UK: Financial Regulatory Developments (FReD) - 26 July 2013

Last Updated: 30 July 2013

HEADLINES

  • Commission publishes payment services proposals
  • Commission updates work programme
  • ESMA approves more AIFMD MoUs
  • Treasury makes AIFMD Third Country Regulations
  • AIFMD takes effect and FCA publishes more funds forms

EUROPEAN UNION AND INTERNATIONAL

G-20

G-20 finance ministers and central bank governors meet in Moscow: G-20 finance ministers and central bank governors have met in Moscow. Regarding financial regulation, the communiqué highlights the G-20 support for:

  • FSB's monitoring of the impact of reform on the supply of long-term investment;
  • an assessment, which G-20 has requested from FSB and the International Monetary Fund, on the cross-border consistency and implications for financial stability of bank structural reforms;
  • progress on the "too-big-to-fail" issue and shadow banking, which FSB will be reporting on befoe the G-20 Summit on 5-6 September; and
  • mutual recognition of OTC derivatives regulations where the outcomes they achieve are essentially identical.

Regarding the energy and commodity markets, G-20 agreed to:

  • present a report at the G-20 Summit on the transparency of commodity markets;
  • continue improving the Joint Organisations Data Initiative (JODI);
  • monitor the implementation of the IOSCO principles on commodity derivatives; and
  • look forward to IOSCO's report on the implementation of its principles on Price Reporting Agencies.

(Source: Communiqué of Meeting of Finance Ministers and Central Bank Governors)

Contact: Rosali Pretorius or Emma Radmore

Financial Stability Board (FSB)

FSB names systemically important insurers: FSB has set out its first list of Global Systemically Important Insurers (G-SII). There are nine groups on the list. It has also endorsed the International Association of Insurance Supervisors' (IAIS) methodology for identifying G-SIIs and a set of policy measures that will apply to them. The measures are consistent with those that already apply to other global systemically important financial institutions and comprise:

  • recovery and resolution plans and a crisis management framework;
  • enhanced group-wide supervision; and
  • higher levels of loss-absorbing capital.

(Source: FSB Names G-SII)

Contact: Rosali Pretorius or Juan Jose Manchado

European Commission (Commission)

Commission publishes payment services proposals: The Commission has published proposals to review the Payment Services Directive (PSD) and for a Regulation on card multilateral interchange fees. It has also published a report to the European Parliament and the Council on the application of PSD. The revised Directive:

  • brings within scope third party providers, such as payment initiation services and account information services. They will benefit fully from the internal market subject to registration, supervision and security requirements;
  • extends regulation to the EU leg of a transfer or remittance outside Europe and to payments in non-EU currencies;
  • requires that all payment service providers have certain security measures in place, assess risks on a yearly basis and ensure strong customer authentication. The cap on losses that a customer may bear in cases of unauthorised card payments, except in certain cases where there is fraud or gross negligence, is reduced from €150 to €50;
  • gives consumers an unconditional refund right even in the case of a disputed transaction; and
  • requires that any complaint be answered within 15 business days.

The multilateral interchange fee (MIF) Regulation introduces a cap of 0.2% and 0.3% on multilateral interchange fees imposed on merchants. (Source: Payments Legislative Package)

Contact: Andrew Barber or Emma Radmore

Commission updates work programme: The latest edition of the Commission's work programme features:

  • a framework for benchmark regulation in September;
  • proposal relating to money market funds also in September;
  • follow-up on the Green Paper on shadow banking also in September;
  • a proposed Directive or Regulation on banking structural reform in October;
  • amendments to various aspects of the UCITS framework in December; and
  • review of the European System of Financial Supervision during the fourth quarter of 2013.

(Source: Commission Updates Work Programme)

Contact: Emma Radmore or Juan Jose Manchado

European Banking Authority (EBA)

EBA consults on covered bonds and credit risk: EBA is consulting on draft Regulatory Technical Standards (RTS) on prudential filters banks apply to own funds. The RTS set out the criteria for defining the close correspondence between the fair value of covered bonds and the fair value of the assets for the purpose of calculating capital requirements. The RTS will be part of the single rulebook. EBA asks for comments by 1 September and must submit them to the Commission by 30 September. (Source: EBA Consults on Covered Bonds and Credit Risk)

Contact: Rosali Pretorius or Luca Salerno

EBA issues recommendation on capital preservation: Following the recapitalisation exercise of 2011/2012, EBA has now issued a new recommendation whereby national regulators should ensure that banks preserve the levels of capital required to meet, as at 30 June 2012, the previous recapitalisation recommendation. Banks will be required to submit capital plans and monitoring templates to national regulators by 29 November, and to produce plans for capital restoration wherever this falls below the recommended level. Waivers will be granted on a case-by-case basis. (Source: EBA Publishes a Recommendation on the Preservation of Capital)

