UK: Financial Regulatory Developments (FReD) - 18 October 2013

Last Updated: 21 October 2013


  • UK and China hold Economic and Financial Dialogue
  • SFO speaks on Bribery Act
  • FCA consults on CRD 4 implementation
  • FCA writes to firms on CRD 3
  • FCA speaks on wealth management
  • COBS conference 15 November


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


G-20 Finance Ministers meet in Washington: In the statement released after their meeting in Washington, DC, the G-20 Finance Ministers and Central Bank Governors reiterated their commitment to building a safe and reliable financial system. They also announced efforts to facilitate domestic capital markets development and to implement the principles on long-term investment financing by institutional investors. (Source: G-20 Finance Ministers Statement)

Contact: Rosali Pretorius or Emma Radmore

Financial Stability Board (FSB)

FSB reports on data gaps: FSB and the International Monetary Fund have published their fourth progress report on the implementation of the G-20 data gaps initiative. The report notes the considerable progress made so far and outlines the strategy for the future. During 2014 work will continue on improving financial soundness indicators, international banking statistics, the coordinated portfolio investment survey and the international investment position. FSB will also be deciding on the template for global systemically important banks. (Source: Fourth Progress Report on the Implementation of the G-20 Data Gaps Initiative)

Contact: Rosali Pretorius or Andrew Barber

European Commission (Commission)

Commission to review Consumer Protection Cooperation Regulation: The Commission has launched a consultation, open until 31 January 2014, on the review of the Consumer Protection Cooperation Regulation. This Regulation provides mechanisms for mutual assistance between national authorities when tackling breaches of consumer protection legislation that involve at least two EU countries. (Source: Review of the Consumer Protection Cooperation Regulation)

Contact: Andrew Barber or Emma Radmore

European Insurance and Occupational Pensions Authority (EIOPA)

EIOPA publishes 2014 Work Programme: In its Work Programme for 2014, EIOPA says it will put a stronger emphasis on occupational pensions, as well as the technical standards and guidance due under Solvency 2. On the consumer protection front, EIOPA plans to continue work on personal pensions, comparison websites and consumer choice in the life insurance sector. During 2014 EIOPA will also carry out pan-European stress tests for the insurance sector. (Source: EIOPA Work Programme 2014)

Contact: Andrew Barber or Emma Radmore

Council of the European Union (Council)

Council approves SSM: The Council has adopted legislation creating a Single Supervisory Mechanism (SSM) for credit institutions in the Eurozone and other participating Member States. This follows the agreement reached with EP in trilogue negotiations earlier this year and EP's joint statement with the European Central Bank on the latter's accountability when acting as supervisor. The final text of the legislation will be published in the Official Journal of the EU and come into force soon. The SSM will be fully effective one year later. (Source: Council Approves SSM)

Contact: Emma Radmore or Juan Jose Manchado

Council publishes new SRM compromise text: The Council has published the latest compromise text tabled by its Presidency on the Regulation establishing a Single Resolution Mechanism (SRM) for the EU. (Source: Compromise Text for the SRM Regulation)

Contact: Rosali Pretorius or Andrew Barber

Agency for the Cooperation of Energy Regulators (ACER)

ACER organises REMIT briefing: ACER has organised a public meeting in Ljubljana on 7 November to discuss with stakeholders the implementation of the Regulation on Energy Market Integrity and Transparency (REMIT) and ACER's work in relation to it. (Source: ACER Organises REMIT Briefing)

Contact: Luca Salerno or Rosali Pretorius



UK and China hold Economic and Financial Dialogue: In their latest Economic and Financial Dialogue, the UK and China have announced several measures on financial sector development and regulation, including:

  • the UK regulators will consider applications from Chinese banks to set up branches in the UK to carry out wholesale banking activities;
  • the renminbi Qualified Foreign Institutional Investor (RQFII) quota has been extended to the UK;
  • both governments will work together on facilitating the growth of cross-border fund management activity; and
  • China's National Association of Financial Market Institutional Investors will consider applications of foreign banks for underwriting bonds in China.

(Source: Combined Policy Outcomes of the 5th China-UK Economic and Financial Dialogue)

Contact: Rosali Pretorius or Emma Radmore


Banking bills continue in Parliament: The Financial Services (Banking Reform) Bill (the Banking Reform Bill) has had its second day in Committee Stage in the House of Lords. The third day will be on 23 October. The High Cost Credit Bill, a Private Members' Bill designed to impose further controls on high-cost credit companies (particularly payday lenders) in respect of amounts of high-cost credit available, levels of default charges, charges relating to continuous payment authorities and rollover or repeat lending, will continue its second reading in the House of Commons on 23 November. (Source: Financial Services (Banking Reform) Bill Progress and High Cost Credit Bill Progress)

Contact: Emma Radmore or Juan Jose Manchado

Bank of England (BoE)

BoE speaks on resolution: Speaking on solving the "too big to fail" problem at the annual membership meeting of the Institute of International Finance (IIF), Paul Tucker of BoE discussed the following points on planning for orderly resolution:

  • although most US banks could already be resolved using a top-down, group-wide approach through their holding companies, European banks will need reorganisation to make themselves susceptible to either a Single Point of Entry (SPE) or a Multiple Points of Entry (MPE) resolution strategy;
  • few major groups will escape having to remove obstacles to effective resolution under their preferred strategy. For example, an SPE strategy means groups will need to have in place intra-group debt, issued by key subsidiaries around the world to the holding company, that can be written down when a distressed subsidiary would otherwise need to be resolved;
  • for "MPE groups‟, many will need to reorganise their structures to create regional and functional sub-groups which could be subjected to SPE resolution;
  • the bail in tool, which can be applied to any debt obligation, must be distinguished from mandated issuance of an extra layer of loss-absorbent bonds. He stressed that "bail in" is a verb and not a noun, so it cannot describe a particular instrument;
  • the US must confirm that it will facilitate a UK-led top-down whole-group resolution of UK groups with US subsidiaries. The UK is prepared to agree a reciprocal arrangement;
  • derivatives and repo documentation must be amended to exclude from the events of default clause the fact that a firm enters resolution. If necessary, he said, regulation must require this; and
  • resolution regimes should also cover central counterparties, insurers and asset management vehicles.

(Source: Solving Too Big To Fail: Where Do Things Stand on Resolution)

Contact: Rosali Pretorius or Andrew Barber

HM Treasury (Treasury)

Treasury updates sanctions: Treasury has updated the sanctions lists. (Source: Treasury Updates Sanctions)

Contact: Emma Radmore or Howard Cohen

Serious Fraud Office (SFO)

SFO speaks on Bribery Act: Alun Milford, General Counsel at SFO, has spoken on the Bribery Act and SFO's stance. He used the speech to reinforce several key points:

  • the Bribery Act is not under review, and it was never the plan to review it. The plan was only ever to check whether the adequate procedures guidance was doing its job properly;
  • SFO's stance towards prosecutions has not changed. David Green's statements last year merely reiterated that SFO would prosecute where (assuming there is enough evidence) it is in the public interest to do so. The Prosecutors' Guidance lists factors tending for, or against, prosecution;
  • in response to concerns that SFO's statement that self-reporting would not guarantee no prosecution, he reminded firms that SFO would view each case on its merits and that its guidance states that a genuine and proactive approach to self-reporting may weigh against prosecution. He noted that SFO does not rely on self-reporting to get information and that much of its information comes from whistleblowers;
  • SFO will never use lack of resource as a reason not to prosecute; and
  • he expects to have the power to agree Deferred Prosecution Agreements (DPAs) in February 2014 and that the prosecutors will have finalised and published their code of conduct on DPAs by January.

(Source: SFO Speaks on Bribery Act)

Contact: Howard Cohen or Emma Radmore


Financial Conduct Authority (FCA)

FCA consults on CRD 4 implementation: FCA has published its second major consultation on how it will implement the fourth Capital Requirements Directive (CRD 4) into its rules. The consultation covers:

