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Shaneil Shah

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Shaneil Shah is an associate in the Financial Services & Regulatory Group in the London office. Shaneil has experience advising fintechs, funds, banks, asset managers and payment institutions on compliance with their regulatory obligations. He also advises on contentious matters, including investigations and enforcement proceedings brought by financial regulators, internal regulatory investigations and financial services disputes. Shaneil recently spent time on secondment to the London branch of a global investment bank and to Baker McKenzie in Hong Kong.

On 30 January 2024, the UK government announced its first equivalence decision in relation to the new overseas funds regime (OFR). The government has granted equivalence in respect of the pan-EEA UCITS regime, meaning that UCITS funds established in the EEA can be marketed to UK retail investors once the OFR becomes operational later this year. The FCA set out its proposals to operationalize the regime in December 2023.

Join us on 18 January 2024 as our Baker McKenzie experts – joined by Adam Jacobs Dean of AIMA and other industry specialists – explore the continuing evolution of ESG regulation and compliance challenges that firms can expect to encounter in the new year. This session will focus on the FCA’s new ESG product labelling regime (the “SDR”), upcoming changes to the EU’s SFDR regime, and emerging best practices in ESG governance.

Our London Financial Services Regulatory Group recently hosted a webinar where they discussed recent developments about the Mansion House Reforms presented by the Chancellor in July 2023 and what they mean for the industry. We are pleased to share with you a recording of this webinar, for the benefit of those who weren’t able to catch it.

On 11 October 2023, Ashley Alder, Chair of the FCA, delivered a speech on the FCA’s priorities for updating and improving the UK regulatory regime for asset managers. Covering a number of interesting angles, the speech sets out a sketch of the FCA’s vision for the UK asset management regime going forward, and includes some helpful clarity for the industry about the direction of regulatory reform. The speech highlights in particular the following priorities for reform: ensuring a more proportionate approach to the regulation of AIFMs; updating the retail funds regime; and supporting technological innovation in the sector.

On 11 October 2023, Ashley Alder, Chair of the FCA, delivered a speech on the FCA’s priorities for updating and improving the UK regulatory regime for asset managers. Covering a number of interesting angles, the speech sets out a sketch of the FCA’s vision for the UK asset management regime going forward, and includes some helpful clarity for the industry about the direction of regulatory reform. The speech highlights in particular the following priorities for reform: ensuring a more proportionate approach to the regulation of AIFMs; updating the retail funds regime; and supporting technological innovation in the sector.

On 20 March 2023, the FCA published a Dear CEO letter to benchmark administrators setting out the findings of its preliminary review into ESG benchmarks. The review covered: (i) the quality of disclosures made by a sample of UK benchmark administrators; and (ii) the robustness and reliability of ESG benchmarks themselves. The FCA’s key finding was that the overall quality of ESG-related disclosures made by benchmark administrators is currently “poor”.

A series of briefings that take a bite-size look at international trends in different jurisdictions, drawing on Baker McKenzie’s expert financial services practitioners with local market knowledge. This edition takes a bite-size look at the latest environment, social and governance developments in Brazil, the European Union, Belgium, Hong Kong SAR, Japan, Singapore, Thailand, and the United Kingdom.

Regulators and policymakers have left emergency measures behind and returned to their reform agendas. In this piece, Baker McKenzie regulatory experts set out the top ten UK developments for financial institutions and fintechs to watch in 2022 covering: good culture, Consumer Duty, BNPL regulation, crypto regulation, AML regulation, appointed representatives regime, financial promotions gateway, operational resilience, ESG regulation, divergence, Future Regulatory Framework Review.

The European Commission has sent a letter to the European Parliament and the Council of the EU announcing a delay to the date of application of regulatory technical standards (RTS) under the Sustainable Finance Disclosure Regulation (SFDR). The Commission has now deferred implementation of the SFDR RTS to 1 January 2023.