Contact: Rosali Pretorius or Juan Jose Manchado

EBA launches prudent valuation QIS: EBA has launched a quantitative impact study (QIS) on the impact of its proposals for calculating additional value adjustments. Participating banks have to submit information to their national supervisors by 15 November 2013. (Source: EBA Launches Prudent Valuation QIS)

Contact: Rosali Pretorius or James Brennan

European Securities and Markets Authority (ESMA)

ESMA approves more AIFMD MoUs: ESMA has approved seven Memoranda of Understanding (MoUs) for cooperation between regulatory authorities in relation to alternative investment funds (AIFs) and their managers under the Alternative Investment Fund Managers Directive (AIFMD). The latest MoUs, bringing the total to 38, are with authorities from the Bahamas, Japan, Malaysia, Mexico and the US, including the Commodity Futures Trading Commission. National regulators within the EU are now signing MoUs with relevant regulators with whom ESMA already has an MoU. The MoUs will enable cross-border marketing of AIFs to professional investors between jurisdictions subject to the other jurisdiction not being listed as a non-cooperative jurisdiction by the Financial Action Task Force and, as from the entry into force of the passport for non-EU managers, having cooperation agreements in place with EU Member States regarding the exchange of information on tax matters. ESMA notes it is still negotiating an MoU with China. (Source: ESMA Approves More AIFMD MoUs)

Contact: Rosali Pretorius or Kam Dhillon

Commission tells ESMA to correct AIFMD RTS: ESMA has published a letter from the Commission dated 4 July expressing concern about certain aspects of ESMA's draft Regulatory Technical Standards (RTS) under AIFMD on types of AIFM. The Commission is concerned ESMA has not properly drawn certain distinctions between open- and closed-ended AIFs. It asks ESMA to submit new RTS clarifying the distinction, in time for AIFMD implementation. (Source: Commission Tells ESMA to Correct AIFMD RTS)

Contact: Rosali Pretorius or Kam Dhillon

ESMA and ACER sign MoU: ESMA and the Agency for the Cooperation of Energy Regulators (ACER) have signed a cooperation agreement on working together. The authorities will cooperate particularly over issues related to the Market Abuse Directive and the Regulation on Energy Market Integrity and Transparency (REMIT). (Source: ESMA and ACER sign MoU)

Contact: Rosali Pretorius or Luca Salerno

European Insurance and Occupational Pensions Authority (EIOPA)

EIOPA reports on peer review: EIOPA has published a report following the peer review of the Solvency II pre-application process of internal models. The report covered 24 Member States and noted some significant differences in supervisory practices. It has produced some best practice guidelines, which it will look to turn into recommendations in the next stage of its work. (Source: EIOPA Reports on Peer Review)

Contact: Rosali Pretorius or Howard Cohen

UK GOVERNMENT AND PARLIAMENT

Legislation

Treasury makes AIFMD Third Country Regulations: Treasury has made a further set of Regulations amending UK law to implement AIFMD. The main Regulations (see FReD 19 July) took effect on 22 July to implement those provisions of AIFMD that apply from 22 July. These amendment Regulations set out the changes that will be needed when AIFMD provisions on:

  • authorisation of non-EEA managers of AIFs;
  • management and marketing of AIFs by non-EEA managers; and
  • marketing of non-EEA AIFs by UK managers take effect. This will not be until the European Commission has made delegated legislation which sets out the framework for this, and sets the date from which the rules will apply. Broadly, these will apply FSMA requirements to non-EEA AIFMs for whom the UK is the "Member State of reference". A further set of amendments will revoke the framework that the UK will apply to these matters until that date. Finally, the instrument makes some minor corrections to the main Regulations.

(Source: Treasury Makes AIFMD Third Country Regulations)

Contact: Rosali Pretorius or Kam Dhillon

Treasury makes FS Act Order: Treasury has made an Order setting out various amendments to several pieces of legislation to reflect provisions in the Financial Services Act 2012 (FS Act). (Source: Treasury Makes FS Act Order)

Contact: Emma Radmore or Josie Day

Parliament

Treasury Committee publishes interest-only mortgage letters: The Treasury Select Committee has published an exchange of letters between Andrew Tyrie and FCA in relation to FCA's work on interest-only mortgages. The Committee welcomed FCA's work and also noted that its work and the letters made it clear that consumers must take some responsibility for their choices. (Source: Treasury Committee Publishes Interest-Only Mortgage Letters)

Contact: Andrew Barber or Josie Day

Mutuals' redeemable share Bill introduced in the Lords: A Private Members' Bill to permit mutuals to issue a new type of redeemable share has been introduced in the House of Lords. (Source: Mutuals' Redeemable Shares Bill)

