03/17/2022
Austria’s Raiffeisen Bank may exit Russia as Ukraine crisis deepens
The Austrian lender’s business in Russia accounted for nearly a third of its net profit of $1.7bn in 2021.
Legal, Regulation & Compliance
03/17/2022
FCA exploring side pocket route for Russia-exposed funds
Some suspended funds - like the £236.7m Liontrust Russia Fund - may be able to use side pockets as a way out of suspension.
03/17/2022
EU: The “Data Act” – New rules on IoT data and switching cloud services
The Data Act also proposes important changes to make it easier to switch cloud services.
03/17/2022
Banks’ Quincecare duty in APP fraud cases extended
APP frauds occur where a victim authorises a bank transfer into an account which they believe is controlled by a legitimate payee, but actually belongs to a fraudster.
03/17/2022
Legal News - 17 March 2022
The guidance also points to other resources, notably NCSC guidance.
03/17/2022
Core role of Irish regulator in EU data protection cases highlighted
The purpose of the mechanism is to allow businesses to deal with just one data protection authority in relation to their EU operations, as opposed to DPAs across all EU member states.
03/17/2022
Financial Regulation:Daily Update
Side pockets would potentially give authorised fund managers the option to separate Russian and Belarussian assets, that are difficult to sell and/or hard to value, from the fund’s other core investments.
03/17/2022
Evolving Trouble
The global economy is on course for lower growth and higher inflation.
03/17/2022
Business interruption insurance test case – Insurer claims data
Find the latest data we have collected (as of 7 March 2022) from all affected insurers on the progress of their non-damage business interruption (BI) insurance claims.
03/16/2022
Ukraine: Talk of Full Confiscation Risks «Rule of Law»
The UK government is discussing whether to place refugees in the mansions of wealthy Russians, effectively confiscating them.
03/16/2022
Foreign Secretary announces historic round of sanctions on Russia
Liz Truss announces historic round of sanctions, taking the overall number of UK sanctions on Russia to more than 1,000 since the invasion of Ukraine.
03/16/2022
UK regulators warn cryptoassets cannot be used to circumvent sanctions
Financial crime and intelligence expert Hinesh Shah of Pinsent Masons said the statement puts the cryptoasset industry on notice that UK regulators will act against sanction breaches, and that attempts by sanctioned parties to use cryptoassets to circumve
03/16/2022
Fast-changing sanctions environment poses risks for borrowers
Loan documents often contain more onerous sanctions provisions than those prescribed by government.
03/16/2022
Bank of England joins effort to safeguard Ukraine’s assets as country faces economic devastation
Exclusive: The governor of the Bank of England, Andrew Bailey, offered his support to his Ukrainian counterpart
03/16/2022
UK to end extradition to Russia
This move by the Government firmly slams the door shut.
03/16/2022
FCA defends register in response to watchdog’s LCF criticisms
The scandal was dubbed one of the “largest regulatory failures in decades” at the time.
03/16/2022
Asset protection for foreign investors in Russia: international and domestic remedies
Russia has IIAs in force with various States.
03/16/2022
FCA to consult on use of 'side pockets' for retail funds with exposure to sanctioned and suspended Russian assets
Side pockets would potentially give authorised fund managers the option to separate Russian and Belarussian assets, that are difficult to sell and/or hard to value, from the fund’s other core investments.
03/15/2022
Update on the market share test under the ancillary activities exemption for commodity derivatives
As part of verifying that they fulfil these criteria, firms are currently required to perform the ‘market share test’ and the ‘main business test’ as set out in UK MiFID RTS 20.
03/15/2022
Hill Dickinson advises Maven on US$8.3m co-investment deal into fintech Delio
The software enables financial institutions to offer a more intuitive investment experience, enhance their operational efficiency and gather invaluable user insights.