The UK financial markets are moving to T+1 settlement for securities trades on 11 October 2027. From that date, most transferable securities traded on UK trading venues and settled through UK central securities depositories (CSDs) must settle within one business day. While this change is being led by industry through the Accelerated Settlement Taskforce (AST), it is now firmly embedded in the regulatory framework, and the FCA has made clear that firms should already be planni

On 15 October 2025, the Financial Conduct Authority (FCA) published Policy Statement PS25/14 - Definition of Capital for FCA Investment Firms, following its April 2025 consultation paper CP25/10. The Policy Statement finalises the FCA’s plans to simplify and consolidate how regulatory capital (or own funds) is defined for FCA-regulated investment firms under MIFIDPRU 3. The reforms are structural rather than substantive. They do not increase capital requirements or force firm

With three months to go, AIFMD 2.0 is finally approaching implementation. EU Member States must transpose the directive into national law by 16 April 2026 , with fund managers expected to be compliant from that date. While AIFMD 2 does not fundamentally overhaul the existing regime, it introduces targeted but material changes that will affect how AIFMs manage liquidity, originate loans, delegate functions, disclose information, and access EU investors. The impact is particula

The Financial Conduct Authority (FCA) has published PS25/23 on non-financial misconduct (NFM), clarifying how bullying, harassment and private conduct interact with the Senior Managers & Certification Regime (SM&CR), the Code of Conduct (COCON) and Fitness and Propriety (FIT) requirements for UK financial services firms. It has published Policy Statement PS25/23 – Tackling Non-Financial Misconduct in Financial Services , confirming amendments to the FCA Handbook. It is parti

As the UK completes its transition from a registration-based crypto regime to full financial services regulation, prudential requirements sit at the centre of the new framework. In Consultation Paper CP25/42 , the FCA sets out how cryptoasset firms will be expected to hold capital, manage financial risk, and plan for stress and failure once authorised. This consultation completes the regulatory picture alongside CP25/40 (regulated activities and conduct) and CP25/41 (admissio

In Consultation Paper CP25/41 , the Financial Conduct Authority sets out proposals for two closely connected regimes: an Admissions & Disclosures (A&D) regime and a Market Abuse Regime for Cryptoassets (MARC). Together, these regimes determine which cryptoassets may be offered to UK investors, on what basis, and how market misconduct will be addressed. For firms considering FCA authorisation, CP25/41 is pivotal. Even well-governed firms will not be able to operate successfull