UK: Financial Regulatory Developments (FReD) - 21 June 2013

Last Updated: 25 June 2013


Presidency achieves MiFID 2 agreement 
Council responds to EP on reform progress 
Commission on Banking Standards recommends reforms 
Mansion House speech reveals bank shortfalls 
Chancellor addresses banking reform at Mansion House

European Union and International

Council of the European Union (Council)

Presidency achieves MiFID 2 agreement: The Council and the Irish Presidency have announced a breakthrough in negotiations on the revised Markets in Financial Instruments Directive (MiFID 2) and Regulation (MiFIR). The Permanent Representatives Committee (COREPER) agreed the position on behalf of the Council, which was expected to approve the position on 21 June. The Presidency said it was delighted to have paved the way for the trilogue process with the European Parliament to begin. (Source: COREPER Agrees MiFID 2, Presidency Delighted at MiFID 2 Progress MIFID 2 General Approach and MiFIR General Approach)

Contact: Rosali Pretorius or Luca Salerno

Council responds to EP on reform progress: During last week's debate on the European Parliament's (EP) resolution on the slow progress on key financial regulatory initiatives, the Council responded to questions raised by EP. The Council said it would not sacrifice quality for speed and that it was giving priority to banking initiatives because of the importance of the sector. The proposals for a Single Resolution Mechanism, which the Commission has yet to table, will also be a priority file with a view to adopting the legislation by the end of the current parliamentary term. It also plans that the fourth Capital Requirements Directive (CRD4) and Regulation (CRR) will be formally adopted before July. The Council went on to announce imminent agreements on the Council's general approach for the bank Recovery and Resolution Directive (RRD), the Directive on the Key Information Document for packaged retail investment products (KID) and the Central Securities Depositories (CSD) Regulation. Political agreement with EP over the new market abuse legislation is also within reach. On 21 June, the meeting of the Economic and Financial Affairs Council (ECOFIN) is set to consider a Presidency proposal for a general approach to RRD. (Source:  Financial Services: Lack of Progress - Debate at the EP Plenary Session and Council - Main Topics for the Coming Fortnight)

Contact: Emma Radmore or Juan Jose Manchado

European Commission (Commission)

Commission confirms substituted compliance request: The Commission and ESMA have confirmed their intention to ask the US Commodity Futures Trading Commission (CFTC) to undertake a substituted compliance assessment on EU rules in respect of the CFTC's entity level and transaction level requirements for swaps. (Source: Commission Confirms Substituted Compliance Request)

Contact: Rosali Pretorius or James Brennan

New CRA legislation comes into force: On 20 June the amended credit rating agencies (CRA) Regulation and the Directive on non-mechanistic reliance of fund managers on credit ratings came into force. Commissioner Michel Barnier highlighted that the process had taken just one and a half years since the Commission made its original proposals. (Source: Stricter Rules for CRAs to Enter into Force)

Contact: Rosali Pretorius or Edward Hickman

Commission extends EMIR third country equivalence deadline: The Commission has extended the deadline for ESMA to deliver technical advice on the equivalence between third country derivatives regulations and the European Market Infrastructure Regulation (EMIR). Advice on the US and Japan is now due by 1 September and, for the remaining countries, by 1 October. The Commission also noted this extension does not affect the deadline of 15 September for third country central counterparties (CCPs) to make applications to continue providing services to EU clearing members until ESMA makes its recognition decisions. (Source: Updated Mandate on EMIR Equivalence)

Contact: Rosali Pretorius or James Brennan

European Parliament (EP)

