The regulatory experts at Gowling WLG provide their
monthly bite size overviews of the major legal and regulatory
developments and news for the consumer, asset and automotive
Delay to securitisation framework
The draft new securitisation framework has been delayed as MEPs
are not going to finalise their consideration of the proposal until
the end of 2016 due to political considerations. This is despite
the general approach having been agreed by the Commission and the
Council of Ministers on 30 November 2015.
Government consults on T&Cs and measures for
A Call for Input has been published by the
Government seeking views on how terms and conditions (T&Cs) can
be made more user-friendly and a proposal to introduce fines for
unfair terms. The Call for Input incorporates both a request for
feedback on specific proposals as well as more general questions
for consumers on how they feel that T&Cs might work better for
The consultation will last until 25 April 2016.
Bankruptcy applications now online
As of 6 April 2016, individuals applying for bankruptcy will now
do so online via the central Government website. For the
first time bankruptcy fees will also be able to be paid for in
instalments. The Insolvency Service claims that the online
bankruptcy application process has been developed using research
with people experiencing problems with personal debt to ensure that
it is simple and easy to use.
In the feedback statement the FCA sets out that it is
to take forward the scorecard as their preferred option for
presenting measures of value. The scorecard will include claims
frequencies, claims acceptance rates and average claims pay-outs,
potentially with the inclusion of an average premium metric.
European Commissions examines impact of credit data and
New register of beneficial ownership comes into effect
The statutory instruments containing the requirements for a new
public register listing the beneficial ownership of companies and
LLPs came into force on 6 April 2016. Companies will be
required to maintain their own register, and will have to provide
an initial statement of beneficial ownership on
incorporation. They will then be required to confirm that
the information held at Companies House is correct
annually and to detail all changes that have occurred during the
The prospect of an internal investigation raises many thorny issues. This presentation will canvass some of the potential triggering events, and discuss how to structure an investigation, retain forensic assistance and manage the inevitable ethical issues that will arise.
From the boardroom to the shop floor, effective organizations recognize the value of having a diverse workplace. This presentation will explore effective strategies to promote diversity, defeat bias and encourage a broader community outlook.
Staying local but going global presents its challenges. Gowling WLG lawyers offer an international roundtable on doing business in the U.K., France, Germany, China and Russia. This three-hour session will videoconference in lawyers from around the world to discuss business and intellectual property hurdles.
The Canadian Office of the Superintendent of Financial Institutions ("OSFI") recently ruled that a bank cannot promote comprehensive credit insurance ("CCI") within its Canadian branches under the Insurance Business (Banks and Bank Holdings Companies) Regulations (the "Regulations").
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