News & Insights

Our Thinking · Regulatory & Compliance · Europe

FCA’s New Gateway for Financial Promotion Approval

Background On 12 September 2023, the Financial Conduct Authority (“FCA”) published a Policy Statement (PS23/13) (the ‘‘Policy Statement’’), outlining its response to the feedback received in the Consultation Paper (CP22/27). The focus is on creating a new set of rules for authorised firms who approve, or intend to approve, financial promotions for unauthorised firms. Currently, […]

Leela5 October 2023

Our Thinking · Regulatory & Compliance · Europe

Cryptoassets financial promotion rules implementation timeline changes

Background On 7 September 2023, the Financial Conduct Authority (“FCA”) published a press release announcing its intention to revise the implementation timeline for enforcing specific rules related to the promotions of cryptoassets. These rules were outlined in the financial promotion rules for cryptoassets (PS23/6), which were published on 8 June 2023 (“Crypto Rules”). Additionally, the […]

Leela26 September 2023

Events

Chief Executives Connect: The first of its kind!

The first of its kind for Cleveland & Co! On Wednesday 20 September 2023, we hosted our first-ever CEO Roundtable: Chief Executives Connect, led by Tanja Listar, where we engaged in insightful discussions, forged valuable connections, and savoured a delicious lunch with a diverse group of highly accomplished industry professionals! Both productive and fun, everyone […]

Leela22 September 2023

Our Thinking · Regulatory & Compliance · Asia Pacific

ASIC and APRA Corporate Plans 2023-2024

Background On 28 August 2023, the Australian Securities and Investments Commission (“ASIC”) released its 2023-2027 corporate plan (with a focus on 2023-2024). On 29 August 2023, the Australian Prudential, and Regulatory Authority (“APRA”) released its 2023-2024 corporate plan. APRA’s Corporate Plan Update The APRA Corporate Plan strategies have been shaped by recent global events, most […]

Leela18 September 2023

Our Thinking · Regulatory & Compliance · Asia Pacific

Financial Accountability Regime (“FAR”) Bill 2023

On 5 September 2023, Australia’s Parliament passed the Financial Accountability Regime Bill 2023 (”FAR”), which replaces and expands on the previous Banking Executive Accountability Regime. The FAR applies to insurers, banks, and superannuation providers, and aims to hold key executives accountable for their organisation’s activities and decisions. The 2024 corporate plans of Australian regulators, ASIC […]

Leela13 September 2023

Our Thinking · Regulatory & Compliance · Asia Pacific

Australian Treasury Issues 2023 Consultation on Climate Financial Disclosures

On 27 June 2023, the Australian Treasury issued a second consultation paper titled “Climate-related financial disclosure”. This release builds upon a prior consultation and is in line with the Australian Government’s dedication to creating standardised and internationally aligned reporting requirements for businesses to disclose governance, strategy, risk management, targets, and metrics. Large businesses may need […]

Leela4 September 2023

Our Thinking · Regulatory & Compliance · Asia Pacific

Australian Treasury Releases Consultation on Exemptions for Foreign Financial Services Providers

On 7 August 2023, The Australian Treasury released an exposure draft. This draft invites stakeholders to participate in a consultation process regarding proposed exemptions for Australian Financial Services Licences that would apply to foreign financial services providers (“FFSPs“). This initiative follows a prior consultation which lapsed in 2022 due to governmental changes. The exposure draft […]

Leela29 August 2023

Awards & Press

Cleveland & Co shortlisted for Strategic Legal Operations Team of the Year at the British Legal Awards 2023

We are thrilled to announce that Cleveland & Co has been selected as a finalist for Strategic Legal Operations Team of the Year at The British Legal Awards 2023! These prestigious, premier legal awards represent ‘the best of the best’ within the UK’s legal community and celebrate excellence and innovation across the legal landscape. Cleveland […]

Leela25 August 2023

Our Thinking · Europe

UK Law Commission’s Final Report on Digital Assets

On 28 June 2023, the UK Law Commission (the “Commission“) issued a Final Report on Digital Assets (the “Report“), providing high level recommendations on how digital assets should be categorised and regulated after receiving public input from a consultation held in 2022. The Commission stated that while the common law framework covers the uprising of […]

Leela24 August 2023

Our Thinking · Asia Pacific

Australia’s Position on Regulating Artificial Intelligence

Artificial intelligence (“AI“) is rapidly growing and bringing positive changes to various aspects of life, but concerns regarding potential risks are also emerging. The Australian government has been prioritising ethical considerations while advancing technology and AI for years. In 2022, the Department of Industry, Science, and Resources of the Australian Government (“the Department“) sought public […]

Leela15 August 2023

Hear it from a General Counsel

When regulation shifts, our General Counsel set out what has changed for your firm and the steps we recommend you take.