UK: Financial Regulatory Developments (FReD) - 22 November 2013

Last Updated: 22 November 2013


  • ESMA finalises EMIR RTS
  • ESMA launches discussion on MAR Level 2 measures
  • Parliament publishes Banking Reform Bill briefing
  • FCA speaks on requirements for foreign-owned firms
  • FCA speaks on asset and wealth management


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 Regulation) 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 publishes shadow banking report: FSB has published the results of its third annual monitoring exercise of the shadow banking system. In addition to the macro-mapping based on flow of funds data, this year's report also includes a narrower measure that results from filtering out non-bank financial activities that have no direct relation to credit intermediation, self-securitisation and those activities that are already prudentially consolidated into banking groups. Given that real estate investment trusts (REITs) constitute one of the most rapidly growing shadow banking sub-sectors, next year's report will consider them in more detail. FSB also points out that shadow banking monitoring should be extended to offshore jurisdictions that are not members of FSB. (Source: Global Shadow Banking Monitoring Report 2013)

Contact: Rosali Pretorius or Andrew Barber

FSB focuses on risk culture: FSB is consulting on supervising risk culture and has published a set of principles for setting an effective risk appetite framework. Both measures are part of the move towards a more intense and effective approach to supervising systemically important financial institutions (SIFIs). The consultation puts forward guidance on outcomes-based supervision that engages at senior level and assesses institutions' business models and risk appetite. Risk culture must be aligned with the stated risk appetite and be based on articulated values. A risk appetite framework involves a risk appetite statement and clear risk limits and definition of role and responsibilities over risk management. Although prepared with SIFIs in mind, these principles can be applied, proportionally, to other financial institutions. (Source: FSB Releases Guidance for More Effective Supervision of Risk Appetite and Risk Culture at Financial Institutions)

Contact: Andrew Barber or Emma Radmore

European Commission (Commission)

Commission updates work programme: The Commission has published an updated work programme for the remainder of 2013, but it does not contain any of the key expected financial services internal market measures. (Source: Commission Updates Work Programme)

Contact: Emma Radmore or Juan Jose Manchado

Council issues statement on EU banks' stress tests: The Council has issued a statement supporting the asset quality review and stress testing of EU banks that will precede the establishment of the Banking Union in November 2014. Where an institution requires recapitalisation with public funds, the Council confirms that the backstop will be provided on a national basis. Until the bail-in tool under BRRD becomes available, Member States will have to apply the burden-sharing requirements in State Aid rules. The Council also announced that a final compromise proposal on the SRM Regulation will be voted on at the meeting of Finance Ministers (ECOFIN) on 10 December. (Source: Council Issues Statement on EU Banks' Stress Tests)

Contact: Andrew Barber or Juan Jose Manchado

European Parliament (EP)

EP pleased with Omnibus II vote: EP and the Council of the EU have reached informal agreement on the text of the "Omnibus II" Directive, adoption of which has held up implementation of Solvency 2. Omnibus II amends Solvency 2 in respect of capital buffers insurers must hold in respect of long-term investments. Michel Barnier welcomed the agreement, saying the life insurance industry would now be able to continue offering long-term guaranteed products and that insurers would be able to match long-term liabilities with long-term investments. The plan is now for Solvency 2 as amended by Omnibus II to come into force on 1 January 2016. (Source: EP Pleased with Omnibus II Vote)

Contact: Emma Radmore or Howard Cohen

EP backs two-page KID: EP has backed a format for a two-page Key Information Document (KID) for investors in a range of retail investment products. MEPs said all small investors should be given two-page A4 standard format KIDs to help them to understand and compare investment products and estimate the total cost of their investment. They should also be informed whether their investment will contribute to any projects with environmental or social aims. KIDs should not be misleading, should make no reference to advertising material and should be prepared by a clearly identifiable entity that created the product. MEPs say this decision should help in the ongoing negotiations on the PRIPs Regulation. (Source: EP Backs Two-Page KID)

Contact: Andrew Barber or Josie Day

ECON reports on MLD4: The EP's Committee on Economic and Monetary Affairs (ECON) has published its draft report on the proposal for a fourth money laundering Directive (MLD4). It suggests several amendments to the Commission's draft, and focuses in particular on:

  • measures to put in place registers of beneficial ownership to help businesses verify the owners of their customers;
  • enhancing the risk-based approach to prevention of money laundering and terrorism so resources focus on key areas; and
  • the need for a targeted and proportionate preventative approach.

