03/25/2021
FCA review of MiFID II product governance rules
The FCA selected a case study product from each asset manager – all products assessed were UK authorised CISs available to retail investors on both an advised and non-advised basis.
Legal, Regulation & Compliance
03/25/2021
Statement on the review of the FCA approach to the UK’s derivatives trading obligation
In that statement we said that we would keep our use of the TTP under review and consider by 31 March 2021 whether market or regulatory developments warrant a review of our approach.
03/25/2021
Jersey Funds Industry Reaches New Record Heights in 2020 in Face of Challenging Global Market Conditions
The increase reflects a period of sustained growth for Jersey’s funds industry, with the figure at the end of 2020 rising by more than two thirds (67%) over the last five years.
03/25/2021
Ashurst advises Negentropy Capital Partners on Italian investments
The Ashurst team led by partners Antonios Nezeritis and Isabelle Lentz advised on the Luxembourg aspects of the investments.
03/25/2021
Addleshaw Goddard: Financial Services & Banking News
The aim of the consultation is to inform the Commission on remaining obstacles
03/25/2021
Addleshaw Goddard AG Data & Privacy News
The mandate covers the protection of privacy and confidentiality in the use of electronic communication services and is seen by the EDPB as a positive step towards a new ePrivacy Regulation.
03/25/2021
HM Treasury Advisory Notice: Money Laundering and Terrorist Financing controls in higher risk jurisdictions
Requirement to apply Enhanced Due Diligence for higher risk jurisdictions.
03/25/2021
Ban on leaving the UK enforceable by £5,000 fine
The travel ban does not apply to those going to the common travel area of the Channel Islands, Isle of Man and the Republic of Ireland unless that is not the final destination.
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.
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.