Contact: Andrew Barber or Juan Jose Manchado

HM Treasury (Treasury)

Treasury updates sanctions: Treasury has updated the sanctions lists in respect of Al-Qaida. (Source: Treasury Updates Sanctions)

Contact: Emma Radmore or Andrew Barber

Banks agree to publish lending data: The Chief Secretary to the Treasury, Danny Alexander, has announced that seven of the UK's major lenders have voluntarily agreed to publish lending data across 10,000 postcodes. The British Bankers' Association and the Council of Mortgage Lenders will publish this data on a quarterly basis starting by the end of this year. The Government said that this agreement will help promote greater competition and lead to better evidence-based policy making. (Source: Lending Data for 10,000 Postcodes to be Published)

Contact: Rosali Pretorius or Andrew Barber

HM Revenue and Customs (HMRC)

HMRC publishes AML guides: HMRC has published guides to how it supervises firms registered with it under the Money Laundering Regulations. (Source: HMRC Publishes AML Guides)

Contact: Howard Cohen or Andrew Barber

Office of Fair Trading (OFT)

OFT reports on payment systems: OFT has published a report on competition and innovation in the payment systems, which responds to Treasury's consultation on the regulation of the UK payment systems. The report considers four main issues:

  • Access to payment systems, recommending that the future regulator have powers to set minimum terms of access and to review pricing. Given that there is no incentive for small banks to complain about the service received from larger banks, the regulator should also have powers to conduct own-initiative reviews.
  • Competition between payment systems: OFT recommends relaxing the scope of payments that can be processed by recognised electronic payment services and giving the regulator powers over providers of payment systems infrastructure.
  • Extending the scope of regulation to payment card networks, so that the regulator can act on multilateral interchange fees until the Commission's proposals come into force.
  • Innovation: the future regulator should coordinate collaborative projects.

(Source: How Regulation of UK Payment Systems Could Enhance Competition and Innovation)

Contact: Andrew Barber or Emma Radmore

UK FINANCIAL SERVICES AND MARKETS REGULATORS

Prudential Regulation Authority (PRA)

PRA makes new rules: PRA has made the Handbook Administration Instrument (No 1) 2013, which amends several sourcebooks in the Handbook to bring them into line with AIFMD and the Contractual Scheme Regulations. (Source: Handbook Administration Instrument (No 1) 2013)

Contact: Emma Radmore or Kam Dhillon

Financial Conduct Authority (FCA)

AIFMD takes effect and FCA publishes more funds forms: On 22 July, as the AIFMD took effect, FCA published a suite of forms for European Venture Capital (EUVeCa) and European Social Entrepreneurship Fund (EUSEF) managers, allowing them to register under the terms of the EU Regulations that also took effect on 22 July. (Source: AIFMD Takes Effect and FCA Publishes EUSEF and EUVeCa Manager Forms)

Contact: Rosali Pretorius or Kam Dhillon

FCA and SEC sign AIFMD MoU: The US Securities and Exchange Commission (SEC) announced it has signed MoU with FCA for cooperation under AIFMD. It has also signed MoUs with the other EU and EEA regulators. (Source: FCA and SEC Sign AIFMD MoU)

Contact: Rosali Pretorius or Kam Dhillon

CA starts publishing granted AIFMD permissions and passports: While the Financial Services Register is updated to reflect the new permissions and passports under AIFMD, FCA has started publishing the details of firms that have been granted them in a "Supplement to the Financial Services Register". (Source: Supplement to the Financial Services Register)

Contact: Rosali Pretorius or Kam Dhillon

FCA fines and bans insurance broker: FCA has banned Paul Cable, a former insurance broker, and fined him £140,000 for misleading clients. Mr Cable told a client insurance cover was in place when it was not, and kept the premiums. FCA said Mr Cable had already been banned from certain activities, and had continued to mislead clients in activities not covered by the ban and despite several warnings over his conduct by the Financial Services Authority (FSA). FCA said this showed a complete lack of integrity. (Source: FCA Fines and Bans Insurance Broker)

Contact: Emma Radmore or Andrew Barber

Last FSA public meeting takes place: The last public meeting of FSA took place on 18 July. John Griffith-Jones highlighted the achievements of FSA's last year of operation, including on:

  • thematic and targeted reviews;
  • improving capital and liquidity and the general stability of firms;
  • enforcement;
  • regulatory reform including the Retail Distribution Review; and
  • international initiatives.

