UK: Financial Regulatory Developments (FReD) - 15 November 2013

Last Updated: 18 November 2013


  • Commission refuses to delay reporting of exchange traded derivatives
  • ESMA approves first TR registrations
  • Court considers banks' position in terminating services
  • FCA speaks on trust in insurance industry
  • FCA publishes Approved Persons data
  • Surviving an s166 Investigation


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 (MiFID 2) OEIL file

Markets in Financial Instruments Regulation (MiFIR) OEIL file

Market Abuse Regulation (MAR) OEIL file

Benchmarks Regulation 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

Mortgage Credit Directive (MCD) OEIL file

Contact: Emma Radmore or Juan Jose Manchado

Financial Stability Board (FSB)

FSB updates G-SIB list: FSB has updated its list of global systemically important banks (G-SIBs) and disclosed the denominators and thresholds used when identifying G-SIBs and allocating them to buckets. Industrial and Commercial Bank of China Limited (ICBC) has been added to the lowest bucket, raising the number of G-SIBs to 29. (Source: 2013 Update of G-SIBs)

Contact: Rosali Pretorius or Andrew Barber

European Commission (Commission)

Commission refuses to delay reporting of exchange traded derivatives: The Commission has announced that it will not endorse ESMA's proposed amendments to the Implementing Technical Standard on reporting to trade repositories adopted under the European Market Infrastructure Regulation (EMIR). ESMA sought to delay until 1 January 2015 the start of reporting obligations for exchange traded derivatives, due to concerns over identification of counterparties and consistency with MiFID. The Commission said these concerns do not justify the proposed delay. (Source: Commission Communications 7 November 2013)

Contact: Rosali Pretorius or Matthew Sapte

Council of the EU (Council)

CRR corrigendum published: A new corrigendum amending mistakes across the whole text of the Capital Requirements Regulation (CRR) has been published. (Source: CRR Corrigendum)

Contact: Rosali Pretorius or Andrew Barber

Presidency publishes UCITS V compromise: The Presidency of the Council has published a compromise text for the "UCITS V" proposals on amending the UCITS Directive in relation to depositary functions, remuneration policies and sanctions. The significant changes specify that certain uses of settlement systems should not be regarded as delegation of custody functions and put in place safeguards to ensure unit holders are treated equally, and do not receive duplicative redress if they invoke depositary liability. (Source: Presidency Publishes UCITS V Compromise)

Contact: Rosali Pretorius or Kam Dhillon

Presidency reports on SRM outstanding issues: The Presidency of the Council has summarised the key open issues on the SRM discussions and called for the Council to solve them and agree its general approach. It notes that a minority of delegations still dissent on issues such as:

  • decision-making, saying that the Council should play a role on the decision to trigger a bank's resolution;
  • scope, saying that only those banks that will be directly supervised by the Single Supervisory Mechanism (SSM) should be subject to the SRM;
  • resolution funding, favouring a network of national resolution funds instead of the Single Resolution Fund (SRF); and
  • public support to entities in resolution, which could be limited by bringing forward the date on which the bail-in tool becomes fully applicable.

The report also lists other aspects that can be resolved by the relevant working party, rather than requiring the Council's political guidance. Discussion of the SRM Regulation is on the agenda of the meeting of the Economic and Financial Affairs Council (ECOFIN) on 15 November. (Source: Report on SRM General Approach and Background to ECOFIN 15 November)

Contact: Rosali Pretorius or Andrew Barber

European Parliament (EP)

EP publishes PRIPs report: EP has published its report on the PRIPs Regulation which was discussed at its 6 November meeting. The report contains several suggestions for change to the Commission proposal, including:

  • introducing a "complexity label" to put on documents relating to products unlikely to be suitable for retail investors;
  • curbing complexity in product design;
  • that the Regulation should cover structured deposits;
  • that a product manufacturer should implement a product approval process;
  • elaborating on the product intervention powers of the European Supervisory Authorities (ESAs); and
  • making further provision for regulatory technical standards under the Regulation.