ECON votes on FTT and bank structural reform: The Economic and Monetary Affairs Committee (ECON) in EP has adopted its reports on the enhanced cooperation procedure for a Financial Transaction Tax (FTT) and on EP's own-initiative procedure for a motion on reforming the structure of the EU banking sector. Regarding the FTT, where EP is limited to expressing an opinion, ECON supported the Commission's original proposals, although it wants to introduce a transitional period until 2017 where trades in sovereign bonds and trades of pension funds would be subject to a reduced tax rate. ECON also inserted a principle whereby acquisition of legal ownership rights is linked to payment of the tax. The final text of the reports adopted are not available yet. The adoption of EP's position in plenary session vote should take place before the summer recess. (Source: Banking Reform: Banks Should Operate on Behalf of the Real Economy, FTT: MEPs Push Wide Scope and Attention to Pension Funds OEIL File for FTT and OEIL File for Bank Structural Reform)

Contact: Emma Radmore or Juan Jose Manchado

EP brings forward IMD2 plenary vote: EP has brought forward the date when it expects to vote on the revisions to the Insurance Mediation Directive (IMD2) in plenary session. This is in line with the Council's announcement of an imminent general approach on the related KID Regulation proposal. (Source: OEIL File for IMD2)

Contact: Emma Radmore or Andrew Barber

European Supervisory Authorities (ESAs)

ESAs publish their annual reports: The ESAs (ESMA, EBA and EIOPA) have published their respective annual reports for 2012. (Source: ESMA Annual Report EBA Annual Report and EIOPA Annual Report)

Contact: Emma Radmore or Juan Jose Manchado

European Securities and Markets Authority (ESMA)

ESMA issues CRA scope guidelines: ESMA has issued guidelines and recommendations on the scope of the CRA Regulation. (Source: Guidelines on the Scope of the CRA Regulation)

Contact: Rosali Pretorius or Edward Hickman

UK to disregard SSR market making exemption guidelines: ESMA has published a table showing whether national regulators intend to comply with the guidelines on the exemption for market makers from the Short Selling Regulation (SSR). Denmark, France, Germany, Sweden and the UK have said they do not intend to comply with the guidelines. In the case of the UK, FCA has decided not to comply with the requirement that a market maker must be member of a trading venue where the shorted financial instrument is admitted to trading. FCA says that the guidelines go beyond the SSR, and this requirement could pose a barrier to market makers in OTC derivatives that need to hedge their position by trading in the underlying stock. Also, FCA will not comply with the limitations to the scope of products eligible for the market maker exemption. (Source: ESMA Publishes Compliance Table for Guidelines on Market Making)

Contact: Rosali Pretorius or James Brennan

Registration of first TR not likely before August: ESMA has updated its indicative timeline for EMIR implementation. Regarding the reporting obligation, which depends on a relevant trade repository (TR) being registered, ESMA has noted that the registration of the first TR is not likely to take place before August 2013. This would push to November the start of the reporting obligation for interest rate and credit derivatives. (Source: EMIR Indicative Timeline)

Contact: Rosali Pretorius or James Brennan

European Banking Authority (EBA)

EBA publishes responsible lending guidelines: EBA has published two Opinions on good practices to credit institutions to apply to ensure they manage adequately potential risks associated with mortgage lending and with borrowers in mortgage payment difficulties. The Opinions cover, respectively, responsible mortgage lending and treatment of borrowers in mortgage payment difficulties. Key points the Opinions address include:

  • verification of information provided by the mortgage applicant;
  • reasonable debt service coverage;
  • appropriate loan-to-value ratios;
  • lending and supervisory processes;
  • general principles and policies and procedures for dealing with borrowers in difficulties;
  • provision of information and assistance to the borrower; and
  • resolution process.

