Expert Analysis

• FRC Audit Proposals Reaffirm Support For Economic Growth

  

  The Financial Report Council’s recent proposals to prioritize audit enforcement, supervision and market reform will reward audit firms that self-police and proactively admit auditing standard breaches, signaling its aims to change the market landscape and encourage investment, say lawyers at RPC.

• How FCA's Client Reforms May Boost Investment Access

  

  The Financial Conduct Authority’s recent proposals to reform the professional client categorization regime and simplify conflicts of interest rules are likely to be welcomed, although firms will need to navigate the increased responsibility that comes with greater flexibility, say lawyers at Skadden.

• UK Banks Are Favoring Tokenized Deposits Over Stablecoins

  

  Lloyds Banking's recent purchase of gilt with tokenized deposits is an example of banks' preference for the instrument over stablecoins, which present uncertainty by demanding compliance with multiple conduct regimes, says Dan Jones at MoFo.

• Where PCAOB Goes Next After A Year Of Uncertainty

  

  The Public Company Accounting Oversight Board will likely bring fewer enforcement matters in 2026, reflecting a notable change in board priorities following the change in administrations, say Robert Cox and Nicole Byrd at Whiteford Taylor and Matthew Rogers at Bridgehaven Consulting.

• Consolidation Of Lloyd's Bylaws Will Be Useful For Members

  

  Lloyd’s of London’s recent consolidation of its bylaws will make the rules governing its market more accessible, providing immediate results as well as the necessarily flexible framework to address the future needs of its participants, say lawyers at Skadden.

• How EU Prospectus Rule Changes May Boost Market Access

  

  The European Union Listing Act’s forthcoming changes to EU prospectus requirements aim to reduce the regulatory burden for issuers of securities, facilitating more efficient transaction execution and reducing market risk, of particular relevance to small and midsize enterprises, say lawyers at Covington.

• 4 Securities Trends For Pension Trustees To Watch In 2026

  

  With the U.K. signaling it will soon demand more active fiduciary stewardship from pension trustees, British and EU fund managers must follow key trends in mass securities litigation, investment disclosures, and U.S. enforcement that could require intervening for their investors in 2026, say lawyers at Labaton Keller.

• Exploring The Rise In European Private Credit Loan Portability

  

  The increasing use of portability mechanics in loan documentation can make sales processes more attractive to buyers and brings cost savings to sellers, but there are concerns over the portability's impact on competition and differences in sponsors’ goals, say lawyers at King & Spalding.

• Sanctions Spotlight: Compliance Insights After OTSI's 1st Year

  

  The Office of Trade Sanctions Implementation's recent report on its first year of operation offers insights into OTSI's interpretation of its mandate as the U.K.'s civil enforcement body for trade sanctions and efforts to operationalize its enforcement powers, giving businesses a compliance road map for areas it will prioritize in 2026, says Alexandra Melia at Steptoe.

• A Look At ESMA's New Governance Framework For EU Boards

  

  The European Securities and Markets Authority's recently finalized supervisory expectations for management bodies mark a shift toward improved board oversight across culture, risk, strategy and accountability that firms should view as a benchmark, say lawyers at Ropes & Gray.

• Digital Assets Act Allows Courts To Cater For New Tech

  

  The recently enforced Property (Digital Assets etc) Act confirms in law that digital assets can be recognized as personal property, while leaving intentional gaps, which allow courts the flexibility to adapt traditional legal rules to new innovative technology, say lawyers at Dechert.

• How To Navigate AI M&A Risks, Compliance In Europe

  

  As the artificial intelligence industry continues to witness substantial M&A transactions in Europe, parties should be mindful of the unique challenges posed by the acquisition of intangible AI technologies, monitor the evolving regulatory landscape, and establish optimal mechanisms for risk allocation, say lawyers at Morgan Lewis.

• What To Expect From UK Prospectus Regime Changes

  

  The new U.K. prospectus regime for trading on regulated markets, effective Jan. 19, aims to streamline processes and reduce costs, but a significant shift in structuring and disclosure obligations will increase pressure on practitioners to manage risk under tighter timelines, say lawyers at Baker Botts.

• 10 Financial Regulatory Changes To Prepare For In 2026

  

  A number of changes in the financial regulatory sphere are due this year, from targeted support to payment safeguarding and a new consumer composite investments regime, and firms should plan to address the policies and regulatory strategies relevant to them, say lawyers at Womble Bond.

• How Gov't AML Supervision Reform Will Affect Law Firms

  

  In confirming that the Financial Conduct Authority will become the single supervisor for professional services, HM Treasury’s planned reform of the U.K.’s anti-money laundering and counter-terrorist financing supervision regime marks a significant change for the legal profession, signaling a greater emphasis on evidence and accountability, says Harriet Holmes at Thirdfort.