UK: Financial Regulatory Developments (FReD) - 11 October 2013

Last Updated: 14 October 2013


  • DBIS finds little payday lending improvement
  • UK regulators respond on banking standards report
  • FCA publishes update of interest rate hedging review
  • BBA responds on financial crime
  • CLLS worried about AIFMD timing


EU Legislation Tracker

Please follow the relevant link to see the European Parliament's (EP) "OEIL" voting date forecasts and access EP reports and positions on major legislative initiatives:

Bank Recovery and Resolution Directive (BRRD) OEIL file

Single Resolution Mechanism Regulation (SRM Regulation) OEIL file

Omnibus 2 Directive OEIL file


Money Market Funds Regulation (MMFR) OEIL file

Directive on European long-term investment funds (ELTIF Diretive) OEIL file

Central Securities Depositories Regulation (CSD Regulation) OEIL file

Recast Markets in Financial Instruments Directive (MiFID2) OEIL file

Markets in Financial Instruments Regulation (MiFIR) OEIL file

Market Abuse Regulation (MAR) OEIL file

Directive on Criminal Sanctions for Market Abuse (CSMAD) OEIL file

Fourth Money Laundering Directive (MLD4) OEIL file

Recast Insurance Mediation Directive (IMD2) OEIL file

Payment Accounts Directive (PAD) OEIL file

Key Information Document for Packaged Retail Investment Products Regulation (PRIPs Regulation) OEIL File

Review of the Payment Services Directive (PSD2) OEIL file

Contact: Emma Radmore or Juan Jose Manchado

European Commission (Commission)

Commission consults on crowdfunding: The Commission has published a questionnaire seeking views on the benefits and risks of crowdfunding and what policy framework would best support it. It wants to understand whether EU level action could help cross-border crowdfunding. The consultation looks at the diversity of crowdfunding models and the risks and challenges they present. It focuses on fraud, intellectual property and money laundering risks. It also looks at how current legislation covers some types of crowdfunding. The Commission asks for views by 31 December. (Source: Commission Consults on Crowdfunding)

Contact: Jeremy Cohen or Josie Day

European Banking Authority (EBA)

EBA publishes 2014 work programme: EBA has published its work programme for 2014. Its regulatory work will continue to focus on the development of the Single Rulebook. During 2014 EBA has to deliver 71 draft binding technical standards under the fourth Capital Requirements Directive (CRD4) and 23 under BRRD. Separately, EBA announced the Commission has agreed to extending some of the deadlines for the submission of binding technical standards under the Capital Requirements Regulation (CRR). In relation to oversight, EBA says it will have to develop operational relationships with the European Central Bank. Regarding consumer protection, EBA will look into the phenomenon of banks' self placement of financial instruments to their own retail depositors. (Source: EBA Work Programme 2014 and Revised Deadlines for the Delivery of EBA Technical Standards)

Contact: Emma Radmore or Juan Jose Manchado

European Securities and Markets Authority (ESMA)

ESMA publishes 2014 work programme: ESMA foresees that work related to the European Market Infrastructure Regulation (EMIR) will continue to require the highest priority during early 2014. Its attention will then turn to preparatory work under MiFID#2/MiFIR. (Source: ESMA Publishes 2014 Work Programme)

Contact: Emma Radmore or Juan Jose Manchado

ESMA publishes CCP college guidelines translations: ESMA has published, in all EU official languages, its guidelines on written agreements between members of central counterparty (CCP) colleges. Competent authorities now have two months to notify ESMA whether they comply or intend to comply with the guidelines. (Source: Guidelines on CCP Colleges)

Contact: Emma Radmore or Juan Jose Manchado

European Insurance and Occupational Pensions Authority (EIOPA)

EIOPA publishes colleges action plan: EIOPA has published the Action Plan 2014/15 for colleges of supervisors and a list of cross-border insurance groups for which a college is in place. (Source: EIOPA Publishes Colleges Action Plan)

