UK: Financial Regulatory Developments (FReD) - 12 July 2013

Last Updated: 18 July 2013

European Union and International

Council of the European Union (Council)

Council sets priorities: The Council on Economic and Finance Ministers (ECOFIN) in the EU Council set out its priorities under the Lithuanian Presidency and has published its work programme. Among its key priorities are:

  • banking union;
  • agreement with the European Parliament (EP) on the review of the Markets in Financial Instruments Directive (MiFID 2) and Regulation (MiFIR) and agreement on the Central Securities Depositary Regulation;
  • adoption of the bank Recovery and Resolution Directive (RRD) and Deposit Guarantee Directive (DGD);
  • agreement in Council on the fourth Money Laundering Directive; and
  • progress on Omnibus II.

It also noted the recent agreement on the Market Abuse Regulation (MAR) and hinted at a possible future review of sanctioning regimes in the financial services sector generally. (Source: Council Sets Priorities)

Contact: Emma Radmore or Juan Jose Manchado

Council validates MAR: The Council has published a validated version of the agreement reached with EP on MAR. (Source: Council Validates MAR)

Contact: Rosali Pretorius or Luca Salerno

Council corrects dates in CRD4/CRR final texts: The Council has published corrigenda for the texts of the recently adopted new Capital Requirements Directive and Regulation (CRD4 and CRR). They correct a number of dates throughout the text. (Source: Corrigendum for CRD4 and Corrigendum for CRR)

Contact: Rosali Pretorius or Juan Jose Manchado

European Commission (Commission)

Commission unveils SRM proposals: The Commission has announced its proposals for a Single Resolution Mechanism (SRM) for the Banking Union. The SRM aims to ensure the application of relevant provisions in the RRD to all banks in Members States within the Single Supervisory Mechanism (SSM). Aligning supervision and resolution at the same level will help prevent tensions between the single supervisor (the European Central Bank (ECB)) and relevant national authorities. The SRM will also contribute to breaking the link between sovereign and banking crises, given the clear rules and funding arrangements to avoid public bail-outs. The operation of the SRM will involve:

  • ECB signalling when a bank needs to be resolved;
  • a Single Resolution Board, with representatives from ECB, the Commission and relevant national authorities preparing the resolution;
  • the Commission taking the final decision to place a bank into resolution;
  • implementation of the resolution plan by national authorities; and
  • pooling national resolution funds into a Single Resolution Fund that would be used to ensure funding support while the bank is being restructured.

The Commission estimates that, with the CRD4 package and the RRD in place, needs for further bank recapitalisation will be rare but, as this possibility will always exist, the European Stability Mechanism will be allowed to recapitalise banks directly once the Banking Union is established. In respect of the resolution of cross-border banks established both within the Banking Union and in a non-participating Member State, coordination through resolution colleges and EBA mediation will continue to apply. The SRM proposals will also seek to avoid discrimination against credit institutions, deposit holders, investors or other creditors on grounds of nationality of place of business. (Source: Commission proposal for a Single Resolution Mechanism)

Contact: Rosali Pretorius or Juan Jose Manchado

European Banking Authority (EBA)

EBA consults on regulatory cooperation: EBA is consulting on draft Implementing Technical Standards (ITS) and Regulatory Technical Standards (RTS) that deal with how regulators collaborate and exchange information in relation to institutions which passport on a branch or services basis into another Member State. The standards focus on exchange of supervisory information. The RTS address information covered by Article 50 of CRD 4 including: management and ownership; solvency and liquidity; deposit guarantee schemes; large exposures; and internal control mechanisms. The ITS cover procedures, forms and templates for information sharing requirements. EBA asks for comments by 8 October and should submit the standards to the Commission by 1 January 2014. (Source: EBA Consults on Regulatory Cooperation)

Contact: Rosali Pretorius or James Brennan

EBA consults on publishing supervisory information: EBA is consulting on templates for the publication by national supervisors of information on Member States' prudential regulations, exercise of discretion when implementing EU legislation, supervisory review and statistical data. It asks for comments by 9 October. (Source: EBA Consults on Draft ITS on Supervisory Disclosure)