(Source: Last FSA Public Meeting Takes Place)

Contact: Andrew Barber or Kam Dhillon

FCA lists LIBOR information providers: FCA has published lists of those permitted to provide information in relation to specified benchmarks (LIBOR) and administering it. (Source: FCA Lists LIBOR Information Providers and FCA Lists LIBOR Administrators)

Contact: Howard Cohen or Josie Day

FCA fines commodities trader for "layering": FCA has fined US-based commodities trader Michael Coscia US $903,176 for "layering" while conducting proprietary high-frequency trading on ICE Futures Europe through a Direct Market Access provider. FCA has found that he placed and rapidly cancelled large orders which he did not intend to trade, thus creating a false or misleading impression as to the supply, demand or price for qualifying investments. This behaviour amounts to market manipulation under section 118(5) of the Financial Services and Markets Act 2000. The US Commodities and Futures Trading Commission and the Chicago Mercantile Exchange have also imposed fines on him for similar market manipulation on US markets. (Source: FCA fines US Based Oil Trader US $903K for Market Manipulation)

Contact: Rosali Pretorius or Luca Salerno

FCA fines RBS for transaction reporting failures: FCA has fined RBS £5,620,300 for failure to report or to do so accurately in respect of 37% of reportable transactions in the period from 5 November 2007 to 1 February 2013. FCA finds the reporting failures particularly serious given the quantity of guidance available on transaction reporting and the fact that similar failings by other firms were being subject of enforcement action during that period. FCA blames the problems on the challenge to systems and controls caused by the takeover of ABN Amro. The recording and reporting systems were complex and fragmented, responsibility among senior management for transaction reporting was not clearly apportioned and there was no adequate training, oversight or assurance testing. These failings constitute a breach of several rules in the supervisory (SUP) manual of the FCA Handbook and of Principle 3. (Source: RBS Final Notice)

Contact: Emma Radmore or Andrew Barber

FCA publishes guidance on its approach to its objectives: FCA has published guidance on how it intends to advance its operational objectives. Each chapter of the guide deals with one of the three statutory operational objectives: consumer protection, market integrity and promotion of effective competition in the interests of consumers and markets. (Source: FCA's Approach to Advancing its Objectives)

Contact: Emma Radmore or Andrew Barber

Financial Ombudsman Service (FOS)

FOS extends its voluntary scope: FOS has amended the Sourcebook DISP in the FCA Handbook to extend its voluntary jurisdiction to alternative investment fund managers. (Source: Updating the Scope of Our Voluntary Jurisdiction)

Contact: Emma Radmore or Kam Dhillon

OTHER REGULATORS/AUTHORITIES/INDUSTRY ASSOCIATIONS

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

Basel Committee updates on QIS: The Basel Committee is carrying out a QIS on:

  • its proposed non-internal model method for measuring counterparty credit risk;
  • its proposed revisions to the capital requirements for bank exposures to central counterparties; and
  • regulatory reforms under way affecting OTC derivatives.

It wants to assess whether these regulatory reforms create appropriate incentives for market participants to centrally clear OTC derivatives. (Source: Basel Committee Updates on QIS)

Contact: Rosali Pretorius or James Brennan

Basel Committee consults on LCR disclosure: The Basel Committee is consulting on liquidity coverage ratio (LCR) disclosure. It says public disclosure improves transparency, reduces uncertainty in the markets and strengthens market discipline. It wants banks to adopt a common disclosure framework and internationally-active banks across Basel member jurisdictions to be required to publish their LCR according to a common template. It asks for comments by 14 October. (Source: Basel Committee Consults on LCR Disclosure)

Contact: Andrew Barber or James Brennan

International Swaps and Derivatives Association (ISDA)

ISDA Publishes EMIR Protocol: ISDA has published the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol and Reporting Guidance Note. The Protocol is designed to allow swap market participants to simultaneously amend the terms of an agreement covered by the Protocol to reflect certain portfolio reconciliation and dispute resolution obligations imposed by the European Market Infrastructure Regulation (EMIR). It also includes a disclosure waiver relating to reporting and record keeping obligations under EMIR. ISDA also plans a standard agreement based on the Protocol which could be used between market participants to comply with these obligations on a bilateral basis. The Reporting Guidance Note includes draft language that market participants can use as part of their tool kit for compliance with EMIR reporting obligations. (Source: ISDA Publishes EMIR Protocol)

Contact: Rosali Pretorius or Matthew Sapte

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

US Government announces six-month delay in FATCA rules: John Harrington, Jeffrey Koppele, Marc Teitelbaum and Jerome Walker have written an update on the delay in implementing certain elements of FATCA.

Take aim for AIFMD implementation: Emma Radmore and Kam Dhillon have written an article for Compliance Monitor on the final steps towards implementation of the AIFMD.

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

It's all in the detail: a cautionary tale for handling complaints: Richard Caird and Felicity Ewing have written an article on the FCA's fine on Policy Administration Services.

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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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.