Journal, with some provisions applying a year later and the rest from January 2025.
FCA finalises plans to improve functioning of equity secondary markets
The FCA has today published its policy statement and final rules (PS23/4) on improvements to equity secondary markets. This forms part of the Wholesale Markets Review (WMR) conducted by the FCA and HM Treasury (HMT) and follows a consultation in July 2022 (see our blog post here). The changes also support the objectives set out in the FCA’s Strategy 2022‑2025 and its recent business plans which include a commitment to strengthen the UK’s position in wholesale markets.
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