  • remuneration: this part looks at the limits between the fixed and variable components of total remuneration and the national discretion to allow higher percentages and discount rates. FCA proposes to allow the basic ratio between variable and fixed remuneration to be 2:1 subject to certain conditions and also to allow firms to apply a discount rate up to a maximum of 25% of total variable remuneration if paid in instruments deferred for a period of not less than five years. It does not plan to use its discretion to set stricter requirements, and proposes to apply the rules proportionately in line with the current application of CRD requirements in the Remuneration Code;
  • the countercyclical capital buffer: FCA had originally proposed this buffer would take effect in 2016, on the assumption its rate would be 0% until then. However, it now proposes to bring in the rule from 2014 to allow flexibility to the UK authority which will set the rate, although FCA stresses it has no reason to believe the UK will accelerate the introduction of the buffer;
  • reporting: this section of the paper sets out the reporting proposals for firms that will fall within the new IFPRU (Prudential Sourcebook for Investment Firms) and will follow the CRD 4 Common Reporting and Financial Reporting frameworks (COREP and FINREP). COREP will cover own funds and leverage, large exposures, liquidity coverage ratio and net stable funding ratio. The changes include a FINREP notification rule and changes to supervisory reporting rules. Some reporting templates (the FCA0xx templates) will be replaced by COREP templates, but others will not. FCA proposes that firms will receive schedules showing their COREP and FINREP modules with appropriate reporting requirements under CRD 4 although firms must assess for themselves whether they have reporting obligations under the Capital Requirements Regulation (CRR). A small number of firms have waivers from certain reporting requirements that would continue past 1 January 2014 but that will now cease from 31 December 2013. FCA is contacting affected firms. It also reminds BIPRU (Prudential Sourcebook for Banks, Building Societies and Investment Firms) firms that they should continue to use the GABRIEL system to submit FSA0xx reporting templates and that exempt IFPRU and exempt BIPRU commodity firms will continue to report these templates;
  • interaction between funds directives (the Alternative Investment Fund Managers Directive (AIFMD) and UCITS Directives) and CRD 4: FCA explains how collective portfolio management (CPM) and CPM Investment (CPMI) firms (broadly, CPM firms undertake portfolio management of funds but no MiFID services, while CPMI firms also provide MiFID services so far as permitted by the fund sectoral Directives) must meet capital requirements under the relevant funds Directives. FCA now proposes to apply CRD 4 requirements to the MiFID business of CPMI firms, in the same way that it applied CRD 3 requirements, unless it has discretion to continue to apply CRD 3 requirements. Generally, FCA plans to set out the AIFMD and UCITS requirements for CPMI firms within the Interim Prudential Sourcebook for Investment Business (IPRU(INV)), so that affected firms must comply with this for their funds business and with either CRR/IFPRU or General Prudential Sourcebook (GENPRU)/BIPRU for their MiFID business;
  • consequential Handbook changes; FCA will need to make changes to a number of Handbook modules consequent on the fundamental changes, including to the Glossary, the General Prudential Sourcebook and the systems and controls rules. It explains the key features of its process requirements for new CRR permissions, which it says are similar to the current waiver process, but Treasury needs to make rules to confirm FCA has power under the CRR to implement its plans. FCA also plans a notification rule for CRR permissions similar to the current waiver notification rule; and
  • process requirements for new permissions.

FCA asks for comment by 10 November. (Source: FCA Consults on CRD 4 Implementation)

Contact: Rosali Pretorius or Andrew Barber

FCA writes to firms on CRD 3: Following its consultation on CRD 4 implementation, FCA has written to those firms it believes can remain BIPRU firms and subject to CRD 3. FCA can use its discretion to continue to apply the current rules for firms whose permissions do not include any of:

  • dealing on own account;
  • underwriting financial instruments or placing them on a firm commitment basis;
  • operating a multilateral trading facility; or
  • safekeeping and administration and related services.

Any firm that, from 1 January 2014, carries on none of these activities and additionally does not place financial instruments without a firm commitment basis must reply to FCA's letter by 20 November. They will also have to apply for a limitation on their permission that they may not place financial instruments without a firm commitment basis. Where this is the case, they may stay on the current model. Otherwise, if they do not reply to the letter or do not meet the conditions, they will become IFPRU firms and subject to the CRD 4/CRR rules. (Source: FCA Writes to Firms on CRD 3)

Contact: Rosali Pretorius or Andrew Barber

FCA updates on sensitive names: FCA has published a webpage explaining which business names require FCA approval for firms to use, the process firms should use to apply for that approval and how FCA assesses requests. (Source: FCA Updates on Sensitive Names)

Contact: Emma Radmore or Josie Day

FCA publishes AIF marketing guidance: FCA has published guidance for firms who are full-scope UK alternative investment fund (AIF) managers (AIFMs) wanting to market AIFs using the AIFMD marketing passport. (Source: FCA Publishes AIF Marketing Guidance)

Contact: Kam Dhillon or Josie Day

FCA updates on AIFM applications: FCA has updated its webpage on application for full-scope AIFM permission. It reminds firms that it has three months (or in some circumstances six) to determine an application and that firms needing authorisation more quickly can request a quicker decision but FCA is not bound to give one. On the other hand, firms that wish to defer the starting date of their authorisation may request a deferral when they apply, giving FCA their reasons for the request. (Source: FCA Updates on AIFM Applications)

Contact: Kam Dhillon or Josie Day

FCA speaks on wealth management: John Griffith-Jones spoke to the Wealth Management Association on FCA's commitment to consumer protection. He focused on the importance of good business models showing consumer interest is important and said FCA would be looking at:

  • the consequences of the Retail Distribution Review (RDR) and in particular how firms are filling the "advice gap";
  • suitability, particularly urging firms to keep documentation that shows they have considered suitability properly; and
  • compliance with anti-money laundering (AML) requirements.