The report annexes a letter from the data protection working party highlighting deficiencies in the proposal from a data protection point of view. It is concerned that MLD4 would offer fewer safeguards than the current law. (Source: ECON Reports on MLD4)

Contact: Emma Radmore or Andrew Barber

ECON backs basic bank account plans: ECON has backed the proposals to provide basic payment accounts for all consumers, and has published its report suggesting amendments to the PAD. There will be a plenary vote in December. (Source: ECON Backs Basic Bank Account Plans and ECON Report on PAD)

Contact: Andrew Barber or Josie Day

ECON publishes draft report on transfer of funds Regulation: ECON has published its draft report on the proposal for a Regulation on information accompanying transfers of funds. The changes introduced seek alignment of the Regulation with MLD4 and FATF's international standards. They also introduce new provisions obliging an intermediary payment service provider to check for missing information. (Source: ECON Draft Report)

Contact: Emma Radmore or Andrew Barber

ECON publishes draft report on ELTIF Regulation: ECON has published its draft report on the ELTIF Regulation. The changes proposed by the Rapporteur include making shares in listed SMEs eligible assets for an ELTIF and giving investors opportunities for redemption before the end of the fund's life cycle. (Source: ECON Draft Report)

Contact: Rosali Pretorius or Kam Dhillon

ECON publishes draft report on MMF Regulation: ECON has published its draft report on the MMF Regulation. The Rapporteur introduces a capital buffer of 3% for MMFs offering a stable net asset value. Regarding the valuation of assets of an MMF, the Rapporteur considers that the use of external rating agencies could be useful and that internal evaluation should use an amortised cost model that limits residual maturity to 90 days. (Source: ECON Draft Report)

Contact: Rosali Pretorius or Andrew Barber

ECON publishes draft report on Benchmarks Regulation: ECON has published its draft report on the Benchmarks Regulation. The Rapporteur, Sharon Bowles MEP, wants to give national authorities the power to bring a benchmark administrator within the scope of the Regulation if necessary. She considers that third country equivalence assessments should be based on compliance with IOSCO standards, and proposes that all input data and methodologies used in the production of benchmarks relevant to retail investments should be made public. The draft report also includes more wide-ranging powers for a national authority to mandate contributions to a critical benchmark. (Source: ECON Draft Report)

Contact: Rosali Pretorius or Emma Radmore

European Securities and Markets Authority (ESMA)

ESMA finalises EMIR RTS: ESMA has published its final report on regulatory technical standards (RTS) under the European Market Infrastructure Regulation (EMIR) in relation to contracts with a direct, substantial and foreseeable effect within the EU. The final draft RTS clarify that where two counterparties established outside the EU enter into an OTC derivatives contract, but where the EU has not reached a decision on the equivalence of the relevant third country regime, then the contract will be subject to EMIR if (i) either counterparty is guaranteed by an EU financial for a total gross notional amount of at least €8 billion, and for at least 5% of the OTC derivatives exposures of the guarantor, or (ii) the counterparties use EU branches to execute their transactions and would be financial counterparties if they were established in the EU. The RTS will also contain a non-evasion clause. The Commission now has three months (from 15 November) to decide whether to endorse the RTS and must then submit them to the EP and Council. (Source: ESMA Finalises EMIR RTS)

Contact: Rosali Pretorius or Matthew Sapte

ESMA amends AIFMD reporting guidelines: ESMA has published a revised version of its guidelines on reporting obligations under the Alternative Investment Fund Managers Directive (AIFMD) and supporting documents. It has not explained why it has revised the guidelines or highlighted the changes. (Source: ESMA Amends AIFMD Reporting Guidelines)

