11/15/2021
FCA promises to bring down ballooning FSCS levy
The Financial Conduct Authority is preparing plans to stabilise and reduce the Financial Services Compensation Scheme levy.
Legal, Regulation & Compliance
11/14/2021
FPC: Cloud Adoption
The regulators have now taken an action to review the need for additional policy measures
11/14/2021
EBA issues requirements on institutions’ Pillar 3 disclosure of interest rate risk exposures
The standards will amend the comprehensive ITS on institutions’ public disclosures
11/14/2021
Voluntary disclosure of sovereign exposures
The Committee has not reached a consensus to make any changes to the regulatory treatment of sovereign exposures
11/14/2021
Revisions to market risk disclosure requirements
The revised standard introduced a "traffic light" approach for capital requirements
11/14/2021
EBA publishes final draft technical standards on individual portfolio management by crowdfunding service providers
When investing in a portfolio of loans offered by crowdfunding service providers, investors may face potential information asymmetries.
11/12/2021
FCA fines London broker £600k over ‘suspicious’ offshore trades
The FCA found that Sunrise had deficient systems and controls to identify and mitigate the risk of facilitating fraudulent trading and money laundering in relation to business introduced by the Solo Group, between 17 February 2015 and 4 November 2015.
11/12/2021
Financial Regulation: Daily Update
The letter states that this expectation is no longer necessary and FMIs should now return to the approach in place prior to Covid-19.
11/12/2021
Financial Services and Banking News
The 2022 consultation will inform a decision on whether the authorities are content to move into a ‘development’ phase which will span several years.
11/12/2021
New rules for foreign subsidies - The European Commission’s approach to level the playing field
The Proposal builds on a Commission White Paper published for consultation in June 2020.
11/12/2021
CNPD publishes new guidelines on cookies
Cookies can be used for different purposes, i.e. to recognize a user's language choice or the products that the user had placed in his/her basket during a previous shopping session.
11/12/2021
Wrongdoing by directors cannot be attributed to their company, Supreme Court rules
The court rejected the CPS’s argument that the company was debarred from claiming the assets on the grounds that this involved seeking to profit from the proceeds of crime.
11/12/2021
Failure to comply with pre-arbitration requirement to mediate a matter of admissibility, not jurisdiction
It held that the basis of challenge was a question of admissibility to be determined by the arbitrator, not an issue of jurisdiction falling within section 67.
11/11/2021
Ten Carey Olsen lawyers recognised as leading private client practitioners by Who's Who Legal
This recognition follows in the footsteps of Carey Olsen's trusts and private wealth practice
11/11/2021
Financial Services and Banking News
The consultation details the government’s proposals for adapting the UK regulatory framework for financial services to ensure that it reflects the UK's position outside of the EU and remains fit for the future.
11/11/2021
Financial Regulation: Daily Update
The FCA will be sending out a survey to all general insurance and premium finance providers in January for firms to provide their first annual attestation.
11/11/2021
Daily Legal Update
The government’s response confirms that they intend to proceed with requirements in relation to COVID-19 vaccinations.
11/11/2021
General insurance value measures
This has been caused by ineffective competition between providers of insurance products and a lack of common measures of value.
11/11/2021
UK: Lloyd v Google – Game over for privacy class actions?
Together with the decisions in Rolfe and Warren (discussed below), it is likely significantly to curb some of the momentum that had been building around potential scope for opt-out claims in data breach cases.
11/11/2021
ICC opens consultation on draft global standards for Sustainable Trade and Trade Finance
The proposed ICC framework seeks to break through this complexity – recognising not only positive activity, but also guiding banks and corporates towards the use of best-practice standards.