EBA says it expects authorities to consider the impact of these Opinions also on non-mortgage lending. (Source: EBA Publishes Responsible Lending Opinions)

Contact: Andrew Barber or Josie Day

European Insurance and Occupational Pensions Authority (EIOPA)

EIOPA publishes long-term guarantees results: EIOPA has published the results of its long-term guarantees assessment (LTGA), which ran from January to March 2013. The Council, Commission and EP had asked it to conduct the assessment in preparation for the adoption of Omnibus 2. EIOPA has made a number of suggestions for change to certain aspects of the long-term guarantee package. The Commission welcomed the report, saying the conclusions would be helpful in the context of driving ahead with both Omnibus 2 and Solvency 2. (Source:  EIOPA Publishes LTGA Results and Commission Welcomes LTGA Results)

Contact: Emma Radmore or Rosali Pretorius

European Systemic Risk Board (ESRB)

ESRB publishes macro-prudential policy recommendation: ESRB has published a recommendation to Member States on possible intermediate objectives and instruments required for an effective macro-prudential policy. The annex to the recommendation contains a discussion of the intermediate objectives and instruments that ESRB has identified as contributing to the safeguarding of the financial system. One of the recitals also contemplates the possibility of ESRB addressing recommendations to national macro-prudential authorities to guide their application of macro-prudential instruments. (Source: Recommendation of ESRB on Intermediate Objectives and Instruments of Macro-prudential Policy)

Contact: Rosali Pretorius or Juan Jose Manchado

UK Government and Parliament


Commission on Banking Standards recommends reforms: The Parliamentary Commission on Banking Standards has published its Final Report. Its recommendations for regulatory reform include:

  • replacing the Approved Persons Regime with a Senior Persons Regime, which would ensure that specific individuals are made accountable for key responsibilities within a bank, and a Licensing Regime, applicable to other staff who could harm the bank or its customers. Both Senior Persons and licensed staff would be bound by a single set of Banking Standards Rules, the contravention of which would constitute grounds for enforcement action;
  • reforming the Remuneration Code, to include deferral of bonuses for periods of up to 10 years, or their cancellation in the light of misconduct, downturn in the bank's performance, or where the bank requires taxpayer support;
  • placing on Senior Persons the burden of proving that they took all reasonable steps to prevent a failing, and introducing a criminal offence applicable to Senior Persons who acted recklessly;
  • improving governance, by establishing direct lines of access to the board for the risk functions, providing for effective challenge to the board by non-executives, and amending the Companies Act to prioritise financial safety over shareholder value in the case of banks; and
  • several measures to promote competition and to improve the quality of regulation. The latter include a new "special measures" tool whereby the regulators would enter a formal commitment letter with the bank to secure and monitor the implementation of measures to rectify problems identified by the regulators.

The Final Report also recommends leaving to the regulators the decision to vary the leverage ratio. (Source: Banking Commission Publishes Report on Changing Banking for Good)

Contact: Emma Radmore or Andrew Barber

Parliament to hear evidence on Scotland: Following publication of a number of papers on the effects of separation of Scotland from England and Wales, Treasury will appear before a Parliamentary committee to discuss the effects of a separation on banking and financial services. (Source: Parliament to Hear Evidence on Scotland)

Contact: Rosali Pretorius or Emma Radmore

HM Treasury (Treasury)

Government to introduce beneficial owner records plans: Treasury has announced a plan to legislate to require companies to keep details of their beneficial owners. As part of a drive towards greater tax transparency, the Government will amend the Companies Act and Money Laundering Regulations to require companies to get and keep information on who owns and controls them. New rules will require this information to be held in a central registry maintained by Companies House. The intention is that relevant regulators and authorities will have access to it. It will consider whether the register should be publicly available. Treasury says the Department for Business Innovation and Skills will consult in the summer on the design of the new system. (Source: Government to Introduce Beneficial Owner Records Plans)

Contact: Howard Cohen or Emma Radmore

Chancellor addresses banking reform at Mansion House: George Osborne has used this year's Mansion House speech to address the Government's plans for banking reform. He explained its current thinking on RBS and Lloyds, saying it would release government shares in banks when it feels the bank in question has "fully recovered". He suggested a first wave of sale options for Lloyds would be likely to be soon, but that any sale for RBS is still some way off. He also addressed the recommendations of the Parliamentary Committee on Banking Standards. He said the Government would respond fully to the recommendations, and if it agreed change is needed it would act to introduce provisions into the Banking Reform Bill so that changes could take place quickly. (Source: Chancellor's Mansion House Speech 2013)