Contact: Emma Radmore or Juan Jose Manchado

EBA consults on CVA risk: EBA has reformulated its original consultation on draft RTS on credit valuation adjustment (CVA) risk, in light of changes to the final version of CRR. The main changes concern the use of the proxy spread in the calculation of the advanced CVA charge. It asks for comments by 25 September. (Source: Draft RTS on CVA Risk)

Contact: Rosali Pretorius or James Brennan

European Securities and Markets Authority (ESMA)

ESMA consults on MiFID M&A RTS: ESMA is consulting on draft RTS under the current MiFID requirement for Member States to make publicly available the information necessary to carry out the assessment of a proposed acquirer of an investment firm. ESMA is required to produce by 1 January 2014 RTS for the Commission which set out an exhaustive list of the relevant information. The RTS are based on existing guidance from the European Supervisory Authorities. They address information on:

  • acquirers and the proposed acquisition;
  • the new group structure and its impact on supervision;
  • proposed changes in control of the target or where the acquirer's shareholding would fall within various bands within the Acquisitions Directive;
  • situations where EU acquirers acquire small, non-complex investment firms; and
  • validity of information.

ESMA asks for comments by 9 September. (Source: ESMA Consults on MiFID M&A RTS)

Contact: Andrew Barber or Josie Day

ESMA issues protocol on suspension notifications: ESMA has published a protocol on making the notifications required when a market operator or competent authority has used MiFID powers to suspend or remove a financial instrument from trading. Notifications must be made using the centralised facility SARIS (Suspension and Restoration Information System). (Source: Protocol on the Operation of Notifications under MiFID Article 41)

Contact: Josie Day or James Brennan

ESMA consults on CRA3 Level 2: ESMA has issued a discussion paper with a view to delivering draft RTS on several aspects of the implementation of the recently adopted revised Credit Rating Agencies Regulation (CRA3). These RTS cover:

  • content, frequency and template for the disclosure requirements on structured finance instruments;
  • the content and format of rating agencies' reports to the European Rating Platform; and
  • reporting on fees charged by rating agencies.

ESMA asks for comments by 10 October. (Source: ESMA launches consultation on implementation of new CRA Regulation)

Contact: Rosali Pretorius or James Brennan

European Systemic Risk Board (ESRB)

ESRB responds on forbearance: ESRB has responded to EBA's consultation on draft ITS on supervisory reporting on forbearance and non-performing exposures. It says that the lack of reliable and comparable data on the quality of assets in banks' balance sheets is a source of systemic risk. On the other hand, forbearance may have positive effects and ESRB suggests collecting data on forborne loans that resume regular payments. (Source: ESRB Response on Forbearance)

Contact: Rosali Pretorius or Andrew Barber

UK Government and Parliament

Parliament

TSC publishes insurance evidence letters: The Treasury Select Committee (TSC) has published letters from Martin Wheatley and Otto Thoresen as part of its investigation into whether existing customers pay higher premiums for insurance than new customers and, if this is so, what action is being taken. (Source: TSC Publishes Insurance Evidence Letters)

Contact: Emma Radmore or Andrew Barber

Parliament publishes High Cost Credit Bill: Parliament has published the text of the Private Members' High Cost Credit Bill, which is currently in the early stages of the Parliamentary process. (Source: High Cost Credit Bill)

Contact: Andrew Barber or Howard Cohen

Legislation

Banking Reform Bill continues through Parliament: The Financial Services (Banking Reform) Bill continued its passage through Parliament, completing its Report and Third Reading in the House of Commons. The Government has taken the opportunity to insert in the Bill provisions to implement the recommendations of the Parliamentary Commission on Banking Standards. The Bill has also had its first reading in the House of Lords, with its second reading due on 24 July. (Source: Banking Reform Bill continues through Parliament)

