Latham’s recently released 2023 Pro Bono Annual Review highlights our public service initiatives around the world, including our ongoing relationship with Trees for Life. This conservation charity is dedicated to rewilding the Scottish Highlands through the restoration of the Caledonian Forest, which supports wildlife found nowhere else in Britain. In this episode of Connected with Latham, introduced by Lauren Meyer, Latham’s Pro Bono Managing Attorney — EMEA, London partner Huw Thomas sits down with Steve Micklewright, chief executive of Trees for Life. They discuss how Trees for Life relies on natural capital investment, works with local communities, and, ultimately, creates more resilient ecosystems. Latham is proud to provide free legal services in support one of the largest rewilding projects in the UK.

This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York’s Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York’s Disciplinary Rules to Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020, Phone: 1.212.906.1200

Following an array of ESG-focused regulation and escalating concerns of greenwashing risks in 2023, the year ahead looks to deliver significant industry developments at a rapid pace. In the UK, the FCA's Sustainability Disclosure Requirements (SDR), investment labelling regime, and anti-greenwashing rule will take effect during 2024. The FCA also plans to consult this year on incorporating standards set by the International Sustainability Standards Board into disclosure requirements for listed companies, and the FCA and the PRA are consulting on broader proposals relating to diversity and inclusion disclosures for larger authorised financial services firms. Meanwhile, firms attempting to minimise greenwashing risk must continue to navigate fluid standards and market practices. In this episode of Connected with Latham, the final episode in a 10-part series complementing Latham’s “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2024” report, London partners Rob Moulton and Nicola Higgs and associate Ella McGinn discuss how firms should prepare for the plethora of ESG-related regulation, as well as how firms can mitigate greenwashing risk. They also explore whether new FCA rules will align market practice and set clear regulatory expectations, and highlight some of the global regulatory developments relating to ESG.

This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York’s Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York’s Disciplinary Rules to Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020, Phone: 1.212.906.1200

In 2023, the FCA brought more charges for fraud offences against individuals than any other year in the regulator’s history, and secured several convictions related to fraudulent investment schemes. Yet while the FCA has signaled that economic crime is on its radar, recent years have been defined by relative inactivity, as the higher burden of proof for criminal convictions has resulted in fewer opened enforcement cases and extended investigations. Still, with new leadership appointments to the market oversight team and a Memorandum of Understanding (MoU) with the UK Serious Fraud Office, individuals will look for the coming year to reveal if the FCA has become a more assertive regulator. In this episode of Connected with Latham, the latest in a 10-part series complementing Latham’s “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2024” report, London partners Rob Moulton and Pamela Reddy discuss why the FCA seems poised to act more collaboratively – and assertively – on enforcement against individuals going forward. They examine the regulator’s recent activity in criminal enforcement, why past investigations have been difficult to close, the potential impact of new leadership, and possible collaborations with other enforcement agencies.

This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York’s Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York’s Disciplinary Rules to Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020, Phone: 1.212.906.1200

The UK’s announcement of the Edinburgh Reforms in 2022 made clear the government’s intention to chart its own course in rulemaking for the UK financial services sector, and no longer prioritise equivalence with EU legislation. The UK is currently in the process of repealing and restating all retained EU legislation, which will result in divergence from the EU in several areas. Priority areas of reform have already seen significant progress, particularly those reflecting areas in which the government is keen to boost the UK’s attractiveness as a place to do business, including the UK listing and prospectus regimes, MiFID II, the Securitisation Regulation, Solvency II, PRIIPs, and the Money Market Funds Regulation. In this episode of Connected with Latham, the latest in a 10-part series complementing Latham’s “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2024” report, London partners Rob Moulton and Nicola Higgs and Frankfurt partner Markus Krüger discuss the pace and focus of UK/EU regulatory divergence seen to date and what firms can expect in 2024. They also explore areas of potential regulatory convergence between the EU and the UK, including in relation to retail market investor protection, ESG reforms, and implementation of the Basel III Endgame international capital standard.

This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York’s Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York’s Disciplinary Rules to Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020, Phone: 1.212.906.1200

Two new Joint Executive Directors of Enforcement and Market Oversight appointed by the FCA in 2023 will settle into their roles over the year ahead. Following a period of enforcement defined by increased investigations and a willingness to push the envelope of legal interpretation, firms will look toward the coming year to resolve which areas of focus the FCA will prioritise. Recent activity suggests that the FCA aims to align its enforcement with its broader strategy, expedite the resolution of legacy cases, and improve its data and monitoring capabilities, while also addressing non-financial misconduct and maintaining a focus on retail conduct and market abuse. While the PRA has historically been less active in enforcement, PRA-authorised firms will look to see whether the regulator’s new early account scheme makes a difference to the enforcement process. In this episode of Connected with Latham, the latest in a 10-part series complementing Latham’s “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2024” report, London partners Rob Moulton and Andrea Monks address the key issues expected to emerge on the radars of the FCA’s joint heads of enforcement, and the potential impact of the PRA’s changes to its enforcement process. They also discuss the regulators’ data strategy and potential “quality over quantity” approach to investigations.

This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York’s Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York’s Disciplinary Rules to Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020, Phone: 1.212.906.1200

With the UK financial services regulators due to publish Policy Statements to their consultations on diversity and inclusion (D&I) this year, conduct and culture remain high on the regulators’ agenda and connect closely to their other regulatory priorities. The regulators have proposed new D&I reporting and disclosure requirements for larger financial services firms, and the FCA is consulting on new guidance on non-financial misconduct. Although final rules are not expected until the second half of this year, firms should consider now how to meet regulatory expectations. In this episode of Connected With Latham, the latest in a 10-part series complementing Latham’s “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2024” report, London partners Rob Moulton and Nell Perks highlight the steps firms can take to improve their culture ahead of upcoming regulatory changes. They also discuss the impact of the regulators’ proposals on establishing D&I strategies and targets, as well as how firms should approach the FCA’s proposed guidance on non-financial misconduct.

This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York’s Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York’s Disciplinary Rules to Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020, Phone: 1.212.906.1200

The coming year looks poised to act as a pivotal junction for the UK financial services regulators in deciding how to approach the regulation of artificial intelligence (AI), as the financial services industry sees the continued expansion of AI-related capabilities and use cases. To avoid stifling innovation, the UK government plans to take an “agile and iterative” approach, focusing on regulating harmful uses of AI rather than regulating AI systems as a whole. Yet this stance stands in contrast with more prescriptive approaches taken by the EU and US, requiring firms to carefully consider their use and management of AI. In this episode of Connected With Latham, the latest in a 10-part series complementing Latham’s “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2024” report, London partners Rob Moulton and Fiona Maclean speak about the expected regulatory developments addressing artificial intelligence. They discuss the potentially busy year ahead for financial services regulators, the risks firms should consider, and how to navigate differing international approaches to AI. 

This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York’s Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York’s Disciplinary Rules to Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020, Phone: 1.212.906.1200

Since the announcement of the Edinburgh Reforms in 2022, the UK government has made progress on an assortment of measures spanning financial services regulation, with more developments expected in 2024. Though tabled initially as an ambitious suite of reforms, many of the proposals have not been particularly radical in reality. A recent Treasury Committee report found that completed work has had little economic impact, and that many of the workstreams are not true reforms. In this episode of Connected with Latham, the latest in a 10-part series complementing Latham’s “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2024” report, London partner Rob Moulton and Knowledge Management Counsel Charlotte Collins discuss anticipated developments under the Edinburgh Reforms in 2024. They also explore whether the Treasury Committee report represents a fair assessment, which changes qualify as truly ambitious, and the potential impact of the general election on further regulatory reforms.

This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York’s Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York’s Disciplinary Rules to Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020, Phone: 1.212.906.1200

The pressure and uncertainty of 2023 will likely continue for drug manufacturers in 2024, with the election cycle bringing added scrutiny. At the federal level, continuing implementation of the Inflation Reduction Act, including publication of the so-called negotiated prices, may be disruptive. The states, meanwhile, will likely move forward with their own drug pricing initiatives, including statutes seeking to regulate the federal 340B program. Manufacturers have responded with greater willingness to challenge overreach in court, a trend that is likely to continue in 2024. In this episode of Connected with Latham, Washington, D.C. partner Chris Schott and associate Danny Machado examine some of the challenges that lie ahead for drug manufacturers.

Also refer to a recent Bloomberg Law article authored by Chris on the same topic.

This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York’s Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York’s Disciplinary Rules to Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020, Phone: 1.212.906.1200

The UK’s decision to scrap compulsory research unbundling, following the final recommendations of the Investment Research Review, marked one of the most striking developments for financial services firms in 2023. Permitting rebundling across the board with no market capitalisation threshold comes as part of a wider approach to reinvigorate UK capital markets. With the FCA expected to finalise its rule changes by midyear, firms accustomed to the MiFID II rules will need to adapt to the added flexibility regarding how they pay for investment research. In this episode of Connected with Latham, the latest in a 10-part series complementing Latham’s “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2024” report, partner Rob Moulton talks with Giulia Pecce, Head of MiFID Policy, Research and Wholesale Investor Protection for the Association of Financial Markets in Europe (AFME), about the 2024 outlook for investment research. They discuss whether rule changes will likely be readily workable operationally, how quickly market practice might change, and the impact of EU reforms and US regulation on the UK’s ultimate approach to unbundling.

This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York’s Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York’s Disciplinary Rules to Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020, Phone: 1.212.906.1200

As part of the FCA’s continued focus on retail markets, updates to several key regimes are due to progress over the next year. In addition to further implementation of the FCA’s Consumer Duty, the government plans to present detailed proposals on modernising the consumer credit regime, develop proposals to address the “advice gap”, and bring in a new UK retail disclosure framework to replace the PRIIPs regime. In this episode of Connected With Latham, the latest in a 10-part series complementing Latham’s “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2024” report, partner Rob Moulton and counsel Becky Critchley discuss the FCA’s recent work in relation to the Consumer Duty, including what is expected of boards, the proposed new UK Consumer Composite Investment regime, and work to modernise the UK consumer credit framework.

This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York’s Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York’s Disciplinary Rules to Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020, Phone: 1.212.906.1200