(Source: FCA Speaks on Wealth Management)

Contact: Andrew Barber or Josie Day

FCA speaks on enforcement: Tracey McDermott has given an update on the recent fines levied by FCA, and FCA's determination to improve the culture within firms and to ensure they treat their customers fairly. She discussed current themes in enforcement and said FCA continues to be concerned about compliance with AML requirements. She moved on to discuss the difficulties of bringing senior management to account and said FCA has been working to improve its prospects of successful actions against senior management even before and outside the current proposals relating to banks. She spoke of FCA's commitment to early intervention and that it is considering how best to publicise and quantify its efforts to take action before things go wrong. (Source: FCA Speaks on Financial Crime)

Contact: Emma Radmore or Howard Cohen

FCA publishes complaints data: FCA has published complaints data for the first half of 2013. Generally, the number of complaints fell by half a million, over half the complaints were upheld and 92% settled within eight weeks. Payment protection insurance is still the product that gives rise to most complaints. (Source: FCA Publishes Complaints Data)

Contact: Andrew Barber or Josie Day

FCA publishes review of unit-linked funds: FCA has published the results of its thematic review on the governance of unit-linked funds. On the whole, it found no systemic issues to cause concern, although certain individual firms displayed some concerning failures. FCA has asked individual firms to review matters such as:

  • oversight of outsourced service providers;
  • controls over permitted assets; and
  • resourcing in key areas.

(Source: FCA Publishes Review of Unit-Linked Funds)

Contact: Kam Dhillon or Josie Day

FCA sets out policy on warning notices: FCA has published a policy statement confirming how it will use its powers to publish information about enforcement warning notices. Following responses to consultation, it has made several changes to its original proposals. It still believes it will normally be appropriate to publish details of notices but acknowledges it will sometimes not be appropriate to identify the subject of the notice. On the whole, it is preferable to publish anonymised notices rather than no notice at all. FCA has also decided that, in principle, it will identify firms but not individuals as it acknowledges that potential harm to individuals will exceed any transparency arguments. FCA has also made changes to the way in which it will consider whether publication would be "unfair". It has lowered the threshold of loss an individual would need to prove would be a likely consequence of publication. FCA has now made changes to the Decision Procedures and Penalties Manual (DEPP) and Enforcement Guide (EG), which took effect on 15 October. (Source: FCA Sets Out Policy on Warning Notices)

Contact: Felicity Ewing or Emma Radmore

FCA investigates forex market: FCA has announced it is working with other agencies to investigate a number of firms in the foreign exchange market. (Source: FCA Investigates Forex Market)

Contact: Howard Cohen or James Brennan


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

Basel Committee reviews RCAP methodology: The Basel Committee has updated the document setting out the methodology for carrying out the peer review of jurisdictions' adoption of Basel 3 Standards under the Regulatory Consistency Assessment Programme (RCAP). (Source: Basel 3 RCAP October 2013)

Contact: Rosali Pretorius or Andrew Barber

British Bankers' Association (BBA)

BBA responds on ring fence secondary legislation: BBA has responded to the consultation on secondary legislation under the Banking Reform Bill. Among other key issues, BBA raises the need to:

  • simplify the certification process allowing large organisations and high net worth individuals to bank outside the ring fence;
  • include "simple" options within the definition of permitted "simple" derivative products;
  • allow the sale of structured deposits and investments by ring-fenced banks;
  • broaden the exemptions to the prohibition on ring-fenced banks having exposures to financial institutions. Otherwise, business-as-usual relationships could be affected inadvertently; and
  • widen the definition of trade finance that would be exempt from prohibitions on exposure, rather than limit it to the issue or confirmation of a documentary credit or guarantees.

