04/22/2021
German parliament expands probe into EY’s audits of Wirecard
Inquiry committee extends remit and timeframe for special investigator after scathing initial report
Legal, Regulation & Compliance
04/22/2021
Ex-BSPS adviser among nine advice firms in default
Bartholomew Hawkins is facing 13 claims to but the FSCS has yet to pay out anything it said at the time.
04/22/2021
European Commission publishes landmark Artificial Intelligence regulatory package
In Brussels today, the European Commission unveiled a much-anticipated new rulebook on Artificial Intelligence.
04/22/2021
Linklaters assists the UK Jurisdiction Taskforce on its Digital Dispute Resolution Rules
The rules follow the publication of the UKJT’s landmark Legal Statement on Cryptoassets and Smart Contracts in November 2019
04/22/2021
New PIF rules further enhance Guernsey’s funds offering
A third path will enable a PIF to be created as a bespoke private wealth structure requiring a family relationship between investors.
04/22/2021
Final joint FCA, PRA and BoE rules and guidance on building operational resilience published
The new rules aim to help firms prevent, adapt, respond to, recover and learn from operational disruptions.
04/22/2021
Financial Regulation: Daily Update
The proceedings relate to an offence of conspiracy to commit fraud by false representation involving both individuals and two further offences by one of the individuals for carrying on regulated activities without authorisation.
04/22/2021
FCA commences criminal proceedings for fraud and unauthorised business
The fraud charges relate to a series of mortgage applications made between January 2015 and March 2018.
04/21/2021
Treasury Committee seeks update on state of business current account market
The questions to the financial institutions include whether their criteria for opening business accounts has changed since the start of the pandemic, whether waiting times have increased, and how customer complaints are handled.
04/21/2021
Malta-based trust company fined
The company also neglected to “implement adequate internal control procedures to protect the scheme members from any financial losses” and “failed to ensure that the individual member accounts are adequately liquid at all times”.
04/21/2021
HM Treasury, BOE Form CBDC Taskforce to Explore ‘Britcoin’
It will also monitor international CBDC developments to ensure the UK remains at the forefront of global innovation, the BOE said.
04/21/2021
Snapshot: SPACs and private equity - new tools for investment and acquisition
The current resurgence in SPAC activity started in 2012 and, after initially seeing steady year on year growth, SPAC use suddenly rocketed in late 2019. Since then, growth has been almost exponential.
04/21/2021
Goodbody seeks permanent MD in time for AIB’s €138m takeover
Planned interim chief Brian O’Kelly will leave stockbroker when deal is finalised
04/21/2021
Harassment Claims at EU’s Investment Bank Spark Call for Probe
Parliamentary committee to discuss allegations later this week
04/21/2021
Private Investment Fund Rules and Guidance 2021
The changes provide for two new categories of PIF, neither of which require a licensed manager.
04/21/2021
Financial Regulation: Daily Update
The FCA has also updated its webpages on BI insurance and on the BI insurance test case accordingly.
04/20/2021
Financial Regulation Alerter: Straying into regulated territory – more guidance on investment advice and arranging activities
It is clear that the Financial Conduct Authority (the "FCA") is determined actively to police the regulatory perimeter – it was after all a party to proceedings in both of the cases discussed below.
04/20/2021
FCA sets out broad approach to assessing LCF Complaints
Today we are confirming our broad approach to assessing complaints made specifically to the FCA in relation to LCF
04/20/2021
Second consultation on new prudential regime for UK investment firms
The IFPR introduces a new prudential regime for MiFID investment firms regulated by the FCA. It will create a single, proportionate regime that reflects firms’ size and business.
04/20/2021
FCA sets out approach to assessing Connaught complaints
At that time complainants were informed of their right, if they were dissatisfied with our decision, to refer their complaint to the Office of the Complaints Commissioner.