Contact: Andrew Barber or Emma Radmore

Treasury publishes Consumer Credit Order: Treasury has published in draft the statutory instrument that will make changes and clarifications to legislation in connection with the transfer of consumer credit regulation to FCA. It caters for the functions FCA will have under the Consumer Credit Act and provisions of the Financial Services and Markets Act that will apply to failures to comply with the Consumer Credit Act. (Source: Treasury Publishes Consumer Credit Order)

Contact: Andrew Barber or Howard Cohen

NCA to take effect in October: A commencement order under the Crime and Courts Act 2013 makes provision for the National Crime Agency (NCA) to be established from 7 October. Among other things, this means the Serious Organised Crime Agency will be abolished from that date. (Source: Crime and Courts Act Commencement Number 2 Order)

Contact: Howard Cohen or Emma Radmore

HM Treasury (Treasury)

Government responds on banking standards: The Government has published its response to the recommendations of the Parliamentary Commission on Banking Standards. As suggested in the Chancellor's Mansion House speech, it intends to implement the recommendations as soon as possible. In particular it will:

  • introduce a criminal offence for reckless misconduct for senior bankers;
  • set rules to ensure bankers' pay is aligned with their performance, including provisions on bonus deferral and claw-back;
  • introduce stringent requirements on senior bank staff and new rules to promote higher standards for all bank staff;
  • reverse the burden of proof so bank bosses are accountable for breaches within their areas of responsibility;
  • strengthen corporate governance so firms can identify risks and maintain standards on ethics and culture;
  • give PRA a secondary competition objective to strengthen its role in ensuring the UK has banking markets with effective competition that delivers good outcomes for consumers; and
  • ask the new payments regulator to urgently examine account portability and whether the big banks should give up ownership of the payments systems.

(Source: Government Responds on Banking Standards)

Contact: Andrew Barber or Emma Radmore

NYSE Euronext to be next LIBOR administrator: The Hogg Tendering Advisory Committee for LIBOR announced BBA has accepted its recommendation that NYSE Euronext be the next LIBOR administrator. A new company, NYSE Euronext Rate Administration Limited, must now get FCA authorisation, and BBA will work to transfer responsibilities to it. BBA Libor Limited has issued plans for an interim regime. The transfer should happen in early 2014. (Source: NYSE Euronext to be Next LIBOR Administrator and BBA Libor Issues Interim Regime Documents)

Contact: Rosali Pretorius or Howard Cohen

Treasury updates on AML: Treasury has updated its anti-money laundering (AML) advisory notices following the recent Financial Action Task Force (FATF) meeting. (Source: Treasury Updates on AML)

Contact: Emma Radmore or Andrew Barber

Office of Fair Trading (OFT)

OFT publishes generic letter on payday loans: OFT has published a generic letter setting out its action to date on payday loans and the action it expects firms in the sector to take. It requires an audit report from firms showing the changes they have implemented to ensure they comply with legal obligations and the minimum standards OFT expects of its licensees. The letter requires acknowledgement within 14 days and the audit report within 12 weeks. OFT warns that failure to meet OFT standards may lead to a revocation of a licence or the imposition of requirements under the Consumer Credit Act. (Source: OFT Publishes Generic Letter on Payday Loans)

Contact: Andrew Barber or Howard Cohen

Competition Commission

Competition Commission updates on motor insurance investigation: The Competition Commission has published an annotated issues statement on its investigation into the private motor insurance market. So far, the Competition Commission has seen evidence of, among other issues, moral hazard arising where there is separation of cost liability and cost control in the provision of post-accident services to non-fault claimants. The Competition Commission will also consider the issue of add-ons further. (Source: Annotated Issues Statement on its Investigation into the Private Motor Insurance Market)

Contact: Emma Radmore or Andrew Barber

UK Financial Services and Markets Regulators

Financial Conduct Authority (FCA)

FCA consults on retail referrals: FCA is consulting on rules to clarify its application of the Retail Distribution Review (RDR) rules to referrals to discretionary investment managers. The paper:

  • clarifies what happens when an adviser recommends a client to place additional money with a discretionary investment manager from whom the adviser receives payments resulting from a referral made before RDR implementation. Following market consultation on commission for legacy business, FCA intends to allow referral payments for pre-RDR referrals to continue, but will ban payments for post-RDR top-ups when an adviser recommends more money be paid into investments already held with a manager;
  • bans referral payments where an adviser does not provide personal recommendations to particular clients, but provides other services to them, such as market research. FCA already consulted on this, and most respondents supported it as they believe it would stop firms trying to circumvent the ban on referral payments. So referral payments can continue only where firms provide pure non-advised services or pure introductions. Any payments that are still allowed will be subject to the rules on clients' best interests and inducements; and
  • clarifies that all complaints about any activities of a retail investment adviser should be reported to FCA.

The new rules will primarily amend the Conduct of Business Sourcebook (COBS) 6.1.A 4. FCA asks for comment by 4 October. (Source: FCA Consults on Retail Referrals)

Contact: Andrew Barber or Josie Day

FCA speaks on insurance broking: Simon Green of FCA spoke on the future of insurance broking. He focused on the need to restore trust and confidence in the industry generally, specifically addressing the lack of relationship between customers and insurers. He said brokers could help add value by keeping the customer at the heart of their business model. He said FCA will focus its supervision on senior management, business models and product design and distribution. He spoke of FCA's thematic work and announced the launch of a new thematic review of conflicts of interest where brokers receive money from both insurers and customers. (Source: FCA Speaks on Insurance Broking)

Contact: Emma Radmore or Andrew Barber

FCA speaks on first 100 days: Martin Wheatley spoke to the Association of British Insurers (ABI) on the first 100 days of FCA. He spoke both on how FCA differs from the Financial Services Authority and on its current insurance initiatives, such as its review of add-ons. He also spoke on the recent reviews of motor legal expenses insurance and mobile phone insurance, and FCA's use of thematic reviews in the life and pensions sector. (Source: FCA Speaks on First 100 Days)

Contact: Emma Radmore or Josie Day

FCA publishes last FSA annual report: FCA has released FSA's Annual Report 2012/2013, which contains a section on the organisational changes required by the move to a twin peaks regulatory model. (Source: FSA Annual Report 2012/2013)

Contact: Emma Radmore or Juan Jose Manchado

FCA calls for evidence on insurance add-ons: FCA has launched a call for evidence, which will be open until 10 September, on the cost and outcomes of insurance add-ons that are cross-sold to consumers and on constraints to competition that this practice may cause. (Source: Call for Evidence for the General Insurance Add-On Market Study)

Contact: Emma Radmore or Andrew Barber

Prudential Regulation Authority (PRA)

PRA speaks on insurance supervision: Andrew Bailey, speaking to the ABI, looked at the reasons PRA regulates insurers and its key regulatory priorities. He also spoke on particular regulatory initiatives, such as the continuing preparations for Solvency 2. (Source PRA Speaks on Insurance Supervision)

Contact: Rosali Pretorius or Emma Radmore

PRA issues insurance modification: PRA has issued a form of modification by consent from various rules in the Interim Prudential Sourcebook for Insurers (IPRU-INS) for firms in run-off. Firms can get the modification when PRA feels it no longer needs certain information in order properly to supervise them. (Source: PRA Issues Insurance Modification)

Contact: Rosali Pretorius or Emma Radmore

PRA and FCA to apply internal audit guidance: PRA and FCA have welcomed the Chartered Institute of Internal Auditors' guidance "Effective Internal Audit in the Financial Services Sector", and confirmed that they will consider compliance with the guidance in any assessment of internal audit within regulated firms. The guidance includes a section on internal audit's interaction with risk management, compliance and finance. (Source: PRA and FCA Welcome Internal Audit Guidance and Effective Internal Audit in the Financial Services Sector)

Contact: Emma Radmore or Andrew Barber

Financial Services Compensation Scheme (FSCS)