(Source: EP Publishes PRIPs Report)

Contact: Andrew Barber or Emma Radmore

European Supervisory Authorities (ESAs)

ESAs report on AML/CTF supervision: The ESAs have published a report designed to help supervisors of financial institutions across the EU adopt consistent, risk-based approaches to supervising anti-money laundering (AML) and counter-terrorist finance (CTF) supervision. (Source: ESAs Report on AML/CTF Supervision)

Contact: Emma Radmore or Andrew Barber

ESAs consult on removing their references to ratings: The ESAs are consulting on carrying out the mandate under the new Credit Rating Agencies Regulation (CRA3) that they must avoid references to credit ratings that could lead to mechanistic or exclusive reliance on credit ratings. The ESAs propose to review the technical standards, guidance and recommendations that they and their predecessors have adopted, and remove those references to credit ratings. The consultation contains a definition of "sole or mechanistic reliance" and a list of provisions that require revision. Consultation closes on 5 December. (Source: ESAs Consultation on Mechanistic References to Credit Ratings)

Contact: Rosali Pretorius or Edward Hickman

European Securities and Markets Authority (ESMA)

ESMA approves first TR registrations: ESMA has approved the registration of the first four trade repositories (TRs) under EMIR: DDRL, KDPW, Regis-TR and UnaVista. The registrations will take effect on 14 November 2013, which means that the reporting obligation for all derivatives will begin on 12 February 2014, given that the registered TRs cover all asset classes, irrespective of whether they are traded on- or off-exchange. (Source: ESMA Registers DDRL, KDPW, Regis-TR, and UnaVista as TRs)

Contact: Rosali Pretorius or Matthew Sapte

ESMA updates EMIR Q&A: ESMA has updated its EMIR Q&A with new questions on risk mitigation for non-centrally-cleared OTC derivatives, on the pension scheme exemption from the clearing obligation, and on segregation and portability. (Source: EMIR Q&A)

Contact: Rosali Pretorius or Matthew Sapte

European Banking Authority (EBA)

EBA updates Single Rulebook Q&A: EBA has included new final answers in its Q&A for the new Capital Requirements Directive (CRD4) and Regulation (CRR) and related technical standards and guidelines. (Source: Single Rulebook Q&A)

Contact: Rosali Pretorius or Andrew Barber

EBA publishes peer review on stress testing: EBA has published the results of its peer review into national supervisors' compliance with the guidance on stress testing. It is satisfied that most national authorities comply with the guidelines. (Source: EBA Publishes Peer Review on Stress Testing Guidelines)

Contact: Rosali Pretorius or Andrew Barber

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

ACER publishes first REMIT report: ACER has published its first annual report on its activities under the Regulation on Energy Market Integrity and Transparency (REMIT). The report contains recommendations on information reporting and supervision of organised market places. ACER has also published the third edition of its non-binding guidance to national regulators on the implementation of REMIT, which has been updated regarding registration of market participants. It has also recommended that the Commission adopts the Network Codes on operational security and planning. (Source: Annual Report on REMIT, REMIT Guidance and ACER recommends adoption of the Operational Security and Operational Planning and Scheduling Network Codes)

Contact: Luca Salerno or Josie Day

European Central Bank (ECB)

ECB publishes opinion on SRM: ECB has delivered to the Council its opinion on the SRM Regulation. It is of the view that:

  • the SRM should cover all credit institutions within the SSM;
  • a public backstop should be available until the SRF has been financed;
  • roles and responsibilities of resolution and supervision authorities should be kept distinct, with the latter being responsible for early intervention measures and the assessment of the conditions triggering resolution and the need for a capital write-down or conversion. The supervisor should also be involved in the implementation of measures to remove a credit institution's impediments to resolvability;
  • the bail-in tool should be implemented earlier than 2018; and
  • the target level of the SRF should be determined by reference to total liabilities, calibrated to consider that covered deposits are already insured via deposit guarantee schemes.

