04/01/2021
FCA sticks with EBA legacy outsourcing contracts review deadline
The EBA outsourcing guidelines began to apply from 30 September 2019 to all new outsourcing arrangements entered into after that date.
Legal, Regulation & Compliance
04/01/2021
Basel Committee issues principles for operational resilience and risk
In addition to the principles for operational resilience, the Committee is also issuing revisions to its Principles for the sound management of operational risk (PSMOR) reflecting the natural relationship between operational resilience and operational ris
03/31/2021
New law implementing the P2B Regulation
It sets out the conditions and eligibility requirements for non-profit organisations
03/31/2021
Financial Regulation: Daily Update
The FCA has published its finalised guidance for advising on Defined Benefit (DB) transfers, alongside a feedback statement on the FCA's consultation on the draft guidance in June 2020.
03/31/2021
ESA’s Joint Board of Appeal dismissed appeal by Appellant “A” against the European Securities and Markets Authority
Central to this appeal is a Decision by ESMA not to investigate the approach adopted by a Member State’s NCA
03/31/2021
PIMFA welcomes FCA Feedback Statement on Open Finance
It is also good to see the FCA views the introduction of Open Finance as we do, through a phased approach that will see Open Banking extended first, with the next stage being to start with products that have the best balance of cost and complexity.
03/31/2021
PRA issues finalised outsourcing supervisory statement
The regulator confirmed the point as it issued a policy statement and associated finalised supervisory statement on outsourcing and third party risk management on Monday.
03/31/2021
FINMA lifts ban on acquisitions
This decision is based on a status report from FINMA’s mandated auditor
03/31/2021
FG21/3: Advising on pension transfers
This Finalised Guidance (FG) provides non-Handbook guidance to help advisers understand our expectations when advising on pension transfers and conversions.
03/31/2021
Mandatory climate disclosures 'risk unnecessary complexity'
The BEIS consultation closes on 5 May 2021, and the government said new regulations would come into force on 6 April 2022, applying to financial periods starting on or after that date.
03/31/2021
Working group publishes Carbon Reduction Code for built assets sectors
Sustainability experts from the Environment Agency and the HS2 rail project are working with CSIC to help explore and develop the code and to help build wider engagement.
03/31/2021
Future consultation on strengthening investor protections in Special Purpose Acquisition Companies (SPACs)
The consultation will consider the structural features and enhanced disclosure, including a minimum market capitalisation and a redemption option for investors, required to provide appropriate investor protection.
03/31/2021
Germany Ministry of Justice proposes wide-ranging protection for whistleblowers
The draft bill aims to expand the hitherto incomplete protection of whistleblowers and create legal certainty for them.
03/31/2021
SPACxit – can London save SPACs to secure its position in the new world?
In the UK, SPACs are considered cash shells which are not eligible for listing on the Premium segment of the Official List
03/31/2021
Changes to AIFMD Marketing Rules from August 2021 – How will these New Rules Impact Fund Managers?
The Marketing Rules also provide that where a draft prospectus or offering memorandum is provided as part of “pre-marketing”
03/31/2021
Ashurst advises on £563 million acquisition of Arrow Global
The acquisition will be funded by equity to be invested by funds managed by TDR Capital LLP and it is intended the acquisition will be implemented by way of a court-sanctioned scheme of arrangement.
03/31/2021
FCA urges Claims Management Companies and High Cost Lenders to work better t
All firms are also reminded of the need to have regard to previous FOS decisions when they are dealing with complaints.
03/30/2021
Co-op Legal Services warns of digital assets time bomb as 'unclaimed funds' pot swells
Figures released by Finder in February 2021* show that almost a fifth (19%) of Brits say they’ve now bought cryptocurrency - equivalent to 9.8 million people - meaning that the number of crypto-users in the UK has surged by 558% since the beginning
03/30/2021
A new year, a new set of arbitral rules: a summary of the key changes introduced in the 2021 ICC arbitration rules
This introduces greater flexibility in the manner in which hearings are conducted and allows for parties’ to ensure their voices are heard and cases are plead even if they are prevented from traveling physically to a hearing.
03/30/2021
Financial Regulation: Daily Update
The action outlined in the Decision Notice is therefore provisional and will have no effect pending the determination of the case by the Upper Tribunal.