Contact: Rosalie Pretorius or Juan Jose Manchado

Agency for the Co-operation of Energy Regulators (ACER)

ACER publishes 2014 work programme: ACER's 2014 work programme sets out its priorities as to the development of Framework Guidelines and Network Codes and the transition to the operational phase of the Regulation on Energy Market Integrity and Transparency (REMIT), which will require market participants' registration, data collection and monitoring. (Source: ACER Work Programme 2014)

Contact: Luca Salerno or Juan Jose Manchado



Banking Reform Bill completes first Committee day: The Financial Services (Banking Reform) Bill (the Banking Reform Bill) has completed its first day in Committee in the House of Lords. This stage involves a line-by-line review. The second day will take place on 15 October. (Source: Banking Reform Bill Completes First Committee Day)

Contact: Andrew Barber or Juan Jose Manchado

HM Treasury (Treasury)

Treasury publishes draft bail-in annex to SRR Code: The Treasury has published a draft annex to the Code of Practice that authorities must consider when exercising the powers under the Special Resolution Regime (SRR) created by the Banking Act 2009. This draft annex covers the likely use that authorities will make of the new bail-in tool, which is currently being discussed in Parliament as secondary legislation under the Banking Reform Bill. The new tool comprises the power to cancel, modify or convert a bank's liabilities provided that the affected creditors do not incur greater losses than those that would have been incurred had the bank entered insolvency proceedings ("no creditor worse off" principle). The proposed annex also states the principle that, when using the tool, authorities should respect the creditor hierarchy in insolvency, but contemplates the possibility that they treat liabilities in the same class differently where this is warranted by expediency, systemic or value preservation concerns. Concerning the bail-in of derivatives, the annex clarifies that, when closing out open positions, authorities will follow the applicable contractual provisions so far as possible and will only bail-in the non-secured part of a counterparty's exposure to the bank. The Treasury will make a safeguards order, similar to that in relation to partial property transfers, requiring the protection of netting, among other arrangements. When the Bank of England decides to use the bail-in tool, it must submit a report that the Chancellor will lay before Parliament. (Source: Banking Reform Bill: Government Notes on Amendments: SRR Code of Practice Annex)

Contact: Rosalie Pretorius or Juan Jose Manchado

Treasury tables new Payments Systems Regulator legislation: Treasury has published feedback on the responses to its March 2013 consultation on opening up the UK's payments system and tabled amendments in the Lords Committee stage of the Banking Reform Bill that create a new competition-focused, utility-style Payment Systems Regulator. It will be established as a separate body and overseen by FCA and have a discrete set of objectives, duties and powers, but the Bank of England will retain veto rights over any of its decisions impacting on integrity and stability. The Government expects that the industry will replace the Payments Council with a trade body that the Payments Systems Regulator can instruct to develop UK payments. A payment system will be brought within the scope of regulation by Treasury designation, which will also extend to the system participants. Among other powers, the Payments Systems Regulator will be able to require the owners of a designated payment system to divest their ownership stake. It will also have powers to require changes to the rules of operation of the system or to amend commercial agreements. (Source: Opening Up UK Payments: Response to Consultation and Provisions for Payment Systems Regulator)

Contact: Andrew Barber or Emma Radmore

Treasury updates sanctions: Treasury has updated the sanctions lists in relation to terrorist financing and Al-Qaida. (Source: Treasury Updates Sanctions)

Contact: Emma Radmore or Howard Cohen

Department for Business Innovation and Skills (DBIS)

DBIS finds little payday lending improvement: DBIS has published a survey showing that payday lenders are not fully complying with the standards they signed up to in 2012. Many customers reported complaints such as:

  • being put under pressure to extend their loans;
  • lenders not explaining the risks of extending loans;
  • failure of lenders to ask about customers' finances before granting the initial loan or in relation to rollovers;
  • failure of lenders properly to explain how continuous payment authorities work or how to cancel them.

