UK: Financial Regulatory Developments (FReD) - 13 September 2013

Last Updated: 13 September 2013

HEADLINES

  • G-20 publishes declaration
  • EP endorses MAR
  • EP provisionally approves MCD
  • General Court annuls sanctions designations
  • FCA announces cash savings market study
  • Up next from FCA
  • FReD Live

EUROPEAN UNION AND INTERNATIONAL

G-20

G-20 publishes declaration: G-20's declaration following its September summit praises the unprecedented international cooperation in achieving so many aims of the regulatory reform programme over the past five years. However, it urges financial institutions and regulators to work on the foundations now in place and comply with the standards set down by international standard-setters. It also looks forward to further progress reports and recommendations from FSB. (Source: G-20 September 2013 Declaration)

Contact: Rosali Pretorius or Howard Cohen

G-20 publishes shadow banking roadmap: G-20 has published a summary of steps that will lead to a strengthened oversight and regulation of shadow banking. These include the final revised Basel Committee standards on large exposures and banks' investments in funds, the International Organisation of Securities Commissions (IOSCO) analysis of the hedge fund sector and FSB's recommendations on haircuts to non-centrally cleared securities financing transactions. (Source: G-20 Roadmap Towards Strengthened Oversight and Regulation of Shadow Banking)

Contact: Rosali Pretorius or Juan Jose Manchado

Financial Stability Board (FSB)

FSB updates G-20 leaders: Following publication of detailed reports on key areas of regulatory reform ahead of the G-20 September summit (see FReD 6 September), FSB updated the G-20 leaders by submitting:

  • a letter from its Chair, Mark Carney, highlighting major developments and issues;
  • a progress report on reforms currently underway and what further action will achieve full reform, alongside a more detailed report on reforms designed to strengthen financial stability; and
  • a scoreboard setting out the current state of progress made in global policy development and implementation of financial regulatory reforms.

(Source: FSB Updates G-20 Leaders)

Contact: Rosali Pretorius or Juan Jose Manchado

FSB publishes peer review of the UK: FSB has completed the peer review of the UK, which follows up on the UK Financial Sector Assessment Program (FSAP) that the International Monetary Fund (IMF) undertook in 2011. The peer review examined three topics of relevance to financial stability. It concluded the UK had progressed well and made significant progress towards its goals. For the future, it recommended:

  • Macro-prudential policy: FSB recommends that the relationship between the Financial Policy Committee (FPC) and FCA should be developed, and FCA capacity to undertake systemic risk analysis should be enhanced. The extent of permissible detail in FPC recommendations to PRA and FCA must also be clarified, to avoid tension between agencies and confusion in the marketplace.
  • Micro-prudential policy: PRA should consider options to communicate to firms their rating under the supervisory proactive intervention framework (PIF) without triggering disclosure obligations for listed firms. PRA's supervisory ratings and strategies should be signed off by risk specialists.
  • Central counterparties (CCPs): BoE should promote the integration and flow of information between the micro- and macro-prudential perspectives on CCPs, given that different UK agencies can apply policy tools that have systemic effects.

(Source: Peer Review of the United Kingdom)

Contact: Rosali Pretorius or Emma Radmore

Council of the European Union (Council)

Council publishes new CSD Regulation compromise text: The Council has published the compromise text of the Regulation on Central Securities Depositories (CSD) that its Presidency tabled for discussion on 24 July. The new compromise text expands on the requirements that would apply if a CSD provided ancillary banking services through a group entity or through a designated external credit institution. (Source: CSD Regulation Compromise Text)

Contact: Rosali Pretorius or Andrew Barber

European Parliament (EP)

EP endorses MAR: EP has approved the political agreement it reached with the Council on the Market Abuse Regulation (MAR). The final adoption of MAR will take place after final political agreement on the new Markets in Financial Instruments Directive and Regulation (MiFID 2/MiFIR), as many aspects of MAR need to be aligned with MiFID 2/MiFIR. The Directive on Criminal Sanctions for Market Abuse (CSMAD) is still in its trilogue negotiations stage. (Source: EP Endorsement of the Political Agreement on MAR and EP Adopted Text of MAR)

Contact: Rosali Pretorius or Luca Salerno

EP provisionally approves MCD: EP has provisionally approved the text of the Mortgage Credit Directive (MCD). MEPs agree with its aims and the provisions on pre-contractual information, the customer's rights during the contract and protecting the customer in the event of default. Before the MEPs formally approve the final rules, they want Member States to agree they will enforce them consistently. (Source: EP Provisionally Approves MCD and EP Adopted Text of MCD)

Contact: Andrew Barber or Josie Day

EP brings forward Omnibus 2 vote: EP has brought forward by one month the vote on the Omnibus 2 Directive, which will now take place on 3 February 2014. Omnibus 2 will, among other things, determine the date of entry into force of Solvency 2. (Source: OEIL File for Omnibus 2)

Contact: Emma Radmore or Juan Jose Manchado

JURI publishes draft opinion on MLD4: The Committee on Legal Affairs (JURI) at EP has published a draft of the opinion it has to deliver to the Committee on Civil Liberties, Justice and Home Affairs on the fourth Money Laundering Directive (MLD4). JURI proposes distinguishing between casinos, on-line gambling and other providers of gambling services, because it says the last category of provider only gives rise to money laundering risks at the time of paying "prizes". On other issues, JURI seeks a better alignment with the FATF's February 2012 Recommendations. (Source: JURI Draft Opinion on MLD4)

Contact: Emma Radmore or Andrew Barber

European Commission (Commission)

Commission publishes shadow banking and MMF proposals: The Commission has published the final versions of its draft Communication on shadow banking and Regulation on money market funds (MMF). See FReD 6 September for details of the proposals. (Source: Commission Publishes Shadow Banking Communication and Commission Publishes MMF Regulation)

Contact: Andrew Barber or Juan Jose Manchado

European Banking Authority (EBA)

EBA publishes responses to consultations: EBA has published the responses to its consultations on draft regulatory and implementing technical standards (respectively, RTS and ITS) on recovery plans scenarios and assessments, and on passport notifications. (Source: Responses to Draft RTS on Recovery Plans Scenarios, Responses to Draft RTS on Recovery Plans Assessment and Responses to Draft RTS and ITS on Passport Notifications)

Contact: Andrew Barber or Juan Jose Manchado

European Securities and Markets Authority (ESMA)

ESMA publishes responses on acquisitions and increased holdings: ESMA has published the responses to its consultation on draft RTS on information requirements for assessment of acquisitions and increases in holdings in investment firms. (Source: Responses to Draft RTS on Acquisitions and Increases in Holdings in Investment Firms)

Contact: Howard Cohen or Emma Radmore

European Central Bank (ECB)

ECB speaks on Banking Union state-of-play: Jörg Asmussen, member of the Executive Board of ECB, has spoken on the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). He looked forward to ECB beginning to exercise single supervision in autumn 2014. The preparations include drawing up the model for how the layers of national and European supervision will work together, and carrying out stress tests that "look the whole truth in the face". Regarding the SRM, he called for ECB to have the power to decide when a bank is no longer viable. Given the increased protection of depositors' interests that the SSM, the SRM and the current revision of the Deposit Guarantee Schemes Directive will bring about, Mr. Asmussen believes that the need for a single deposit guarantee scheme is less urgent. (Source: Towards a Banking Union: the State-of-Play from the ECB's Perspective)

Contact: Emma Radmore or Juan Jose Manchado

General Court of the EU

General Court annuls sanctions designations: The General Court of the EU has annulled several acts of the Council designating various entities under measures to prevent nuclear proliferation and terrorist financing. It found the Council had:

  • not proved the facts on which it based its accusations against Post Bank Iran, Iran Insurance Company, Good Luck Shipping and Export Development Bank of Iran;
  • made errors of assessment relating to facts or evidence in which it relied in its designations of Mr Bateni, Persia International Bank and Iranian Offshore Engineering & Construction Co;
  • breached its obligation to state reasons and disclose evidence against Bank Refah Kargaran; and
  • merely adopted a proposal of a Member State without properly evaluating it in relation to its acts of 23 May 2011 in relation to Europäisch-Iranische Handelsbank (but not in relation to other entities). However, the Council made later acts which were, in the Court's opinion, valid, so these more recent acts have not been annulled and the funds of Europäisch-Iranische Handelsbank remain frozen.

Bank Melli had also applied for annulment of acts, but the Court found against all these appeals and Bank Melli remains listed for all current purposes. The annulments will not take effect until the deadline for the Council to appeal has passed. During this period, the Council has an opportunity to make valid acts which will have the effect of continuing the designations. (Source: General Court Annuls Sanctions Designations)

Contact: Emma Radmore or Andrew Barber

European Supervisory Authorities (ESAs)

ESAs report on cross-sectoral risks: The Joint Committee of the ESAs has published its second report on risks and vulnerabilities in the EU financial system. In its last report it identified four key cross-sectoral risks which it says still exist:

  • the weak macro-economic outlook;
  • the protracted low-interest rate environment;
  • EU financial sector fragmentation; and
  • reduced confidence in balance sheet valuations and risk disclosures.

The report notes reform measures recently agreed and which should address some of these risks. The ESAs also stressed the importance of working together to assess risks on a cross-sectoral basis. (Source: ESAs Report on Cross-Sectoral Risks)

Contact: Rosali Pretorius or Andrew Barber

UK GOVERNMENT AND PARLIAMENT

HM Treasury (Treasury)

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

Contact: Emma Radmore or Andrew Barber

Bank of England (BoE)

BoE calls for independent financial stability policy: Andy Haldane, BoE's Executive Director for Financial Stability, has argued in a speech that financial policymakers, such as the FPC, should be at arm's-length from the political process. This would "reduce the temptation to trade off an asset boom today for a bust tomorrow". (Source: News Release - Why Institutions Matter (More Than Ever))

Contact: Andrew Barber or Juan Jose Manchado

BoE publishes FMI webpages: BoE has published new webpage content linking to information on the different legal regimes covering BoE's supervision of financial market infrastructures (FMIs), which comprise:

  • Securities settlement systems;
  • Recognised clearing houses (RCHs);
  • Overseas clearing houses;
  • Recognised payment systems; and
  • Designated systems.

(Source: Standards for Financial Market Infrastructure)

Contact: Rosali Pretorius or James Brennan

UK FINANCIAL SERVICES AND MARKETS REGULATORS

Financial Conduct Authority (FCA)

FCA announces cash savings market study: FCA has announced that it will conduct a market study into competition in the UK cash savings market. Some of the issues the study will cover include the use of "teaser rates" and the frequency of consumers' switching between providers of cash saving accounts. (Source: FCA to Carry Out Market Study into Cash Savings)

Contact: Andrew Barber or Emma Radmore

FCA speaks on competition: Christopher Woolard, Director of Policy, Risk and Research at FCA, has spoken on FCA's approach to its new competition objective. FCA actions to promote competition include streamlining the authorisation process for new competitors, reviewing the Handbook for unintended effects on competition and carrying out market studies. The latter include studies on insurance add-ons, SME banking, the cash savings market, annuities and, from next spring, the wholesale markets. The studies into retail markets will use behavioural economics to understand how consumers actually buy products and improve consumer outcomes. (Source: Competition and Conduct Regulation in Financial Services)

Contact: Andrew Barber or Emma Radmore

Up next from FCA: During September, FCA plans to:

  • consult on the designated investment exchange (DIE) regime;
  • publish a policy statement on its client assets review (including on porting under the European Market Infrastructure Regulation) and consult further on a client money review for insurance intermediaries;
  • consult on changes to the Compensation Sourcebook; and
  • consult on conduct and prudential consumer credit rules.

(Source: Up Next from FCA)

Contact:Emma Radmore or Juan Jose Manchado

FCA publishes quarterly consultation: FCA proposes minor changes to several parts of the Handbook. It plans changes to:

  • the Training and Competence Sourcebook (TC) to add new qualifications and amend some existing qualifications;
  • the Conduct of Business Sourcebook (COBS) in respect of charging and platforms, and to clarify the rules on payments to platforms from other firms and the ban on cash rebates;
  • the Supervision Manual (SUP) to clarify existing requirements on making Suspicious Transaction Reports under the Market Abuse Directive;
  • the Prospectus Rules (PR) to clarify the timing and method of filing a prospectus with FCA;
  • the Decision Procedures and Penalties Manual (DEPP) and Enforcement Guide (EG) to reflect FCA's powers under the Legal Aid, Sentencing and Punishment of Offenders Act;
  • SUP in respect of submission of controllers and close links reporting, and minor changes to other data items FCA requires from firms;
  • SUP to reflect discontinuance of the Listing Authority Review Committee;
  • COBS to address queries FCA has received relating to inflation-adjusted pension projections;
  • The Collective Investment Schemes Sourcebook (COLL) to include links to ESMA guidance on Exchange Traded Funds and other UCITS issues;
  • Various Handbook changes to explain FCA's powers under the European Market Infrastructure Regulation (EMIR);
  • Various Handbook changes to reflect the removal of the designated investment exchange regime;
  • COBS in respect of investing in authorised funds through nominees. FCA has decided to defer implementation of its finalised rules in COBS 14.4 until 2015;
  • The Senior Management Arrangements, Systems and Controls Sourcebook (SYSC) to reflect ESMA's Alternative Investment Fund Managers Directive (AIFMD) Remuneration guidelines. FCA specifically asks for views on whether its proposals are proportionate; and
  • Various Handbook changes consequent on the AIFMD and the fourth Capital Requirements Directive (CRD4) implementation.

