Expert Analysis

• Lessons From ESMA's Record €1.4M Trade Repository Fine

  

  The European Securities and Markets Authority's recent fine against REGIS-TR for data and procedure breaches under Market Infrastructure and Securities Financing Regulations demonstrates that a license confers no immunity from sanctions, and that dually registered trade repositories face a greater financial exposure in the event of noncompliance, say lawyers at White & Case.

• Why SRA Is Cracking Down On 'No Win, No Fee' Law Firms

  

  Harriet Gamper at the Solicitors Regulation Authority discusses the regulator’s recent warning notice concerning "no win, no fee" arrangements in high-volume consumer claims, aimed at offering lawyers clarity in understanding their obligations following findings that many law firms were failing in their duty to protect clients' best interests.

• How UK Securitization Reforms Will Affect Industry

  

  The Prudential Regulation Authority’s recent proposals to reform securitization requirements will offer greater structuring flexibility, reduced operational complexity and lower compliance costs, although with the rationale for imposing stand-alone obligations on institutional investors not clear, dissenting voices are likely, say lawyers at Skadden.

• Striking A Balance Between AI Innovation And Regulation

  

  The Financial Conduct Authority's recent consultation on the impact of artificial intelligence on financial services highlights the debate between regulators, the government and industry over whether current regulatory frameworks can balance innovation with risk management, say lawyers at Womble Bond.

• FCA Enforcement Newsletter Reflects Shift Toward Openness

  

  The Financial Conduct Authority’s inaugural Enforcement Watch newsletter provides clarity on the cases the regulator is opening and highlights its approach to early communication of enforcement activity, offering a welcome insight into its emerging priorities, says David Hamilton at Howard Kennedy.

• FCA's Investment Regime May Prove A Double-Edged Sword

  

  The Financial Conduct Authority’s final rules on consumer composite investments intend to support retail investors in making more informed decisions while affording firms greater flexibility, but continuing with opaque methodologies will require greater operational and compliance effort in the short term, say lawyers at Fried Frank.

• How FCA's Client Reforms May Boost Investment Access

  

  The Financial Conduct Authority’s recent proposals to reform the professional client categorization regime and simplify conflicts of interest rules are likely to be welcomed, although firms will need to navigate the increased responsibility that comes with greater flexibility, say lawyers at Skadden.

• Consolidation Of Lloyd's Bylaws Will Be Useful For Members

  

  Lloyd’s of London’s recent consolidation of its bylaws will make the rules governing its market more accessible, providing immediate results as well as the necessarily flexible framework to address the future needs of its participants, say lawyers at Skadden.

• 4 Securities Trends For Pension Trustees To Watch In 2026

  

  With the U.K. signaling it will soon demand more active fiduciary stewardship from pension trustees, British and EU fund managers must follow key trends in mass securities litigation, investment disclosures, and U.S. enforcement that could require intervening for their investors in 2026, say lawyers at Labaton Keller.

• 10 Financial Regulatory Changes To Prepare For In 2026

  

  A number of changes in the financial regulatory sphere are due this year, from targeted support to payment safeguarding and a new consumer composite investments regime, and firms should plan to address the policies and regulatory strategies relevant to them, say lawyers at Womble Bond.

• FCA Enforcement Trends In 2025 And Expectations For 2026

  

  The Financial Conduct Authority’s clear intention in 2025 to conduct fewer, faster investigations and reinforce transparency is likely to continue in 2026, with a dual-pronged approach of targeted enforcement and assertive supervision to fight crime, support growth and help consumers as its priorities, say lawyers at WilmerHale.

• Judicial AI Guidance Update Shows Caution Still Prevails

  

  The judiciary’s recently updated guidance on the use of artificial intelligence warns judges and tribunal members about misinformation and white text manipulation, providing a reminder that AI tools cannot replace direct engagement with evidence and reflecting a broader concern about their application when handling confidential material, say lawyers at Hogan Lovells.

• How Russia Sanctions Trajectory Is Affecting UK Legal Sector

  

  The proliferation of U.K. and European Union sanctions targeting Russia has led to a vast increase in legislative provisions, and lawyers advising affected businesses should expect a complex and evolving legal landscape for the foreseeable future, says Rob Dalling at Jenner & Block.

• Navigating Legal Privilege Issues When Using AI

  

  The recent explosion in artificial intelligence has led to prompts and AI outputs that may be susceptible to disclosure in proceedings, and it is important to apply familiar principles to assess whether legal privilege may apply to these interactions, say lawyers at HSF.

• A Look At Factors Affecting Ombudsman Complaint Trends

  

  Lawyers at Womble Bond provide an analysis of the Financial Ombudsman Service's complaint trends in 2025, highlighting the impact of changes within the FOS and external factors on the financial sector's redress system.