Contact: Rosali Pretorius or Kam Dhillon

ESMA writes on ESFS: ESMA has written to the Commission with proposals on how to strengthen its role in the context of the review of the European System of Financial Supervision (ESFS). It calls for:

  • greater consideration, when adopting Level 1 legislation, of the time needed to develop Level 2 measures;
  • power to temporarily suspend the application of a rule, such as clearing obligations, where its application could have unintended consequences; and
  • a stronger mandate and resources to develop, with national authorities, an IT function that ensures harmonisation and collection of data across jurisdictions.

(Source: Review of ESFS)

Contact: Emma Radmore or Juan Jose Manchado

ESMA launches discussion on MAR Level 2 measures: ESMA has published a discussion paper presenting positions and regulatory options for developing the technical standards, advice and guidelines it has to deliver under the Market Abuse Regulation (MAR). Responses to this discussion paper will be fed into the final consultations to take place in 2014. ESMA seeks input on the following areas:

  • exemption for buyback programmes and stabilisation measures;
  • market soundings;
  • indicators and signals of market manipulation;
  • Accepted Market Practices;
  • procedures, content and format to submit Suspicious Transactions and Order Reports;
  • delay in the public disclosure of inside information and the conditions for delay;
  • format for insider lists;
  • managers' transactions and trading window;
  • conflicts of interests in investment recommendations; and
  • reporting of breaches and protection of the person making the report.

The Commission has already asked ESMA to deliver advice on delegated acts within eight months of the publication of MAR. The deadline for submission of technical standards will be as set in the final text of MAR. ESMA asks for comments by 27 January 2014. (Source: ESMA Begins Preparatory Work for New Market Abuse Regime)

Contact: Rosali Pretorius or Luca Salerno

ESMA to produce guidance on reporting of exchange traded derivatives: Following the Commission's intention not to delay the entry into force of the reporting requirements under EMIR for exchange traded derivatives, ESMA has announced, in a letter to the Commission, that it is already working on Q&A guidance on the issues of data quality it is concerned about. (Source: ESMA Reply to Commission Letter on the Reporting of Exchange Traded Derivatives under EMIR)

Contact: Rosali Pretorius or Luca Salerno

ESMA publishes risk dashboard: ESMA's risk dashboard for the first half of 2013 shows how risk shifted from the unwinding of pre-crisis imbalances towards uncertainties related to policy implementation. (Source: ESMA Risk Dashboard No.4 2013)

Contact: Rosali Pretorius or Juan Jose Manchado

European Banking Authority (EBA)

EBA considers impact of Banking Union on Single Market: In a speech at a conference organised by the European Banking Federation (EBF) and the Association for Financial Markets in Europe (AFME), Andrea Enria, EBA's chairperson, has spoken on the effects of the Banking Union on the Single Market for financial services. He reviewed the state of financial fragmentation after the crisis and the potential for rifts between participants and non-participants in the Banking Union. To avoid a split of the Single Market, and to ensure the smooth conduct of cross-border business, he stressed the need for common rules and common supervisory and resolution approaches. He regretted that ESMA has only been given a mandate to prepare a Single Supervisory Handbook comprising of good practices, rather than uniform, directly-applicable, guidance. He also called for a stronger legal basis for binding mediation, and for greater harmonisation of Pillar 3 disclosures and the creation of a common platform for publishing information on the risk modelling performed by banks. (Source: The Single Market After the Banking Union)

Contact: Rosali Pretorius or Juan Jose Manchado

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

European Insurance and Occupational Pensions Authority (EIOPA)

EIOPA holds annual conference: In his speech at EIOPA's third annual conference, Gabriel Bernardino, EIOPA's chairperson, has reviewed this year's progress on Solvency 2. Commenting on the International Association of Insurance Supervisors (IAIS) announcement that it will develop an international capital standard in the insurance area, he said that the objective should be to ensure that Solvency 2, with the required adjustments, is deemed compliant with it. (Source: EIOPA. Building a Credible and Respected Supervisory Authority)

