In the UK, the Financial Services Regulatory Group has a wide breadth of experience across the FSA regulated industry. We advise a broad range of clients, ranging from banks, insurance companies, fund managers, asset managers, corporate finance boutiques, brokers, traders, exchanges and fund platforms. We provide advice to both the buy side and sell side, and cover both retail and wholesale business. Typical work involves advising clients regulated by the FSA on matters ranging from authorization with the FSA (such as advising whether authorization is required or can be avoided, and if required, assisting with FSA applications), to the regulation of derivatives, commodities and energy trading, to market abuse and insider trading rules. We also advise clients on the European-wide regulatory overlay, and the related opportunities it offers to clients, such as the ability for clients to "passport" their UK FSA permissions and conduct business in other EEA countries with minimal additional regulatory requirements.
We have created bespoke compliance policies and supporting documentation for clients, and provided them with training on how to implement these policies. We also have considerable experience on advising on the specialist commodity regimes available under both the European and UK rules. Further, the FSRG has conducted numerous EEA and international reviews of local regulatory rules and requirements, using our other Reed Smith offices and our preferred local counsel where required.
We have also been commenting upon and lobbying in relation to various banking reforms on an international, European and UK level, and working closely with banks and building societies on how they will be impacted by these reforms. In addition, we have been advising banks on compliance with new legislation, including compliance with the recent Payment Services Directive and Banking Conduct of Business rules in relation to both retail and non-retail clients.
Finally, we also provide our clients with regulatory updates in order to keep them abreast of the latest regulatory news and developments.