Contact: Rosali Pretorius or Andrew Barber

Treasury updates sanctions: Treasury has updated the sanctions lists in respect of terrorism and terrorist finance, the Republic of Guinea-Bissau and Afghanistan. It has also updated the asset freeze list. It is in the process of transferring its information on sanctions to the website. (Source: Treasury Updates Sanctions)

Contact: Emma Radmore or Howard Cohen

Bank of England (BoE)

Mansion House speech reveals bank shortfalls: In Mervyn King's last Mansion House speech as Governor of BoE, he discussed the results of a survey by the Prudential Regulation Authority (PRA) following the Financial Policy Committee (FPC) recommendation that banks' capital be assessed using more prudent estimates of expected losses and risk weights. This has resulted in the eight largest banks showing a capital shortfall of around £25 billion relative to the recommendations. All will now plan for filling the shortfall. (Source:  Mansion House Speech Reveals Bank Shortfalls and PRA Completes Capital Shortfall Exercise)  

Contact: Rosali Pretorius or Andrew Barber

BoE publishes systemic risk survey: BoE's latest Systemic Risk Survey, based on data from financial institutions, shows the persistence of risk around regulation and taxes. While funding risk has eased off, the perception of risks around property price falls, "cyber security" and the low interest rate environment have increased. (Source: Systemic Risk Survey 2013 H1)

Contact: Rosali Pretorius or Emma Radmore

BoE publishes paper on foreign bank branches in the UK: BoE has published a paper on the implications for financial stability of foreign bank branches in the UK. Given the size and volatility of their lending to the UK economy, the paper recommends closer monitoring, which reinforces the need for UK authorities to access information on the parent bank and coordinate policy actions with the entities' home authorities. The paper recommends using reciprocity agreements and supervisory colleges. (Source: Financial Stability Paper No. 22)

Contact: Rosali Pretorius or Andrew Barber

Office of Fair Trading (OFT)

OFT uses new suspension powers: OFT has used for the first time the new powers it acquired in February to suspend a firm's credit licence. It can use the powers where it feels it is urgently necessary to do so for the protection of consumers. (Source: OFT Suspends First Credit Licence)

Contact: Andrew Barber or Emma Radmore

OFT announces SME banking study: OFT has announced it is to carry out a market study on competition in the small and medium sized enterprise (SME) banking sector. It is seeking views on the scope of the study, in which it wants to explore issues SMEs face in getting banking and lending and other finance services, and whether certain types of SME face particular difficulties. (Source: OFT Announces SME Banking Study)

Contact: Andrew Barber or Josie Day

Serious Fraud Office (SFO)

SFO announces LIBOR prosecution: SFO has announced it has charged Tom Hayes, a former trader at UBS and Citigroup, with offences of conspiracy to defraud in connection with the investigation by the SFO into the manipulation of LIBOR. (Source: SFO Announces LIBOR Prosecution)

Contact: Howard Cohen or Andrew Barber

UK Financial Services and Markets Regulators

Financial Conduct Authority (FCA)

FCA publishes MMR factsheet: FCA has published a factsheet for mortgage intermediaries, lenders and administrators explaining one of the main changes the Mortgage Market Review (MMR) will bring. It explains the removal of the ability to provide non-advised mortgages, and how to apply for advisory permission. It also explains the qualifications advisers will need. (Source: FCA Publishes MMR Factsheet)

Contact: Andrew Barber or Emma Radmore

FCA publishes contractual funds forms: FCA has published two forms relating to contractual schemes. One is an application for an order declaring a contractual scheme to be authorised and the other is a form on which to notify certain changes to FCA. (Source:  Form 261C and Form 261Q)