The Government said the results prove the need for FCA to regulate the industry and heralded its proposed new rules for payday lenders. (Source: DBIS Finds Little Payday Lending Improvement)

Contact: Andrew Barber or Emma Radmore

National Crime Agency (NCA)

NCA goes live: NCA officially launched on 7 October. It takes over, among other powers, the responsibilities of the Serious Organised Crime Agency in respect of money laundering investigations. (Source: NCA Goes Live)

Contact: Howard Cohen or Andrew Barber


Financial Conduct Authority (FCA)

FCA publishes MMR readiness statistics: FCA has published the results of a survey it undertook to assess whether firms are ready to implement the Mortgage Market Review (MMR), which takes effect in April 2014. It found that two thirds of firms are ready, while the one third that are not can get back on track by drawing up an action plan, which FCA will help with. (Source: FCA Publishes MMR Readiness Statistics)

Contact: Andrew Barber or Emma Radmore

FCA publishes CRD4 FAQs: FCA has created a webpage to give firms information on the implementation of the CRD4 and CRR package. Currently there are nine questions, looking at issues such as the differences between the current regime and CRD4 and the effects of CRD4 on firms' waivers. (Source: FCA Publishes CRD4 FAQs)

Contact: Rosalie Pretorius or Andrew Barber

FCA takes action for misleading investors: FCA has taken action against Catalyst Investment Group Limited and a number of its key individuals for recklessly misleading investors when promoting bonds. The bonds in question were offered by ARM Asset Backed Securities SA, in Luxembourg. The firm knew ARM had applied for, and been refused, a licence from the Luxembourg regulator, but continued to market the bonds despite knowing this. It did not disclose this fact, nor that there was a risk ARM would be liquidated if it did not have a licence. FCA:

  • publicly censured the firm, which has been declared in default. It would normally have imposed a £450,000 fine;
  • fined the firm's former compliance officer £20,000 for failing to act with due skill, care and diligence in not communicating information about the licence application to investors; and
  • decided to withdraw the approval of the firm's majority shareholder and director, who was also a director of ARM, and to fine him £450,000, and to ban another director and adviser and fine him £100,000. Both these decisions are under appeal.

(Source: FCA Takes Action for Misleading Investors)

Contact: Andrew Barber or Josie Day

Up next from FCA: During the rest of October, FCA's main scheduled publication is a consultation on crowdfunding. Other papers due before the end of the year include a policy statement on CRD4 for investment firms, various papers on Solvency 2 transposition, and policy statements on payments for referrals to discretionary investment managers and the client assets review. (Source: Up Next From FCA)

Contact: Emma Radmore or Juan Jose Manchado

FCA feeds back on platforms: FCA has published a feedback statement following its June consultation on platforms. The consultation focused primarily on the definition of "platform service" in the context of the payments to platform service providers and cash rebates from providers to consumers. FCA received five responses to its suggestions, some of which were critical of the changes, suggesting they had gone too far. However, FCA does not intend to change its proposals. (Source: FCA Feeds Back on Platforms)

Contact: Rosalie Pretorius or Andrew Barber

FCA finalises SIPP operator guidance: FCA has published its finalised guidance for operators of Self Invested Personal Pensions (SIPP). The guidance focuses on FCA's expectations in relation to:

  • systems and controls;
  • client money;
  • management information;
  • conflicts of interest;
  • relationships with firms that advise and introduce prospective members;
  • due diligence; and
  • financial crime.

The guidance updates a 2009 guide. (Source: FCA Finalises SIPP Operator Guidance)

Contact: Emma Radmore or Josie Day

FCA publishes guide to EMIR resources: FCA has created a user guide to its EMIR web portal. More notifications can now be made using the portal and other resources have been updated. (Source: User Guide to the EMIR Web Portal and EMIR Notifications Web Portal)

Contact: Rosalie Pretorius or James Brennan

UK regulators respond on banking standards report: The UK Financial Services and Markets regulators have responded to the recommendations addressed to them in the final report of the Parliamentary Committee on Banking Standards (PCBS). The responses cover the following key areas:

  • Individual responsibility: responsibility over key risks will have to be assigned to individual Senior Persons within a firm. FCA says that the use of "individual attestations" will be key in its approach to Senior Persons. It also clarifies that this new Senior Persons Regime will only affect individuals within deposit-taking institutions, but a "Licensing Regime" based on standards would apply to a wider number of employees. FCA will consult on the content of those standards and the population of employees to whom they will apply.
  • Governance: they agree with the Government that the PCBS proposals on remuneration practices can be achieved by reviewing the Remuneration Code. They will do this in 2014, in line with CRD4 provisions on staff having a material impact on a firm's risk profile. PRA also noted that it already has enough powers to effect the recovery of vested remuneration.
  • Competition: FCA points at its recently announced competition programme, while PRA agrees with the need to have competition as secondary objective, provided it does not distract it from its primary objective of safety and soundness. They both highlight the revised approach to reducing barriers to entry for new bank applications.
  • Reinforcing responsibilities of regulators: they do not believe the new "special measures" tool is needed, as they already have a range of powers such as requiring skilled persons reports or imposing requirements under section 55M FSMA.

(Source: BoE Response to the Final Report of the PCBS and FCA Response to the Final Report of the PCBS)

Contact: Andrew Barber or Emma Radmore

FCA publishes new Primary Market Bulletin: FCA's Primary Market Bulletin no.7 covers updates to the UK Listing Authority (UKLA) Knowledge base and consults on proposed guidance notes on various aspects of how FCA intends to advance its new objectives and use its new powers in relation to listing:

  • The Knowledge base now contains a new note on zero-coupon notes and amended notes on supplementary prospectuses and final terms.
  • FCA's objectives under FSMA, as amended by the Financial Services Act 2012, now apply to its listing functions. Regarding the consumer protection objective, UKLA says it will consider, when vetting prospectuses, how retail and wholesale investors will use them, and that it is likely wholesale and retail denominated prospectuses may contain significantly different disclosures. UKLA is proposing a new note on non-equity retail prospectuses. On the market integrity front, UKLA is proposing a note on sponsors' obligations to deal with FCA in an open and cooperative way.
  • FCA is also proposing two new notes and two amended notes on its powers over sponsors.

(Source: Primary Market Bulletin no.7)

Contact: Laura Cansdale or Emma Radmore

FCA consults on extending FSCS cover: FCA is consulting on whether to extend the protection of the Financial Services Compensation Scheme (FSCS) where an investment firm fails. FCA has concluded that the Financial Services Authority did not properly implement the Investor Compensation Schemes Directive when excluding certain unincorporated associations and partnerships. FSCS cover would now extend to all unincorporated associations irrespective of size and to large partnerships provided that they do not exceed the size over which large companies are excluded from compensation. (Source: FSCS - Unincorporated Associations and Partnerships)

Contact: Andrew Barber or Juan Jose Manchado

FCA publishes update of interest rate hedging review: According to FCA's latest statistics on the progress of the interest rate hedging review, of the sales assessed so far 1,157 have been found non-compliant and 57 compliant. (Source: Number of Sales at Each Stage - Overall View)

Contact: Andrew Barber or Emma Radmore

Prudential Regulation Authority (PRA)

PRA consults on rule changes: PRA has published its first occasional paper consulting on minor changes to its rules. It proposes changes:

  • to the method of submitting close links and controllers reports, so they must be submitted using the GABRIEL electronic system for reports with a reporting period ending on or after 31 December 2013 (FCA will be making similar changes);
  • to reporting on the Mortgage Lenders and Administrators Return (MLAR) so firms do not have to report in sterling. The changes bring the MLAR guidance into line with the GABRIEL process and will apply for reporting periods ending on or after 31 December 2013;
  • to remove references to designated investment exchanges (DIEs) from the PRA rules, following the proposal to remove the concept of a DIE from UK regulation;
  • to the Interim Prudential Sourcebooks for Insurers and Friendly Societies to allow more electronic reporting and mandate less paper reporting (although some paper reporting is still possible);
  • to clarify how FSCS protection applies to large unincorporated associations with protected deposits;
  • to implement the Basel Core Principle 11 on exposures to related parties. It plans to make rules, rather than guidance, that will cover its expectations on firms and introduce defined terms relevant to these expectations;
  • to make consequential amendments to its Handbook to reflect implementation of CRD4/CRR. The changes will also include rules on how firms should apply for a CRR Permission and financial reporting (FINREP) timings;
  • to import into the PRA Rulebook the CRD4 remuneration requirements. PRA does not intend to use its discretion to set a lower cap than the CRD4 standard of a 1:1 ratio between variable and fixed remuneration for performance years beginning 2014 and later. PRA does intend to use its discretion to apply a discount rate to apply to the maximum permitted 25% of variable remuneration, and awaits EBA's guidelines on the discount. The final change reflects the requirement that buyouts from contracts with other employers must align with the long-term interests of the new employer including on deferral, clawback and performance arrangements;
  • to set the lower initial capital for small credit institutions allowed by the CRR for banks that carry out one or more of the activities of providing basic banking services, lending to small and medium-sized enterprises and residential mortgage lending. PRA will consider each application from banks on individual merits, but will expect them to show they are resolvable under Bank Insolvency Procedure and to meet the threshold conditions. These banks may have a minimum capital of £1 million or €1 million; and
  • to implement PRA's plans to create its new rulebook following its published approach. It will divide most of its rules into (a) banking and (b) insurance, and then in turn into "Directive" firms (those covered by CRD4 and Solvency 2) and non-Directive firms. PRA plans a new naming and numbering structure, with short, purposive rules. It also plans to keep an online consolidated rulebook with links to relevant materials and time-travel functionality.

PRA asks for comments by 1 November. (Source: PRA Consults on Rule Changes)

Contact: Emma Radmore or Juan Jose Manchado

PRA makes new rules: PRA has published changes to its rules. The Handbook Administration Instrument (No 2) 2013 makes minor changes to PRA's rules from 4 October. (Source: Handbook Administration Instrument (No 2) 2013)

Contact: Emma Radmore or Juan Jose Manchado

PRA confirms capital requirements for Help to Buy: PRA has published a statement setting out the Pillar 1 capital requirements for loans which fall under the protection of the Help to Buy mortgage guarantee scheme. (Source: PRA Confirms Capital Requirements)

Contact: Andrew Barber or Rosalie Pretorius


British Bankers' Association (BBA)

BBA responds on financial crime: BBA has responded to FCA's examples of good and poor practice in banks' financial crime controls in trade finance. It raises several fundamental concerns. Its main worry is that FCA does not appear to be adopting a risk-based approach to financial crime prevention and that some of its suggestions may encourage a tick-box approach rather than a risk-based one. It also asks for clarification on a number of statements FCA made in its guidance consultation and urges FCA not to finalise the guidance until the banks have discussed their concerns with it. (Source: BBA Responds on Financial Crime)

Contact: Andrew Barber or Emma Radmore

City of London Law Society (CLLS)

CLLS worried about AIFMD timing: CLLS has written to Treasury and FCA expressing great concern at FCA's statement that any alternative investment fund manager (AIFM) not authorised by 22 July 2014 will have to cease business. CLLS says the AIFM Directive (AIFMD) does not require this. Instead, it states that applications must have been made by that date, and moreover does not state that firms that do not apply in time will have to cease business. CLLS says the UK would be gold-plating the AIFMD in an unacceptable manner if it continues its current stance, and will put the UK at a disadvantage to many other Member States, which do not share its view. (Source: CLLS Worried About AIFMD Timing)

Contact: Rosalie Pretorius or Kam Dhillon

Global Financial Markets Association (GFMA)