(Source: ECB Opinion on SRM)

Contact: Rosali Pretorius or Andrew Barber



Commons Committee looks at financial crime: The House of Commons Justice Committee has published a report on fraud, bribery and money laundering guidance and the Sentencing Council's proposals relating to the relevant offences. The report records discussions at a meeting the Committee held with key stakeholders. (Source: Commons Committee Looks at Financial Crime)

Contact: Howard Cohen or Emma Radmore

Government introduces "claim pest" provisions in Banking Reform Bill: The Government is introducing changes to the Financial Services (Banking Reform) Bill to prevent "PPI claims pests" from making unsolicited calls to members of the public and then taking up the time of financial services providers in making unfounded claims. The proposals would give the Claims Management Regulator powers to fine. It has also published a report on other minor and technical amendments it tabled on 11 November. The House of Lords is currently proposing a number of additions to the Banking Reform Bill. Separately a motion was put before Parliament that there should be no rush to complete the Bill's parliamentary process and that it would be better to hold it over to the new year so the proposals could receive the attention they deserve. Finally, the dates for the Report stage hearing in the Lords have been put back and will now take place on 26 and 27 November. (Source: Government Introduces Cold-calling Bans in Banking Reform Bill and Amendments - Lords Report)

Contact: Andrew Barber or Josie Day

Treasury Committee asks about FPC's role in Help to Buy: The Treasury Committee in the House of Commons has written to Mark Carney, Governor of BoE, requesting information on BoE's Financial Policy Committee's (FPC) role at designing the Help to Buy scheme and scrutinising its impact on financial stability. (Source: Letter to Mark Carney on Help to Buy)

Contact: Rosali Pretorius or Andrew Barber

Bank of England (BoE)

Authorities stress-test bank resilience to cyber-attack: BoE, FCA and HM Treasury have overseen a stress test on the resilience of the wholesale markets and financial infrastructure to cyber-attack. (Source: Statement on Waking Shark II)

Contact: Howard Cohen or Andrew Barber

Office of Gas and Electricity Markets (Ofgem)

Ofgem publishes guidance on REMIT investigations: Ofgem has fed back on responses to its consultation on REMIT investigations and published a statement of policy on penalties and procedural guidelines on investigatory and enforcement powers. In a letter to stakeholders it highlights the following changes to the approach to enforcement it had initially proposed:

  • given the distinct characteristics of REMIT investigations, Ofgem will not normally publicise the opening of an investigation on potential breaches to REMIT, but it reserves its right to do so;
  • some changes encourage the early submission of Suspicious Activity Reports; and
  • Ofgem also clarifies that it will allow a reasonable period for a lawyer to arrive whenever it carries out a site inspection. Nonetheless, it has powers to seize all documents and information recorded in any format.

Regarding double jeopardy, Ofgem has to consider whether action by other regulatory bodies is adequate to address its concerns over the same conduct. On respondents' suggestion that it should adopt the FCA's approach to calculating fines, Ofgem says that it will consider this at a later stage, in the context of the Enforcement Review. (Source: Letter to Stakeholders, Statement of Policy and Procedural Guidelines)

Contact: Rosali Pretorius or Luca Salerno

HM Treasury (Treasury)

Treasury renews designation: Treasury has renewed three designations under the Terrorist Asset Freezing Act. (Source: Treasury Renews Designations)

Contact: Emma Radmore or Andrew Barber


Court considers banks' position in terminating services: The High Court has considered whether Barclays Bank PLC (Barclays) should be restrained from stopping supplying banking services to various money services businesses (MSBs). Barclays had decided it wished to reduce its exposure to the money services business sector. The businesses contended that Barclays would be abusing its dominant position under the Treaty of the EU by terminating the services. Many banks have pulled out of the MSB banking markets or are not accepting new MSB customers, and two of the banks had failed to find an alternative banker. Although the court accepted that Barclays was entitled to provide, or not provide, services to whoever it chose, it nevertheless also accepted the businesses' contentions and agreed the matter should move to trial to determine the issue the businesses raised. Arguments focused on the extent of the MSB business Barclays does. (Source: Court Considers Banks' Position in Terminating Services)