(Source: BBA Submission on the Financial Services (Banking Reform) Bill)

Contact: Andrew Barber or Emma Radmore

Council of Mortgage Lenders (CML)

CML responds on CRD 4 implementation: CML has responded to the Prudential Regulation Authority (PRA) consultation on implementing CRD 4. CML welcomes PRA's proposal to exercise discretions under the CRR to apply a 35% risk weight to "buy-to-let" mortgages and to replace the 90 days past due definition of material default with 180 days past due for exposures secured on residential real estate. CML also asks for the possibility of including structures involving a number of individual securitisations, such as under the Help-to-Buy scheme, within the significant risk transfer process. (Source: CML Responds on CRD 4 Implementation)

Contact: Andrew Barber or James Brennan

European Banking Federation (EBF)

EBF responds on balancing prudential regulatory objectives: EBF has responded to the Basel Committee's discussion paper on balancing risk sensitivity, simplicity and comparability under the current prudential regulatory framework. EBF argues that Basel 2 did not create the crisis and that models are part of the solution, not part of the problem. It points to a study by Barclays concluding that the results deriving from models include a substantial margin of conservatism to cover unexpected losses. Differences in internal models should be worked out with supervisory convergence and common guidance. (Source: EBF Responds on Balancing Prudential Regulatory Objectives)

Contact: Rosali Pretorius or Andrew Barber

Financial Action Task Force (FATF)

FATF and G-20 discuss corruption: FATF and the G-20 anti-corruption group have met to discuss key challenges in fighting corruption, including the difficulties of verifying beneficial ownership in corporate structures. The group agreed that working together and sharing information is critical and discussed the use of FATF's Principles in helping to fight corruption. (Source: FATF and G-20 Discuss Corruption)

Contact: Howard Cohen or Emma Radmore

International Association of Insurance Supervision (IAIS)

IAIS assesses Insurance Core Principles: IAIS has published a report on compliance with IAIS's Insurance Core Principles (ICPs) 1, 2 & 23. The report finds general observance by jurisdictions of the principles on the characteristics of an insurance supervisor. Compliance with the principle that insurers should be supervised on a legal entity and group-wide basis is less widespread. Authorities participating in the assessment found the definition of "insurance groups" challenging. There is also ongoing legislative reform in several jurisdictions that needs to be finalised before group-wide supervision can take place. (Source: IAIS Releases Aggregate Report for the Self-Assessment and Peer Review on ICPs)

Contact: Rosali Pretorius or Andrew Barber

International Organisation for Securities Commissions (IOSCO)

IOSCO publishes CCP disclosure matrix: IOSCO and BIS's Committee on Payment and Settlement Systems (CPSS) are consulting on guidance on the matrix for quantitative disclosures expected from central counterparties (CCPs) under the Principles for Financial Markets Infrastructures. The matrix also indicates the frequency with which the disclosures should be made. It complements the December 2012 Disclosure framework for reporting on qualitative data. Comments can be sent until 13 December. (Source: CPSS and IOSCO Issue a Consultative Document on Quantitative Disclosure by CCPs)

Contact: Rosali Pretorius or James Brennan

IOSCO publishes Securities Markets Risk Outlook: IOSCO has published the first Securities Markets Risk Outlook as part of its new role in assessing and mitigating global systemic risk. The risks it identifies relate to low interest rates, collateral management and rehypothecation, derivatives markets and CCPs, and capital flows of emerging markets. (Source: IOSCO Launches its First Securities Markets Risk Outlook)

Contact: Rosali Pretorius or James Brennan

International Swaps and Derivatives Association (ISDA)

Industry responds on CCP recovery and resolution: ISDA, IIF and The Clearing House have responded to the CPSS-IOSCO consultation on recovery of financial market infrastructures. They focus on CCPs, defending mutualisation and limited liability for clearing participants with respect to their CCP exposures. To allocate losses related to a participant default where CCP financial safeguards are exhausted, the respondents support cash calls on participants and the haircutting of variation margin gains. In order to more easily cover liquidity shortfalls, the respondents suggest that initial margin should consist of collateral that could be posted to a central bank in exchange for a liquidity facility. Regarding the re-establishment of a matched book, the respondents express reservations over partial tear-ups and forced allocation of positions, as they would threaten netting. (Source: Response to Consultation on Recovery of Financial Market Infrastructures)

Contact: Rosali Pretorius or James Brennan


New: A Practical Guide to PRA Regulation for Regulated Firms: Emma Radmore will be speaking at this City & Financial conference on 3 December.

AIFM Directive Implementation conference: Rosali 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.


Financial Crime

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. (updated October 2012)

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)

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

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

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.

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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.

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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.