Contact: Rosali Pretorius or Emma Radmore

European Central Bank (ECB)

Draghi explains SSM preparations: Mario Draghi, ECB President, has replied to a request of information by Sharon Bowles, ECON Chairperson, on the preparations being made to set up the Single Supervisory Mechanism (SSM). His letter covers recruitment, organisational structure, segregation between monetary and supervisory functions, and the scope of the asset quality review. (Source: Reply to Questions on Preparations to SSM)

Contact: Emma Radmore or Juan Jose Manchado

ECB consults on mobile payments security: ECB has launched a consultation on recommendations for the security of mobile payments. It covers payments in which the mobile device of a customer is used as a device to initiate a payment, except where the customer only uses a web browser to access the internet. This includes contactless payments, use of apps and SMS payments. The deadlines for responses is 31 January 2014. (Source: Recommendations for the Security of Mobile Payments)

Contact: Andrew Barber or Emma Radmore



Parliament publishes Banking Reform Bill briefing: The House of Commons Library has provided an update on the amendments to the Financial Services (Banking Reform) Bill (the Banking Reform Bill) as it enters the Lords Report stage. The Bill is three times as long as it was when first introduced into the Commons. The paper explains the amendments that were introduced in each of the three days in the Lords' Committee stage that are expected to form a large part of the debate in the next stage of the Parliamentary process. The key changes included (and will now also include):

  • amendments to the proposals for electrification of the ring fence;
  • greater regulatory powers over senior managers in banks and criminal sanctions for reckless misconduct by senior managers in the management of a bank;
  • creation of a new payments regulator;
  • a bail-in tool;
  • new regulatory powers relating to competition;
  • a limited rule-making power for the Prudential Regulation Authority (PRA) over financial holding companies; and
  • a requirement for PRA to look at the activities ring-fenced banks carry out that are exempted from the various activities otherwise prohibited under the Banking Reform Bill.

(Source: Banking Reform Bill Briefing Paper: Lords Committee Stages)

Contact: Andrew Barber or Juan Jose Manchado

HM Treasury (Treasury)

Treasury presents settlement systems SAR: The Treasury has published a summary of responses to its consultation on creating a special administration regime (SAR) for payment and settlement systems, and for key service providers to these firms, and announced that this new SAR will be introduced as an amendment to the Banking Reform Bill. (Source: SAR for Payment and Settlement Systems)

Contact: Rosali Pretorius or Andrew Barber

Treasury publishes draft CRD4 reporting Regulations: The Treasury has published the draft Capital Requirements (Country by Country Reporting) Regulations 2013. These Regulations implement the requirements in the fourth Capital Requirements Directive (CRD4) that institutions in the UK disclose, annually and on a consolidated basis, certain information for each country where they have an establishment. The requirements will start applying partially on 1 July 2014, and fully on 1 January 2015, unless disclosure by SIFIs of information about, profits, tax and subsidies could have potential negative economic consequences. (Source: CRD4 Country-By-Country Reporting Draft Legislation and Draft Guidance)

Contact: Andrew Barber or Rosali Pretorius

Treasury updates sanctions: Treasury has updated the sanction lists in relation to Iran. (Source: Treasury Updates Sanctions)

Contact: Emma Radmore or Howard Cohen

Bank of England (BoE)

BoE publishes systemic risk survey: Regulation and tax remain among the top risks in BoE's latest biannual Systemic Risk Survey. The Survey also reflects growing concern, among the risk managers surveyed, about the low interest rate environment and residential property prices. (Source: Systemic Risk Survey 2013 H3)

Contact: Andrew Barber or Juan Jose Manchado


Financial Conduct Authority (FCA)

FCA bans adviser for market abuse: FCA has published a statement banning Rahul Shah from performing any function in relation to any regulated activity. Mr Shah, an investment adviser, had been made an insider in relation to an investment but, despite knowing this, encouraged a client to deal in the investments. FCA found the misconduct all the more serious because Mr Shah had received a "policing letter" from the (then) Financial Services Authority's markets division setting out types of conduct that might constitute market abuse and the possible penalties for committing it. It would have fined Mr Shah £125,000 if not for his financial hardship. (Source: FCA Bans Adviser for Market Abuse)