Contact: Emma Radmore or Andrew Barber


Financial Conduct Authority (FCA)

FCA updates on interest rate hedging: FCA has updated the data on its website on banks' review of sales of interest rate hedging products. It says progress has been slower than it hoped but banks are gradually speeding up. FCA has also agreed with four banks an arrangement for splitting payments relating to the swap and consequential losses in order to simplify and speed up the process. (Source: FCA Updates on Interest Rate Hedging)

Contact: Rosali Pretorius or Luca Salerno

FCA makes new rules: FCA has confirmed a number of new rules:

  • The Enforcement Guide (Warning Notices Publicity) Instrument 2013 took effect on 15 October and amends the Decision Procedure and Penalties Manual (DEPP) and the Enforcement Guide (EG). We reported on the policy statement relating to this decision in FReD 18 October.
  • The Consumer Credit (High Level Standards and Interim Regime) Instrument 2013 takes effect on1 April 2014 and makes amendments to several parts of the high-level standards block of the FCA Sourcebook and chapter 12 of the new Consumer Credit Sourcebook. The changes, which were confirmed as part of FCA's second major consultation on bringing consumer credit regulation within its rules (see FReD 4 October), set high-level requirements and disapply a number of rules to firms with interim permission.
  • The Referral Fees Regulations (Enforcement Guidance) Instrument 2013 took effect on 8 November and amends the Glossary, DEPP and EG to explain FCA's approach to using its enforcement powers under the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Referral Fees) Regulations 2013.
  • The Prospectus Rules (PR) (Amendment) Instrument 2013 also took effect on 8 November and amends the requirements in PR for filing a prospectus.
  • The Perimeter Guidance (PERG) (Regulated Advice) Instrument 2013 also took effect on 8 November and amends PERG to clarify the boundary of mortgage information and advice.
  • The Controllers and Close Links Reporting (Amendment) Instrument 2013 also took effect on 8 November with the changes coming into force partly at the end of 2013 and partly on 1 March 2014. The Instrument amends the Supervision Manual to require controller and close links reports to be submitted through GABRIEL.

(Source: Handbook Notice November 2013)

Contact: Emma Radmore or Juan Jose Manchado

Review of gas markets finds no evidence of market manipulation: FCA and Ofgem have finished their review of the gas markets. They found no evidence of the market manipulation that allegedly occurred on 28 September 2012, and they will take no further action. (Source: Statement on Wholesale Gas Market Manipulation)

Contact: Rosali Pretorius or Luca Salerno

FCA welcomes LME warehousing arrangements: FCA has welcomed the measures the London Metal Exchange (LME) has taken to reduce queues for buyers when accessing warehouses and to manage potential conflicts of interest arising from the ownership of warehouses. (Source: FCA Statement on LME)

Contact: Luca Salerno or Josie Day

FCA heralds CPP compensation scheme: FCA has forewarned customers who bought identity or card protection products that they will be receiving a letter from Card Protection Plan (CPP), inviting them to vote on a compensation scheme. The scheme has been agreed by CPP and 13 banks and card issuers. Customers who may be eligible for compensation will have until 3 January 2014 to place their votes. If enough voters support the scheme, the High Court will be asked to approve it in February 2014 and then customers can start to make claims. (Source: FCA Heralds CPP Compensation Scheme)

Contact: Andrew Barber or Emma Radmore

FCA updates AIFMD page: FCA has updated its website pages on the Alternative Investment Fund Managers Directive (AIFMD) to provide advice on the proportionality test in the hierarchical and functional segregation of a firm's risk management function. (Source: FCA Updates AIFMD Page)