Contact: Kam Dhillon or Tom Harkus

FCA fines and bans sale-to-rent-back trader: FCA has imposed a fine of £945,277 and banned a sole trader involved in sale and rent back agreements. It found Gurpreet Singh Chadda claimed he would purchase properties when in fact the purchasers were unregulated third parties, valued the properties himself rather than independently and well under market price, and helped the actual purchasers get mortgages based on information he knew to be misleading. FCA found he also imposed on the sellers excessive charges and legal expenses for the transaction, and created misleading documentation. He aggravated the misconduct by making false and misleading statements to FCA and trying to impersonate witnesses. (Source: Final Notice - Gurpreet Singh Chadda)

Contact: Andrew Barber or Emma Radmore

FCA speaks on investor relations: David Lawton spoke on investor relations. He highlighted the importance of corporate access, and said FCA would work to encourage more dialogue between asset managers and their investee companies. (Source: FCA Speaks on Investor Relations)

Contact: Howard Cohen or Josie Day

FCA publishes convictions disclosure guidance: FCA has published a factsheet to help individuals completing Approved Persons Form A to decide which past convictions they should disclose. (Source: FCA Publishes Convictions Disclosure Guidance)

Contact: Emma Radmore or Josie Day

Other Authorities/Regulators/Industry Associations

British Bankers' Association (BBA)

BBA welcomes report on banking standards: BBA described the Final Report of the Parliamentary Commission on Banking Standards as the most significant report in banking for a generation, and called for the UK banking industry to once again set the gold standard for professionalism and integrity. (Source: BBA Response to Parliamentary Commission on Banking Standards)

Contact: Emma Radmore or Andrew Barber

City of London Law Society (CLLS)

CLLS responds on AIFMD: CLLS has responded to the (then) FSA consultation on the Alternative Investment Funds Managers Directive (AIFMD) implementation. It comments on a number of aspects of the proposed FCA rules and guidance, including:

  • noting its concern about the Commission's stance on the use of a MiFID passport by managers (see FReD 14 June);
  • highlighting potential confusion over how the UK may extend the AIFMD definition of "marketing" and the potential effects of the UK interpretation and regime on how UK firms can market into other Member States;
  • noting several further concerns over the interpretation (both by Treasury and FSA/FCA) of key elements of the marketing provisions and identifying proposals which it thinks are unduly restrictive;
  • setting out several further concerns over the lack of clear guidance from ESMA and FCA on the scope of the AIFMD and key definitions, especially the definition of "Alternative Investment Fund" in the context of "capital raising" and "internal investors"; and
  • disagreeing with a suggestion in question 2.59, the effect of which would be that certain firms currently authorised to operate collective investment schemes but exempt from MiFID would, after AIFMD implementation, require authorisation for the MiFID activity of managing investments.

(Source: CLLS Responds on AIFMD)

Contact: Rosali Pretorius or Kam Dhillon

European Banking Federation (EBF)

EBF comments on Recovery Plans RTS: EBF has published its response to EBA on the draft regulatory technical standards (RTS) for bank recovery plans under the bank Recovery and Resolution Directive (RRD). Its key messages include:

  • EBF opposes the requirement for separate recovery plans for each entity within a consolidated banking group, as this would not mirror the group's structure and funding;
  • the information included in recovery plans should reflect the fact that, at that stage, management will still remain in control and the focus would still not be on continuity of significant functions, which is a matter for resolution plans; and
  • recovery plans must be flexible, rather than addressing scenarios which cannot be predicted, and not include automatic triggers.

