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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).
In Supervisory Statement SS31/15, the UK’s Prudential Regulation Authority (“PRA”) updates banks and the large investment firms it supervises on its expectations for their Internal Capital Adequacy Assessment Process (“ICAAP”) and Supervisory Review and Evaluation Process (“SREP”). SS31/15 provides further detail underpinning the high-level PRA expectations set out in its “approach to banking supervision” in the following areas, effective from 1 July 2026:
On 14 October 2025, the UK's Financial Services Authority ("FCA") published Consultation Paper 25/28 on “Progressing Fund Tokenisation” (the "CP"), which it claims will be a key component of future financial services. The CP is addressed to authorised funds, where the FCA regulates both the fund and manager, but elements will be of interest to non-authorised funds where only the manager is FCA-regulated.
Cadwalader attorneys Alix Prentice and Assia Damianova have authored a Client & Friends memo, “The UK’S Prudential Regulation Authority Publishes Near Final Rules Affecting Capital Treatments for SRTs,” which discusses the UK Prudential Regulation Authority’s (“PRA”) recent rules impacting capital treatments for significant risk transfers (“SRTs”).