The update will create significant time pressure for firms seeking UK authorisation.
By Stuart Davis and Gabriel Lakeman
On 8 January 2026 the FCA published an update on the cryptoasset gateway (the Gateway) for firms seeking approval under the future regulatory regime for cryptoasset activities.1 The timings set out by the FCA will create significant time pressure on firms to prepare and submit applications earlier than many stakeholders in the industry anticipated.
Many stakeholders had been expecting that the
An interactive online resource covering the UK’s rapidly evolving cryptoasset landscape.
By Stuart Davis, Gabriel Lakeman, and Emma Trankeenan
Latham & Watkins has launched the UK Cryptoasset Regulatory Tracker, a new online resource that provides cryptoasset businesses with critical information to help them navigate the latest regulatory developments in cryptoassets.
The UK framework for cryptoassets is shifting, with significant regulatory and legislative developments expected in 2026. The UK government has published draft legislation for cryptoassets, which
The UK’s consultation on deregulating commercial agents could have knock-on impacts on payment services and create regulatory divergence from the EU.
By Christian McDermott, Brett Carr, and Grace Erskine
On 16 May 2024, the UK government launched a consultation into the deregulation of the Commercial Agents (Council Directive) Regulations 1993 (the Commercial Agents Regulations). The Commercial Agents Regulations implemented Council Directive 86/653/EEC (the Commercial Agents Directive) and defined certain pro-agent terms of engagement between businesses and their self-employed commercial agents who are authorised to negotiate the sale or purchase of goods on their behalf.
The stated purpose of the consultation is to ensure that the Commercial Agents Regulations serve the needs of UK businesses post-Brexit, and to remove the legal complexities resulting from the interaction of the Commercial Agents Regulations with the English legal system’s rules on agency and contract law. The UK government’s current proposal is for existing contracts under the Commercial Agents Regulations to remain in force until termination or expiry, and to prevent new contracts from being subject to the Commercial Agents Regulations.
In addition to affecting relationships between UK agents and their principals, the proposals could also have knock-on effects for the payments sector, which we explore in this post.
Professional investors will benefit from increased exposure to cryptoassets via traditional financial instruments, though retail investors’ exposure remains limited.
By Stuart Davis, Gabriel Lakeman, and Ivan Pizeta*
In the fast-paced world of cryptocurrency, regulatory clarity is essential for both investors and market participants. In March this year, the Financial Conduct Authority (FCA) made a significant announcement regarding listing cryptoasset-backed Exchange Traded Notes (cETNs) in the UK. This decision marks an important step towards greater regulatory clarity in
The Legal Statement applies areas of insolvency law to digital assets, providing valuable guidance on the approach English courts will take.
By Bruce Bell, Stuart Davis, Gabriel Lakeman, Jessica Walker, and Tim Bennett
In October 2023, the UK’s Jurisdiction Taskforce (UKJT), which is made up of senior judges, lawyers, a law commissioner, and the Financial Conduct Authority as an observer, issued a consultation on the treatment of digital assets in an English insolvency. This has resulted
As regulatory thinking evolves, firms must ensure that any current or planned use of AI complies with regulatory expectations.
By Fiona M. Maclean, Becky Critchley, Gabriel Lakeman, Gary Whitehead, and Charlotte Collins
As financial services firms digest FS2/23, the joint Feedback Statement on Artificial Intelligence and Machine Learning issued by the FCA, Bank of England, and PRA (the regulators), and the UK government hosts the AI Safety Summit, we take stock of the government and the regulators’ thinking on AI to date, discuss what compliance considerations firms should be taking into account now, and look at what is coming next.
The FCA recently highlighted that we are reaching a tipping point whereby the UK government and sectoral regulators need to decide how to regulate and oversee the use of AI. Financial services firms will need to track developments closely to understand the impact they may have. However, the regulators have already set out how numerous areas of existing regulation are relevant to firms’ use of AI, so firms also need to ensure that any current use of AI is compliant with the existing regulatory framework.
A new publication from the UK’s financial regulator signals to firms that they should take steps to manage risks in the use of AI.
By Stuart Davis, Fiona M. Maclean, Gabriel Lakeman, and Imaan Nazir
The UK’s Financial Conduct Authority (FCA) has published its latest board minutes highlighting its increasing focus on artificial intelligence (AI), in which it “raised the question of how one could ‘foresee harm’ (under the new Consumer Duty), and also give customers appropriate disclosure, in the context of the operation of AI”. This publication indicates that AI continues to be a key area of attention within the FCA. It also demonstrates that the FCA believes its existing powers and rules already impose substantive requirements on regulated firms considering deploying AI in their services.
Regulator clarifies that existing FCA rules will continue to apply but will also reflect the evolving landscape of financial promotions on social media.
By Nicola Higgs, Stuart Davis, Fiona Maclean, Gabriel Lakeman, and Gary Whitehead
On 17 July 2023, the FCA published a guidance consultation (GC23/2) relating to financial promotions on social media.
Acknowledging that social media is “being used by many consumer as a go-to source of information”, the FCA is updating its existing guidance on social media and customer communications to take into account the changing landscape of social media. The existing guidance, FG15/4: Social Media and Customer Communications, will be retired once the new guidance is finalised.
A consultation that will remain open until 11 April 2023 offers further clarity on the proposals to regulate buy-now-pay-later products.
By Rob Moulton, Becky Critchley, Ella McGinn, and Dianne Bell
On 14 February 2023, HM Treasury published its consultation and accompanying draft legislation on the regulation of buy-now-pay-later (BNPL) lending. The consultation follows the proposals in HM Treasury’s prior publications released in October 2021 and June 2022, since the government announced its intention to bring currently unregulated