03/24/2021
Treasury Committee publishes BoE response to inquiry into future of financial services in the UK
The Financial Policy Committee (FPC) is ‘committed to the implementation of robust prudential standards in the UK.
Legal, Regulation & Compliance
03/24/2021
Norton Rose Fulbright advises Investec Bank and Berenberg
The proceeds of the fundraising will be used to accelerate Ceres Power’s investment in the development and potential commercialisation of its solid-oxide electrolysis technology.
03/24/2021
UBS Settles in for Long Wait in French Case
The Swiss bank's long-awaited appeal of a 2019 conviction is over. It will have to wait longer than anticipated for the final verdict.
03/24/2021
FCA launches campaign to support whistleblowers
It has also produced a digital toolkit for industry bodies, consumer groups and whistleblowing groups to encourage individuals to have confidence to step forward.
03/23/2021
The EBA takes steps to address ‘de-risking’ practices
In these documents the EBA also set out steps that financial institutions and competent authorities should take to manage risks associated with individual business relationships in an effective manner.
03/23/2021
Walkers (Bermuda) Limited Acts on Barclays Bank UK Retirement Fund GBP5 Billion Longevity Swap
Barclays Retirement Fund entered into the longevity swap arrangement with RGA to hedge its longevity risk exposure via a Bermuda reinsurance of a Guernsey in order to optimise payment obligations to its members and reduce risk related to increasing life e
03/23/2021
The implementation period for any rules arising from CP20/19
In reaching this decision, we have sought to balance ensuring firms have sufficient time to put the changes into effect and acting quickly to address consumer harm.
03/23/2021
SRB publishes approach to the eligibility of UK law instruments without bail-in clauses after Brexit
This exemption shall apply until 28 June 2025.
03/23/2021
Remote Evidence in English Courts: Some Timely Reminders
Parties seeking to rely on video-link evidence should plan ahead and, where necessary, obtain local and foreign court approval.
03/23/2021
Financial Regulation: Daily Update
The FCA has said that it will closely monitor how firms implement their change programmes and will be checking their progress regularly.
03/22/2021
BoE governor wants UK bill to make Google tackle online scams: Sunday Times
She said the governor had been on the record several times saying the Online Harms Bill should be extended to cover financial services.
03/22/2021
Hargreaves faces first legal action over Woodford debacle
Several firms are taking legal action on behalf of investors in Woodford Equity Income, but until now that action had been aimed at Link.
03/22/2021
Scotland's whisky distilleries ready to go green
Almost £9m UK Government funding is available to help whisky distilleries go green, reduce carbon emissions and support sustainable jobs.
03/22/2021
ESMA Clarifies Application of Position Limits Pending MIFID II Change
Position limits, under the amended legal provisions, will only continue to apply to agricultural commodity derivatives and critical or significant commodity derivatives.
03/22/2021
UK Real-Estate and the Register of Foreign Owners: new registration requirements
As a transparency measure, the Government is set to introduce a Register of People with Significant Control over Overseas Companies owning UK Real-Estate
03/22/2021
Financial Regulation: Daily Update
The FCA intends to publish this claims data on a monthly basis.
03/22/2021
UBS Faces $3.6 Billion Bill Even as French Seek Tax-Fine Cut
It was emblematic of a French crackdown on tax evasion that has focused on big banks from HSBC Holdings Plc to Credit Suisse Group AG, who investigators believed encouraged such behavior by its citizens.
03/21/2021
OFSI updates its guidance on the imposition of monetary penalties
The updated Guidance comes into force on 1 April 2021. Any breaches reported to OFSI after this date will be dealt with under the new guidance.
03/21/2021
Financial Conduct Authority refuses to hand over Neil Woodford probe to independent investigator
Wealth manager St James’s Place ended its contract with Woodford to manage three of its funds.
03/21/2021
Supervisory flexibility on RTS 27 reports and 10% depreciation notifications
We are putting in place temporary measures with respect to RTS 27 reports and 10% depreciation notifications while we consult on changes to these requirements later this Spring. These temporary measures will be in place until the end of 2021.