11/11/2021
Daily Legal Update
The government’s response confirms that they intend to proceed with requirements in relation to COVID-19 vaccinations.
Legal, Regulation & Compliance
11/11/2021
General insurance value measures
This has been caused by ineffective competition between providers of insurance products and a lack of common measures of value.
11/11/2021
UK: Lloyd v Google – Game over for privacy class actions?
Together with the decisions in Rolfe and Warren (discussed below), it is likely significantly to curb some of the momentum that had been building around potential scope for opt-out claims in data breach cases.
11/11/2021
ICC opens consultation on draft global standards for Sustainable Trade and Trade Finance
The proposed ICC framework seeks to break through this complexity – recognising not only positive activity, but also guiding banks and corporates towards the use of best-practice standards.
11/11/2021
DLA Piper launches global, dedicated end-to-end Investment Management and Funds practice
DLA Piper has one of the largest investment management and investment funds practices in the world, with more than 250 lawyers with relevant experience and offices in all key global jurisdictions.
11/11/2021
European Parliament formally adopts EU public Country-by-Country Reporting
A breakthrough was achieved in February 2021 in the Council of the EU, as a result of certain countries changing their previous position and agreeing to support the proposal.
11/10/2021
Rishi Sunak unveils post-Brexit financial regulation proposals
Chancellor’s ‘once-in-a-generation’ plan emphasises focus on growth and global competitiveness
11/10/2021
Britain piles pressure on regulators to keep finance competitive after Brexit
"The government will also require both regulators to report on their performance against their growth and competitiveness objective on an annual basis."
11/10/2021
Financial Services and Banking News
For CCPs that are assessed as being systemically important, the BoE will perform an ‘informed reliance assessment’ to consider to what extent it is able to rely on home regulation and supervision
11/10/2021
FCA and Bank sign joint MoU with FMSB
The MoU sets out a high-level framework formalising the continuing cooperation between the FCA, the Bank and FMSB
11/10/2021
Financial Regulation: Daily Update
The consultation will inform a decision on whether to move into a ‘development’ phase which will span several years.
11/10/2021
Future regulatory framework – Treasury to reform regulation post-Brexit
The consultation proposes changing this principle to clarify that such growth should happen in a sustainable way that is consistent with the UK’s net zero commitments.
11/10/2021
Rhino is born! Three themes impacting merger review in the EU
In easy-to-understand graphs, Rhino shows that deals have been impacted by higher intervention rates, longer review periods and tougher remedies in the past decade.
11/10/2021
Non-Resident Directors of UK Companies visiting the UK
There are some harsh penalty rules and anyone with a UK subsidiary should be aware of the implications and be ready to make some changes.
11/10/2021
Basel III: Member states see national financial stability at risk
The capital requirements are meant to make banks more resilient to economic shocks and should thus increase financial stability.
11/09/2021
Financial Regulation: Daily Update
The regulations come into force on 30 November 2021.
11/09/2021
Financial Services and Banking News
The CMA states that progress is being made with the appointment of a new Independent Trustee and the first non-executive director.
11/09/2021
The Bank of England’s approach to tiering incoming central counterparties
The Bank will undertake a more detailed assessment of systemic importance for CCPs meeting one or more of these indicators.
11/09/2021
Ogier in Jersey advises Arax Properties and Eurazeo on London property acquisition
Arax Properties, an independent real estate operating partner with assets in the UK, France and Germany, made the investment alongside JV partner Eurazeo Patrimoine, the real estate division of the listed Eurazeo group.
11/09/2021
FCA under fire over LV sale
It is now clear that the two most valuable bids received by the Liverpool Victoria board were from Bain Capital and crucially, another mutual, Royal London.