FSCS publishes approach to calculating expected compensation: FSCS has published a paper consulting on its approach to calculating the expected compensation costs over periods of three years. The new FSCS funding arrangements allow it to raise a levy amounting to a third of those costs. FSCS clarifies that the new power increases certainty for the industry, and that it shouldn't be seen as a move to a pre-funded model. Expected compensation levels will be based on past experience, adjusted to reflect new trends and "one off" situations. Any surplus at the end of a year will be offset against expected costs for the following three years. FSCS has also published a more general paper on its approach to funding and borrowing. (Source: FSCS Funding Policy Update)

Contact: Emma Radmore or Juan Jose Manchado

Other Regulators/Authorities/Industry Associations

Bank for International Settlements/Basel Committee on Banking Supervision (BIS/Basel Committee)

Basel Committee consults on capital for exposures to funds: The Basel Committee is consulting on a three-step decision tree framework for applying capital requirements to banks' equity investments in funds. As a general principle, banks should apply a look-through approach to identify the risks of the underlying assets. If that is not possible, banks would have to resort to a mandate-based approach. In the absence of investment mandate information, a fall-back approach would require the application of a 1,250% risk weight. The resulting capital requirements would also have to reflect the fund's leverage. It asks for comments by 4 October. (Source: Consultation on Capital for Banks' Equity Investments in Funds)

Contact: Rosali Pretorius or Andrew Barber

Basel Committee publishes analysis of RWA in the banking book: As part of its Regulatory Consistency Assessment Programme, the Basel Committee has published the results of its analysis of the variation across major international banks in the application of risk weights for credit risk in the banking book. The analysis has found that a quarter of the variation registered is due to diversity in bank and supervisory practices, rather than just responding to underlying differences in banks' risk appetite. This variation can cause up to a 20% divergence from the benchmark level of capital. To tackle these variations, the Basel Committee will consider providing additional guidance on the Basel framework and enhancing Pillar 3 disclosure, through more granular information and standardised definitions and templates. Over the medium term, the Basel Committee might consider reviewing national discretions in the implementation of the Basel framework or constraining the flexibility of internal ratings-based calculation of capital requirements. In a related development, the Basel Committee has also published a discussion paper on whether the Basel capital framework strikes the right balance between risk sensitivity, simplicity and comparability. It asks for comments on this discussion paper by 11 October. (Source: Basel Committee Reports on Consistency in RWAs in the Banking Book and Basel Committee Consults on Balancing Risk Sensitivity, Simplicity and Comparability)

Contact: Rosali Pretorius or Andrew Barber

City of London Police

City of London Police supports anti-bribery training: The City of London Police and the British Standards Institute (BSI) have announced a set of training programmes designed to help British businesses implement effective anti-bribery management systems and conduct internal investigations. The City of London Police said it is currently investigating 25 cases of bribery. The BSI's new BS10500 Anti-Bribery Management System has been designed to respond to concerns over the Bribery Act's "adequate procedures" provisions. (Source: City of London Police Supports Anti-Bribery Training)

Contact: Howard Cohen or Andrew Barber

Transparency International (TI)

TI publishes Global Corruption Barometer: TI's 2013 Global Corruption Barometer shows a reported increase in payment of bribes by UK businesses. More than one in four respondents had paid a bribe in the past year, and the police and the judiciary were viewed as being most prone to bribery. Over half the people surveyed thought corruption had got worse in the past two years. In the UK, 5% of respondents to the survey reported having paid a bribe. (Source: TI Publishes Global Corruption Barometer)

Contact: Howard Cohen or Emma Radmore

Recent Publications

Financial Crime

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)

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.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Events from this Firm
28 Sep 2017, Seminar, London, UK

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

As the founding Partner of the Europe-Iran Forum, Dentons Europe will once again support this year’s event. This compelling event which explores all Iran-related topics will take place in Zürich on 3rd and 4th October.

4 Oct 2017, Workshop, London, UK

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.

 
In association with
Related Video
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement

Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of www.mondaq.com

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

Disclaimer

Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

Registration

Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

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 unsubscribe@mondaq.com 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.

Cookies

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.

Links

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.

Mail-A-Friend

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.

Security

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 webmaster@mondaq.com.

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 EditorialAdvisor@mondaq.com.

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 enquiries@mondaq.com.

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