The Association for Financial Markets in Europe (AFME) has also published its response to EBA's consultation. It highlights broadly the same issues as EBF, and calls for confidentiality of the sensitive information included in the recovery plans. (Source:  EBF Response on Recovery Plans RTS and AFME Response on Recovery Plans RTS)

Contact: Rosali Pretorius or Andrew Barber

Financial Action Task Force (FATF)

FATF to meet in Oslo: Items on the agenda for the FATF plenary in Oslo include, in addition to the usual updates and reviews on mutual evaluations and non-cooperative territories:

  • guidance for a risk-based approach to prepaid cards, mobile payments and internet-based payment services;
  • guidance on the implementation of financial provisions of United Nations Securities Council Resolutions to counter the proliferation of weapons of mass destruction;
  • guidance on politically exposed persons;
  • best practices on targeted financial sanctions related to terrorism and terrorist financing; and
  • international best practices on combating the abuse of non-profit organisations.

(Source: FATF to Meet in Oslo)

Contact: Howard Cohen or Andrew Barber

Organisation for Economic Cooperation and Development (OECD)

OECD consults on regulatory enforcement principles: OECD is consulting on best practice principles behind regulatory inspections and enforcement. It suggests nine fundamental principles and seeks comments by 31 August. (Source: OECD Consults on Regulatory Enforcement Principles)

Contact: Felicity Ewing or James Brennan

Payments Council

Payments Council to revamp payments infrastructure: The Payments Council has published a document outlining several radical options for change to the UK payments infrastructure. It sets out six options for change, on which it invites comments. It will publish updated versions of its thinking throughout 2014. In its reaction to the Final Report of the Parliamentary Commission on Banking Standards, the Payment Council has said that its plans for the UK payments infrastructure deliver exactly what the Parliamentary Commission has recommended. (Source:  Payments Council to Revamp Payments Infrastructure and Payments Council Responds to Final Report by Parliamentary Commission)

Contact: Andrew Barber or Josie Day

Forthcoming Events

FReD Live: Our FReD Live breakfast briefing on 25 June will focus on key changes for the retail financial markets outside the Retail Distribution Review. It will include discussion on the Mortgage Market Review, FCA's Wealth Management Review and related issues, and current EU initiatives.

UCITS and AIFMD Conference: Rosali Pretorius is speaking at IBC's UCITS and AIFMD Conference in Luxembourg on 2 and 3 July. FReD readers can benefit from a 20% discount by quoting FKW52573EMSPK. 

Recent Publications

New This Week

Deferred Prosecution Agreements: Emma Radmore has written an article for Financial Regulation International on the introduction of Deferred Prosecution Agreements in the UK. (June 2013)

Financial Crime

Anti-Bribery and Corruption Laws in Key Jurisdictions: Lawyers from Dentons offices in six jurisdictions prepared a table comparing key provisions of anti-corruption laws for Thomson Reuters Compliance Complete. (May 2013)

Preventing Financial Crime: Emma Radmore has written an article for Financial Regulation International on recent developments in financial crime prevention. (April 2013)

The Evolving Financial Sanctions Landscape – UK and US Perspectives: Emma Radmore, Thomas Laryea, Michael Zolandz and Peter Feldman have written an article for Financial Regulation International on financial sanctions under the UK and US regimes. (November 2012)

The Bribery Act – Has It Made A Difference?: We have updated our previous overview of the Bribery Act to take into account the Serious Fraud Office's latest guidance. (October 2012)

Dealing with Anti-Corruption Laws – the Bribery Act and FCPA in Context: This article summarises the effects of the Bribery Act and US Foreign Corrupt Practices Act. For further information, please contact Emma Radmore or Dominic Sedghi (London), or Michelle Shapiro (New York). (May 2012)

Investment Services and Markets Reform

Taking the Credit - the Transfer of Consumer Credit Regulation: Andrew Barber, Emma Radmore and Juan Jose Manchado have written an article for Compliance Monitor on the transfer of consumer credit regulation to FCA. (April 2013)

Last Lap to Legal Cut-Over: Emma Radmore has written an article for Compliance Monitor on FSA's first two consultations on preparing for the new regulatory regime. (January 2013)