Industry responds on banks' investments in funds' equity: GFMA, the Institute of International Finance and the International Banking Federation have responded to the Basel Committee's consultation on capital requirements for banks' equity investments in funds. They propose a materiality threshold below which banks would not have to use the approaches described in the consultation to assess funds' underlying, but would rather be allowed to use a conservative estimate. They suggest that the threshold should be set at 5% of a bank's Tier 1 capital, in line with the large exposure framework. (Source: Industry Response on Banks' Investments in Funds' Equity)

Contact: Rosalie Pretorius or Juan Jose Manchado

International Association of Insurance Supervisors (IAIS)

IAIS to develop global insurance capital standard: IAIS has announced that, by 2016, it will develop a risk-based global insurance capital standard (ICS) and include it within ComFrame, the framework for the supervision of internationally active insurance groups. This work will be informed by the existing capital component in ComFrame's solvency assessment and by work in 2014 to develop backstop capital and higher loss absorbency requirements for global systemic insurance institutions. (Source: IAIS Commits to Develop by 2016 a Global ICS)

Contact: Rosalie Pretorius or Juan Jose Manchado


Lloyd's publishes financial crime guidance for coverholders: Lloyd's has published a note setting out the minimum standards it expects managing agents to meet in respect of coverholders' compliance with financial crime laws. The guidance includes:

  • risk assessment matrices;
  • minimum standards for compliance, including an appropriate clause in each binding authority agreement, requiring coverholders to have written anti-financial crime procedures, providing training to coverholders and carrying out appropriate audits;
  • a requirement that managing agents understand the sanctions-checking capability of their coverholders and when they carry out sanctions checks;
  • checks managing agents should make to ensure their coverholders have written anti-money laundering procedures and suspicious transaction reporting processes; and
  • a requirement to ensure coverholders have appropriate anti-bribery procedures in place.

(Source: Lloyd's Publishes Financial Crime Guidance for Coverholders)

Contact: Emma Radmore or Andrew Barber

Transparency International (TI)

TI publishes UK anti-corruption scorecard: TI has published what it describes as a "mid-term corruption health-check" for the UK Government. Its results show that while there is no endemic corruption in the UK, there are several areas of significant concern that the Government should address and act upon. The survey looked at 26 areas, and gave a "green" rating to only six, rating a further six as "red" on its traffic light system. It is particularly concerned about a range of issues, including:

  • the lack of a coordinated strategy to combat corruption and of publicly available and meaningful data on corruption;
  • the prison service;
  • controls and oversight of movement between the Government and the private sector;
  • political party funding (TI recommends a cap of £10,000 on donations per donor per year);
  • the need to strengthen and improve procedures to help developing countries to recover looted assets and the proceeds of corruption; and
  • the threat of a review of the Bribery Act, when it is of critical importance that it be enforced effectively. The report is critical of the lack of significant prosecutions under the Act.

(Source: TI Publishes UK Anti-Corruption Scorecard)

Contact: Howard Cohen or Emma Radmore


AIFM Directive Implementation conference: Rosalie Pretorius will be speaking at this Infoline conference in London in December. Dentons clients and contacts can get a 20% discount by quoting VIP code FKM62678EMSPK when registering. Bookings by 11 October can benefit from a further early registration discount of up to £900.

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.


New this week: Are you clear on EMIR: Rosalie Pretorius and Emma Radmore have written an article for Compliance Monitor on EMIR's application and recent developments. (October 2013)

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?: Rosalie 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 Rosalie 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 Rosalie 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 Rosalie Pretorius or Andrew Barber. (May 2012)

Asset management

The Alternative Investment Fund Managers Directive – Theory Becomes Reality: Rosalie 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: Rosalie 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

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

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

Is there such a thing as "energy law"? What do "energy lawyers" do? And why should it be of interest to anyone else?

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.

In association with
Related Video
Up-coming Events Search
Font Size:
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
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement (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

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’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.


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.


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 with “no disclosure” in the subject heading

Mondaq News Alerts

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


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

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

Log Files

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


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

Surveys & Contests

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


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


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

Correcting/Updating Personal Information

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

Notification of Changes

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

How to contact Mondaq

You can contact us with comments or queries at

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