12/22/2021
General insurance pricing practices - amendments
The rules, published in PS21/5 and updated in PS21/11, aim to improve the way insurance markets function.
Legal, Regulation & Compliance
12/22/2021
Daily Legal Update
Some proposals are to: revise the comparable compliance framework; expand ESMA's supervisory and crisis management toolbox; consider appropriate incentives for reducing the size of EU exposures to Tier 2 CCPs; and enhance cooperation with UK authorit
12/22/2021
PRA fines Metro Bank £5,376,000 for failing in its regulatory reporting governance and controls
The PRA has imposed a financial penalty on Metro Bank plc of £5,376,000 for failing to act with due skill, care and diligence in relation to the regulatory reporting of its capital position and for failings in its regulatory reporting governance, co
12/22/2021
Cash to crypto - asset class outlook for 2022
The stock market looks like the best game in town when it comes to delivering long term returns in excess of inflation.
12/22/2021
AIFMD revamp on track as European Commission presents Capital Markets Union Action Plan
The legislative package is aligned with the overall CMU strategy to continue building an internal market for financial services and making financing more accessible to European companies, while strengthening investors' protection.
12/22/2021
Santander Vs Andrea Orcel Set for Next Round
The Spanish bank will fight Andrea Orcel over a ruling that it must pay $76 million in financial amends for yanking the CEO job from under his feet.
12/21/2021
Top UK court partly rules in favour of Guaido in Venezuela gold case
The court said a decision last year by the English Court of Appeal to overturn an earlier High Court ruling was "misplaced" as the British government's recognition of Guaido as Venezuela's interim president was "clear and unequivo
12/21/2021
Statement on supervision of commodity derivatives position limits
The Economic Secretary to the Treasury, John Glen MP, gave a speech on 23 November 2021, which supported the continued use of our supervisory approach on the position limits regime.
12/21/2021
Financial Services and Banking News
FCA publishes Policy Statement on enhancing climate-related disclosures
12/21/2021
Asset Management Bulletin
The FCA does, however, clarify that it expects these challenges to be transitional and considers that such gaps and challenges are only likely to arise in relation to certain asset classes such as asset-backed securities and currencies, and are likely to
12/21/2021
Carey Olsen advises on interactive investor's £1.5bn sale to abrdn
The acquisition is part of abrdn's ongoing growth strategy and its commitment to the personal wealth and direct investing market.
12/21/2021
UBS Accepts Verdict for French Subsidiary
While the banking group is appealing againt these convictions, it has accepted the verdict against its French subsidiary UBS (France).
12/21/2021
Osborne Clarke advises Flywire Corporation
The Osborne Clarke team was led by Partner Tom Try, with support from Associate Courtney Fowler from the Corporate Team.
12/21/2021
FSCS warns LCF investors about scammers
“FSCS does not use social media to speak to customers directly about their claims or compensation.”
12/21/2021
Macfarlanes advises Legal & General
The Macfarlanes team was led by insurance partner Andrew Barton alongside senior solicitor Madison Isted.
12/21/2021
FCA's vulnerable client rules to cost advisers £2.5k per year
The average one-off cost per firm will range from £3,200 for the smallest firms, with fewer than 50 employees, to £3.3m for the largest firms, with more than 10,000 employees.
12/21/2021
France’s LVMH to pay $11.3m to settle spying claims
LVMH revenues in the first three quarters of 2021 increased 46% from the same period last year.
12/20/2021
Corporate Crime Update
Below we provide a brief overview of what is covered in each update.
12/20/2021
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.
12/20/2021
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.