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This is the final issue of Cabinet before the anticipated completion of our merger with Hogan Lovells.
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”.
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.
In an article for Business Law Today, Cadwalader partner Alix Prentice examined the the EU’s sixth Capital Requirements Directive (CRD VI), which takes effect January 11, 2027 and introduces significant restrictions on cross-border lending by non-EU banks into Europe.
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).
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.
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).
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.
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 CP covers the application of the Consumer Duty, the FCA’s approach to Redress and Dispute Resolution (DISP), the application of parts of the Conduct of Business Standards Sourcebook, the use of credit to buy crypto, training and competence requirements, regulatory reporting, safeguarding rules, treatment of retail customers collateral and location policy guidance.
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).