Contact: Rosali Pretorius or Howard Cohen

FCA publishes credit unions consumer credit factsheet: FCA has published a factsheet explaining the implications of the transfer of consumer credit regulation for credit unions. (Source: FCA Publishes Credit Unions Consumer Credit Factsheet)

Contact: Andrew Barber or Howard Cohen

FCA holds markets conference: At FCA's markets conference:

  • Martin Wheatley spoke on modelling integrity through culture. He looked at the changing regulatory landscape and agenda, and at FCA's focus on culture exemplified by some recent legislative and regulatory changes. He also stressed FCA's role in international regulation, saying it had to be pragmatic to help firms "roll out" the necessary systems to comply with new requirements; and
  • David Lawton spoke on how FCA's approach to markets regulation is evolving. He looked at the driving factors, which he said were the complexity and dynamism of the markets, FCA's own policy agenda and the fact that regulation has not up to now delivered the outcomes FCA wants. He spoke on FCA's three objectives and how it is working towards them in terms of ensuring resilient infrastructures, transparency for consumers and competition in the way market structures operate.

(Source: Martin Wheatley Speech at Markets Conference and David Lawton Speech at Markets Conference)

Contact: Rosali Pretorius or Luca Salerno

FCA gets worldwide freezing order: FCA has obtained an unlimited worldwide freezing order to stop a suspected boiler room, First Capital Wealth Limited, from putting consumers at risk. (Source: FCA Gets Worldwide Freezing Order)

Contact: Howard Cohen or Josie Day

FCA consults on RIEs and competition: FCA has opened a consultation on competition in the markets for services provided by Recognised Investment Exchanges (RIEs). FCA proposes amendments to its REC sourcebook to cater for its new competition objective. Competition considerations will inform the process for recognising a firm as RIE, and RIEs will be required to disclose events affecting competition. FCA asks for comments by 31 January 2014. (Source: Competition in the Markets for Services Provided by an RIE: Proposed Amendments to REC)

Contact: Rosali Pretorius or Luca Salerno

FCA speaks on requirements for foreign-owned firms: Clive Adamson, FCA's Director of Supervision, has spoken at the Association of Foreign Banks (AFB) on FCA's approach to conduct regulation, business models, senior management and financial crime. He noted that many foreign-owned firms deal in countries, products and customers that potentially pose high money-laundering risk. FCA has already discussed with AFB issues such as the assessment of whether goods are appropriately priced or might be dual use (civil/military) and subject to sanctions. (Source: Ensuring the UK Remains Open for Business – Requirements for Foreign-Owned Firms)

Contact: Emma Radmore or Andrew Barber

FCA speaks on asset and wealth management: Martin Wheatley has spoken at a conference organised by the Institute of Chartered Financial Analysts (CFA). He dealt with conflicts of interest in asset management, specifically in relation to the use of dealing commission and payments for corporate access. He also spoke on the current focus on wealth management compliance with suitability requirements. (Source: Competing on Integrity)

Contact: Andrew Barber or Emma Radmore

FCA publishes VoP form for firms remaining under CRD3: FCA has published the variation of permission (VoP) form that investment firms wishing to remain subject to CRD3 capital regime, because they do not carry out certain MiFID investment services, must submit to FCA. (Source: Information for Investment Firms who may Qualify to Remain Under CRD3)

Contact: Andrew Barber or Rosali Pretorius

FCA writes to CEOs on SVRs: FCA has written a "Dear CEO" letter setting out the rules mortgage lenders should consider when considering changing their Standard Variable Rates (SVRs). It says it does not generally expect firms to need to engage with their supervisor about a change, unless the firm feels it needs to make a notification under Principle 11. FCA also says it plans shortly to publish a discussion paper on fairness in the context of changes to mortgage contracts. (Source: FCA Writes to CEOs on SVRs)