Contact: Rosali Pretorius or Kam Dhillon

FCA speaks on trust in insurance industry: Clive Adamson, FCA's Director of Supervision, has spoken at the Insurance Institute of London. He discussed FCA's new supervisory model and commented on the insurance industry's obligations in relation to:

  • oversight of delegated authorities: insurers remain responsible for the actions of their agents and they should decline underwriting through coverholders where the product does not fit with their ethics, culture or customers' needs;
  • financial crime: insurers must carry out sanctions screening against their policyholders and claimants, and ensure that insured interests do not breach sanctions law. Brokers must run due diligence of third-party business partners and commission payments;
  • claims handling: insurers must be able to recognise retail claims. A thematic review is currently comparing complaints handling at insurers that write small pockets of retail business with that at firms that underwrite retail business as a major line; and
  • conflicts of interest at brokers: this is subject of an ongoing thematic review as well, given the conflicts that emerge from brokers generating revenue via both insurers and their clients.

(Source: Trust and confidence − Ensuring Firms' Ethics are Built Around their Customers)

Contact: Emma Radmore or Andrew Barber

FCA speaks on consumer experience: Christopher Woolard, FCA's Director of Policy, Risk & Research, has spoken on how FCA is placing the consumer at the heart of what it does. He reviewed FCA's competition objective, consumer strategy and new market research and intelligence function. He commented on the early stages of a project to develop a model to segment consumers in 10 different groups, based on their financial needs and vulnerabilities. This will enable FCA to tailor communications and research to those groups. Finally, he also pointed out FCA's expectation that firms should treat vulnerable customers fairly. (Source: Improving the Consumer Experience)

Contact: Emma Radmore or Andrew Barber

FCA publishes Approved Persons data: FCA has started to publish information on the volume of applications it receives for Approved Person status. It has published data on the number of applications received and approved in relation to significant influence functions (SIF) (with separate data for applications subject to the enhanced SIF process) from solo-authorised firms, and the customer function from all firms. It plans to update the data twice a year. (Source: FCA Publishes Approved Persons Data)

Contact: Emma Radmore or Josie Day


Association of British Insurers (ABI)

ABI speaks on fraud: Aiden Kerr of ABI spoke on the efforts the insurance industry is making to tackle insurance fraud generally. He also spoke specifically on fraudulent whiplash claims. (Source: ABI Speaks on Fraud)

Contact: Howard Cohen or Emma Radmore

Legal Entity Identifier Regulatory Oversight Committee (LEIROC)

LEIROC endorses LSE pre-LOUs: LEIROC has announced its endorsement of the legal entity identifiers (LEIs) that the London Stock Exchange (LSE), in its capacity as pre-Local Operating Unit (pre-LOU), has begun to issue for reporting and other regulatory purposes. LEIROC will soon be providing additional guidance on business registry information, porting of pre-LEIs between pre-LOUs and funding of the global LEI foundation. (Source: LEIROC Endorsement Note)

Contact: Rosali Pretorius or Luca Salerno


FReD Live Consumer Credit: FReD readers should have received their invitations to our breakfast briefing on 3 December.

IMLPO Section 166 Workshop: Surviving an s166 investigation: It is not too late to register for the seminar we are hosting with IMLPO on 19 November on surviving a skilled persons investigation.

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.


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

Consumer Credit Regulation: Are you ready for the seismic shift?: Please contact Andrew Barber, Emma Radmore or Howard Cohen if you have any questions about what you need to do to prepare for the transfer of consumer credit regulation to FCA.

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

Court of Appeal dismisses interest rate swap appeal: Richard Caird and Kattalin Truman have written a briefing on the Court of Appeal judgment in the appeal by Mr Green and Mr Rowley against the decision that RBS had not missold an interest rate swap. (October 2013)

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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In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq 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 of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions