Regulation Tomorrow Podcast

In this latest episode of Global Regulation Tomorrow Plus we consider the Financial Conduct Authority’s consultation paper, CP25/19, which proposes changes to the ancillary activities exemption.

In the latest episode of our Let’s talk asset management series, Hannah Meakin, Lucy Dodson and Simon Lovegrove discuss the Financial Conduct Authority’s findings following a review of business models for smaller asset managers and alternatives.

In this episode, members of our global investigations team — Ashley Kuempel, Keith Rosen, Kevin Harnisch, Andrew Reeves and Claudia Van Gruisen — discuss recent developments in anti-bribery enforcement and what they mean for companies worldwide.

Topics include:

- Insights from the recent DOJ–SFO meeting and its implications for global enforcement

- The impact of DOJ budget shifts on future investigations

- New DOJ FCPA guidance and enforcement priorities under the current US administration

- Practical takeaways for compliance teams, including the continued focus on individual accountability and high-value bribery cases

Listen now to stay ahead of evolving enforcement trends and regulatory expectations.

Richard Sheen and Clementine Hogarth are joined by one of our Regulatory lawyers, Giota Skiathiti to discuss the gap period between signing and closing in a M&A deal.

This episode covers:

• Regulatory approvals and their impact on deal timing

• Managing business conduct

• Mitigating personnel attrition

• Jurisdiction-specific filing challenges

• Cultural integration and retention strategies

In this latest episode of Global Regulation Tomorrow Plus we delve into the Financial Conduct Authority’s expansion of the Conduct Rules (COCON) to non-banks, the evolving expectations around workplace culture, and the practical implications for firms’ policies and procedures including some next steps that firms should be considering.

Contacts: Katie Stephen, Catrina Smith, Joe Smallshaw, Rebecca Dulieu

In this latest episode of Global Regulation Tomorrow Plus we discuss the Financial Conduct Authority’s recent multi-firm review of risk management and wind-down planning at e-money and payments firms, alongside the regulator’s Dear CEO letter from earlier this year, which outlined the FCA’s priorities for payments firms. Both publications paint a picture that many e-money and payment firms are still underprepared for an orderly exit from the market.

Contacts: Matthew Gregory, Haney Saadah, Janna Garcia and Simon Lovegrove

In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on some of the key regulatory issues they are seeing in their local market.

In this latest episode Sebastien Praicheux from our Paris office discusses:

• A recent speech delivered by Denis Beau, First Deputy Governor of the Banque de France, during the June 2025 General Assembly of the French Banking Association. In this keynote, Mr. Beau outlines the reforms France wishes to see at the EU level - advocating not for deregulation, but for better regulation.

• The European Banking Authority’s No Action Letter, which clarifies the interaction between the Payment Services Directive 2 and the Regulation on markets in cryptoassets, in particular regarding electronic money tokens.

• The European Central Bank’s Decision (EU) 2025/1148, which amends the rules governing access by non-bank payment service providers to Eurosystem payment infrastructures and accounts.

In the second episode of our vodcast series, Richard Sheen and Clementine Hogarth, partners in our London Financial Institutions team continue their discussion on asset mangement M&A, exploring deal structure and value.

They discuss the practical considerations behind share vs asset purchases, including when statutory transfers like Part VII may be appropriate.

Valuation is a key focus, particularly the role of assets under management (AUM) and investment management agreements (IMAs) in underpinning business value. The episode outlines how deal consideration can be shaped by mechanisms like completion adjustments, earn-outs, and protections against client attrition—especially during the period between signing and closing.

The conversation highlights how long-term AUM commitments and extended IMAs are increasingly used to lock in value—particularly in joint ventures. Governance, control rights for minority shareholders, and reputational safeguards are also explored, along with the strategic rationale behind joint venture structures.

Global Regulation Tomorrow Plus: UK cryptoasset regulation mini-series – Episode 2 – Qualifying stablecoins by

In the latest episode of our Let’s talk asset management series, Hannah Meakin, Lucy Dodson and Simon Lovegrove discuss the Financial Conduct Authority’s findings following a review of business models for smaller asset managers and alternatives.