FCA asks for comments on the changes to TC, PR, DEPP and EG, parts of the SUP reporting chapter, COBS in respect of nominee investment in funds and changes in respect of CRD4 by 6 October and comments on all other proposals by 6 November. (Source: Quarterly Consultation No 2)

Contact: Emma Radmore or Juan Jose Manchado

FCA to review gas and power forwards trading: FCA has acknowledged that brokers who offer markets in gas and power forwards need clarity on the regulatory classification of trading on broker-operated systems. Physically settled gas and power forwards that are traded on multilateral trading facilities (MTFs) are MiFID financial instruments and are OTC derivatives or OTC derivative contracts for the purposes of EMIR. Market participants need to know the correct classification of trading of these products on broker-operated systems so they can comply with EMIR. The brokers have agreed with FCA to review their systems, by 16 December, so there are clear distinctions between the MTF and non-MTF services they provide. FCA says it will not expect market participants to change their current views on trading before that date. (Source: FCA to Review Gas and Power Forwards Trading)

Contact: Luca Salerno or Rosali Pretorius

Prudential Regulation Authority (PRA)

PRA consults on insurance run-offs and schemes of arrangement: PRA is consulting on its supervisory approach when reviewing:

  • Companies Act 2006 schemes of arrangement proposed by PRA authorised general insurers; and
  • proposals for capital extractions by general insurers in run-off.

It asks for comments by 26 October. (Source: PRA Consults on Insurance Schemes of Arrangement and PRA Consults on Run-Off Capital Extractions)

Contact: Rosali Pretorius or Howard Cohen

Financial Services Compensation Scheme (FSCS)

FSCS publishes 36 month funding policy: FSCS has published its position papers setting out its levying, borrowing and recoveries policy, and its approach to calculating the 36 month expected compensation costs. FSCS can raise levies based on 36 month compensation costs from 2014/15. The policies follow consultation and engagement with the industry. (Source: FSCS Publishes 36 Month Funding Policy)

Contact: Andrew Barber or Josie Day

OTHER AUTHORITIES/REGULATORS/INDUSTRY ASSOCIATIONS

Financial Action Task Force (FATF)

FATF stresses AML importance in eastern and southern Africa: FATF spoke on the importance of its standards in eastern and southern Africa. It complimented progress towards compliance in many jurisdictions and highlighted the measures countries should consider of major importance. It noted many countries within the region are under FATF group review and noted steps they could take to be removed from this process. (Source: FATF Stresses AML Importance)

Contact: Emma Radmore or Andrew Barber

Forthcoming Events

FReD Live: On 24 September, our FReD Live Breakfast Seminar will be presented by Rosali Pretorius and Adrian Berendt, Regulatory Consultant, formerly of LCH.Clearnet, and the topic will be "To clear or not to clear?: Implications of EMIR and CRR". FReD readers should have received their invitations. To register, RSVP here.

The 2013 COBS Conference: Dentons will host the 2013 COBS Conference organised by the Compliance Register on 15 November, and members of our London Financial Services and Funds team will present at it. To register, please use this online registration form.

Recent Publications

Financial Crime

UK authorities move forward on tougher financial crime prevention: Emma Radmore wrote an article for Financial Regulation International on current consultations on sentencing and deferred prosecution agreements. (August 2013)

Sanctions restrictions do not prevent payment of debts: Richard Caird and Tom Rocher comment on the judgement in DVB Bank SE and others v. Shere Shipping Company Limited and others. (August 2013)

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

Mobile Banking - FCA sets out the risks: Candice Chapman, Andrew Barber and Winston Green comment on FCA's thematic review of mobile banking. (See also FReD 30 August.) (August 2013)

Mobile Network Operator Billing: Andrew Barber and Alex Haffner have written an alert on the effects of the Payment Services Directive on the development of direct-to-phone-bill purchases by mobile network operators. (August 2013)

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. (July 2013)

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. (July 2013)

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

Appeal dismissed in first interest swap case: Richard Caird and Kattalin Truman have written an article on the Court of Appeal's decision in the first interest rate swap case in the English courts. (August 2013)

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)

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, Conference, Munich, Germany

Dentons Global Real Estate Group is delighted to be exhibiting once again at EXPO REAL, the International Trade Fair for Property and Investment which takes place on 4-6 October, 2017 in Munich, Germany.

 
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.