A New Handbook for a New Era?: Emma Radmore has written an article for Thomson Reuters Compliance Complete on FSA's proposals to update the General Provisions Sourcebook for legal cut-over. (October 2012)

Treasury Publishes Banking Reform Bill: Read our summary of the Bill implementing the Vickers reforms into FSMA. (October 2012)

RDR: How Long Can it Last?: Emma Radmore and Andrew Barber have written an article for Compliance Monitor on the future of the Retail Distribution Review. (October 2012)

What's next for LIBOR? Summary of the Wheatley Review Recommendations: We have written a summary of the Wheatley 10-point plan for the reform of the LIBOR process. (September 2012)

Rate Setting and Regulation: In Everyone's Interests?: Rosali Pretorius and Katharine Harle wrote an article for Financial Regulation International on the background to LIBOR setting and potential regulatory action. (August 2012)

Money through your mobile – regulation of m-payments: Andrew Barber and Emma Radmore have written an article for Compliance Monitor on the regulatory aspects of mobile payments. (May 2012)

MiFID 2 – Prescription and Change: Emma Radmore wrote an article for Compliance Monitor on the breadth of the proposals to amend the Markets in Financial Instruments Directive (MiFID 2). (January 2012)

Prudential Regulation

UK Treasury Publishes Banking Structure Reform Plans: This article summarises the June 2012 White Paper on implementation of structural change to UK banking (as covered in FReD 15 June). For more information, please contact Rosali Pretorius, Emma Radmore or Andrew Barber. (June 2012)

EU Living Wills Plans – the Key Proposals: This article is the latest in our suite of articles about Living Wills and Recovery and Resolution Plans looks at the European Commission's proposals. For further information, please contact Rosali Pretorius or Andrew Barber. (June 2012)

Living Wills update: We have produced an update on FSA's current plans for Recovery and Resolution Plans. For further information, please contact Rosali Pretorius or Andrew Barber. (May 2012)

Asset management

The Alternative Investment Fund Managers Directive – Theory Becomes Reality: Rosali Pretorius and Emma Radmore wrote an article on implementation of the AIFMD for the Global Asset Management & Servicing Review 2013/14 published by Euromoney Yearbooks.

Product Regulation

More Protection for Retail Markets – the EU's PRIPs Package: We have written a detailed summary of the PRIPS, IMD2 and UCITS V proposals. (July 2012)

Another Stable Door?: Emma Radmore and Katharine Harle wrote an article for Thomson Reuters Complinet on IOSCO's proposals for complex product distribution. (April 2012)

Enforcement and Litigation

Having Your Cake and Eating It: FOS Award is no Bar to Issuing Proceedings: Katharine Harle has written an article for Compliance Monitor on the High Court award in Clark and another v. In Focus Asset Management & Tax Solutions Ltd. (January 2013)

The Not So Remote Risks of Recommendations: Richard Caird, Sam Coulthard and Kattalin Truman have written an article on the case of Rubenstein v. HSBC Bank plc. (September 2012)

The Long Arm of FSA: Overseas Firms and Senior Management Beware: Emma Radmore and Katharine Harle have written an article for Compliance Monitor on the lessons from recent FSA enforcement cases involving overseas firms and their approved persons. (August 2012)

More Confusion on Client Money: Rosali Pretorius and Josie Day have written an article on the Supreme Court decision in the Lehman client money case. (March 2012)

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On 26 July the FCA published its long-expected consultation paper on the extension of the SMCR to all FCA-authorised firms. The so-called "core regime" introduces the key concepts of regulator-approved senior managers, firm-approved certification staff and conduct rules applicable to virtually all staff.

3 Oct 2017, Conference, Zurich, Switzerland

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We are hosting an interactive workshop where we will run a mock High Court trial of an employee competition case – where the members of the audience are the judges. The session, aimed at in-house counsel and HR professionals, will offer an insight as to how disputes involving employees moving to a competitor play out in practice.

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We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.