Contact: Andrew Barber or Josie Day

Regulators publish banking authorisation forms: PRA and FCA have published a new application form for applicants for a banking licence. (Source: Regulators Publish Banking Authorisation Forms)

Contact: Emma Radmore or Andrew Barber

FCA publishes September board minutes: FCA has published the minutes of its September Board meeting. The meeting covered a range of topics including:

  • the mortgage market review (MMR) and the plans for its implementation;
  • FCA's supervision strategy;
  • plans for the transfer of consumer credit regulation to FCA and outstanding work;
  • progress on the recommendations of the Parliamentary Commission for Banking Standards and the Government's decision to limit the senior persons regime to deposit-taking institutions;
  • taking forward, including by thematic review, FCA's concerns over the use of dealing commission and the associated definition of "research"; and
  • protections for investors in peer-to-peer loan-based crowdfunding.

(Source: FCA Publishes September Board Minutes)

Contact: Emma Radmore or Juan Jose Manchado


Basel Committee on Banking Supervision (Basel Committee)

Basel Committee speaks on strengthening bank capital: The Basel Committee has spoken on the multiple aspects of strengthening bank capital, which not only consists of increasing its quality and quality, but also ensuring that ratios are consistent and reliable, in that they can be compared around the world. To achieve this, the Basel Committee foresees a series of incremental and supervisory changes that could involve:

  • benchmarking that leads to national supervisory action against outlier banks;
  • assessment of regulatory consistency across jurisdictions, including of divergences arising from the use of national discretions, the Pillar 2 supervisory process and model approval;
  • enhancements to Pillar 3 disclosures; and
  • introduction of constraints on modelling, which could involve increasing data requirements, limiting assumptions and imposing floors.

The preferred policy mix will be such that increases the robustness and credibility of bans' risk measurement methods without reducing their incentives to deepen their understanding of risk. (Source: Strengthening Bank Capital – Basel III and Beyond)

Contact: Rosali Pretorius or Andrew Barber

Financial Action Task Force (FATF)

FATF publishes mutual evaluation procedures: FATF has published the procedures it will use in its fourth round of mutual evaluations of the anti-money laundering and prevention of terrorism laws in its member jurisdictions. The document is dated February 2013. (Source: FATF Publishes Mutual Evaluation Procedures)

Contact: Emma Radmore or Andrew Barber

FATF speaks on counter-terrorism: The FATF President spoke on the efforts of FATF to support United Nations Security Council recommendations aimed at countering terrorism, proliferation and specific regimes. He looked at the next round of assessments FATF is about to start, in which it will reassess compliance with existing targeted sanctions. For the first time it will also assess compliance with targeted requirements against proliferation financing. (Source: FATF Speaks on Counter-Terrorism)

Contact: Emma Radmore or Howard Cohen

International Organisation of Securities Commissions (IOSCO)

IOSCO updates on FSB-related work: IOSCO has written to the Financial Stability Board outlining its current work in relation to:

  • cybercrime in securities markets;
  • long-term investment;
  • crowdfunding; and
  • cross-border regulation.

(Source: IOSCO Updates on FSB-Related Work)

Contact: Emma Radmore or Juan Jose Manchado


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

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.


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

On 26 July the FCA published its long-expected consultation paper on the extension of the SMCR to all FCA-authorised firms. The so-called "core regime" introduces the key concepts of regulator-approved senior managers, firm-approved certification staff and conduct rules applicable to virtually all staff.

3 Oct 2017, Conference, Zurich, Switzerland

As the founding Partner of the Europe-Iran Forum, Dentons Europe will once again support this year’s event. This compelling event which explores all Iran-related topics will take place in Zürich on 3rd and 4th October.

4 Oct 2017, Workshop, London, UK

We are hosting an interactive workshop where we will run a mock High Court trial of an employee competition case – where the members of the audience are the judges. The session, aimed at in-house counsel and HR professionals, will offer an insight as to how disputes involving employees moving to a competitor play out in practice.

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