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Corporate Crime Update

Below we provide a brief overview of what is covered in each update.

Financial Regulation: Daily Update

The new rule will apply for accounting periods beginning on or after 1 January 2022, and the first annual financial reports subject to the new rule will be published in early 2023.

UK Supreme Court to decide who owns Venezuelan gold at BoE

The high court in London initially found in favour of Guaido, a decision that was successfully appealed by Maduro in the Court of Appeal.

ECB to act if upside inflation risks materialise, says Austrian central bank chief

On Thursday, the Frankfurt-based institution confirmed it would wind down its pandemic bond-buying program but temporarily expand an older one to ease the transition.

PRA fines Standard Chartered Bank

The PRA’s investigation identified that SCB’s internal controls and governance arrangements underpinning its regulatory reporting in relation to the liquidity metric were not implemented or operating effectively.

Digital Markets Act to enter into trialogue negotiations

The European Parliament voted for stronger and centralised enforcement by the European Commission, in cooperation with national authorities.

Latham & Watkins Advises CVC Growth Funds

London private equity team represents CVC Growth Partners II on its investment in TechInsights, an information services platform for the microelectronics sector, alongside Oakley Capital Fund IV.

CBI Identifies MIFID Client Suitability Requirements Deficiencies

The Central Bank has initiated 36 risk mitigation programmes requiring individual Firms to take specific action to improve their client suitability frameworks.

Digital Services Act: MEPs vote for stricter rules on targeted advertising and content moderation

The Report by the Danish Social-democratic MEP, Christel Schaldemose, was adopted by 36 votes in favour, 7 against and with 2 abstentions.

Is your firm ready for the UK’s new prudential regime?

Post-Brexit, the IFPR serves as the UK’s version of the EU’s prudential regime, the Investment Firm Regulation and Directive.

Latham & Watkins Advises Carlyle

Cross-border team represents global investment firm in its acquisition of the largest global manufacturer of intermediate products for ceramic tile production.

Daily Legal Update

The rules will impact disclosures by standard listed companies and disclosures by asset managers, life insurers and FCA-regulated pension providers and will come into effect from 1 January 2022.

Financial Regulation Horizon Report 2022

These developments, as well as post-Brexit development of the UK’s new regulatory framework and changes arising through the Wholesale Markets Review

FSCS pays £91m compensation to LCF bondholders

The FSCS said it is continuing to send out letters and cheques. It expects to contact at least another 200 bondholders by the end of the year.

UK plan to replace Human Rights Act ‘could create real uncertainty’

The Bill of Rights would strengthen the right to freedom of expression and add others, such as the right to trial by jury, and “guide the UK courts” to provide greater clarity regarding the interpretation of certain rights, such as the right t

UK government to reform stamp duty land tax on mixed-property acquisitions and multiple acquisitions of dwellings

The difference between commercial (up to 5%) and residential rates (up to 17%) is now significant which is no doubt why there has been an increased focus on ways to mitigate this tax burden.

FCA Decision Notice to Finablr plc

The FCA has issued a Decision Notice to Finablr plc refusing the company’s application for cancellation of its premium listing with reference to LR 5.2.7R.

UK restrictions on use of ‘red’ diesel from 1 April 2022

Businesses in the construction industry will no longer be able to use ‘red’ diesel from 1 April 2022 for most purposes.

FCA publishes warning notice statements for GAM International Management and Timothy Haywood

Final Notices would ordinarily be published, providing full details of the FCA’s case.

FCA enforcement action – conflicts of interest, gifts and entertainment

The changes to the SDs come into force on 1 January 2022.

Legal, Regulation & Compliance