12/19/2021
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
Legal, Regulation & Compliance
12/17/2021
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.
12/17/2021
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
12/17/2021
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.
12/17/2021
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.
12/17/2021
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.
12/17/2021
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.
12/17/2021
FCA enforcement action – conflicts of interest, gifts and entertainment
The changes to the SDs come into force on 1 January 2022.
12/17/2021
FCA fines HSBC £64m for money laundering failings
HSBC did not dispute the FCA’s findings and agreed to settle at the earliest possible opportunity
12/17/2021
Financial Services and Banking News
The European Banking Authority (EBA) has published final report EBA/REP/2021/38 on a feasibility study of an integrated reporting system under article 430c CRR.
12/16/2021
Appointed Representatives reforms – ‘strengthening’ of existing regime for now but more fundamental changes likely
This is a model used by around 3,600 principals and 40,000 ARs across a wide range of financial services markets.
12/16/2021
Financial Regulation: Daily Update
The PRA welcomes further comment on the FS1/21; it will publish further consultation papers during 2022 and/or 2023.
12/16/2021
Financial Services and Banking News
Ofcom should require internet service providers to conduct internal risk assessments
12/16/2021
Cyprus revamps temporary permissions regime for British firms
Regulator set up the scheme in December 2020
12/16/2021
FCA and PSR respond to announcement from Cash Action Group (CAG)
We respond to the Cash Action Group’s (CAG) announcement that retail banks and building societies will create an independent body to assess the needs of local communities and direct cash solutions.
12/16/2021
Gibson Dunn Grows Corporate Practice in London
The announcement is a continuation of the firm’s strategy of expanding its transactional offerings around the globe.
12/16/2021
GAM Settles FCA Probe Into Greensill
The GAM Group’s cash, and capital position remains robust.
12/16/2021
Debevoise Advised Morgan Stanley Capital Partners
The continuation fund is led by Glendower Capital with participation from other secondary investors including Pantheon.
12/15/2021
HSF Financial Regulation: Daily Update
The FCA welcomes the review’s finding that most customers eligible for the scheme in all likelihood obtained better outcomes than could have been achieved outside of it.
12/15/2021
Addleshaw Goddard: Financial Service & Banking News
The government aims to issue proposals in spring 2022, and legislate when Parliamentary time allows.