UK: Financial Regulatory Developments (FReD) - 6 December 2013

Last Updated: 6 December 2013

HEADLINES

  • Presidency issues UCITS V compromise
  • Banking Reform Bill moves on
  • OECD publishes anti-corruption handbook
  • TI publishes 2013 CPI

EUROPEAN UNION AND INTERNATIONAL

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

UCITS 5 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

Council of the EU (Council)

Presidency issues UCITS V compromise: The Council has published a note from the Presidency to the Permanent Representatives Committee (COREPER) attaching a revised compromise proposal for the UCITS V Directive. It notes the general support of Member States in favour of the proposal, although there are still some concerns over sanctions, depositary liability and eligibility of entities to perform depositary functions. COREPER approved the proposal and the aim is now for the European Parliament to adopt the Directive at first reading. (Source: Presidency Issues UCITS V Compromise)

Contact: Rosali Pretorius or Kam Dhillon

Presidency issues new SRM compromise and calls for general approach: The Presidency has tabled a new compromise text on the SRM Regulation that includes new provisions on the drawing up of resolution plans by national authorities and the calculation of ex-ante contributions to the Single Resolution Fund (SRF), which should be adjusted according to banks' systemic importance. The Presidency has also asked to wait until the trilogue negotiations stage to continue the controversial discussion about the characteristics of the SRF. (Source: SRM Regulation Compromise Text and Call for General Approach and Start of the Trilogue Negotiations)

Contact: Andrew Barber or Juan Jose Manchado

European Commission (Commission)

Commission fines banks for cartels: The Commission has fined eight international banks €1.71 billion in total for participating in illegal cartels in markets for interest rate derivatives. It found cartels existed in both euro and yen interest rate derivatives. The fines ranged from zero (Barclays - with a 100% reduction under the Commission's "leniency notice") to around €725 million (Deutsche Bank for three infringements). Other banks involved were Société Générale, RBS, JP Morgan, Citigroup and RP Martin. UBS received full immunity because it revealed the existence of the cartels, and Citigroup received immunity for one infringement. (Source: Commission Fines Banks for Cartels)

Contact: Rosali Pretorius or Luca Salerno.

European Supervisory Authorities (ESAs)

ESAs publish internal product approval principles: The Joint Committee of the ESAs has published a set of high-level, cross-sector principles on financial institutions' internal product approval processes. These include the need to establish and maintain product oversight and governance processes, to target, test and monitor products, and to provide up-to-date and clear information to distributors. The focus of the principles is internal controls that must take place prior to product launch, rather than requiring approval by regulators. The principles are not directly applicable but they will inform ongoing work on MiFID 2, the new Capital Requirements Directive (CRD4) and IMD. (Source: Joint Position on Product Oversight and Governance Processes)

Contact: Andrew Barber or Emma Radmore

European Securities and Markets Authority (ESMA)

ESMA publishes MoU translations: ESMA has published translations of its guidelines on the model Memorandum of Understanding (MoU) to be signed between EU regulators and their global counterparts in respect of the supervision of the Alternative Investment Fund Managers Directive (AIFMD). (Source: ESMA Publishes MoU Translations)

Contact: Kam Dhillon or Josie Day

ESMA and SEC hold inaugural CRA college meetings: ESMA and the US Securities and Exchange Commission (SEC) have held the inaugural meetings of the supervisory colleges established, following the recommendation of the International Organisation of Securities Commissions (IOSCO), for internationally active credit rating agencies (CRAs). (Source: Supervisory Colleges Established for CRAs)

Contact: Rosali Pretorius or Emma Radmore

ESMA registers new TRs: ESMA has registered ICE TVL and CME TR as trade repositories (TRs) compliant with the European Market Infrastructure Regulation (EMIR). (Source: ESMA Registers TRs)

Contact: Rosali Pretorius or Josie Day

European Banking Authority (EBA)

EBA publishes high earners data: EBA has published the data on the number of bank staff whose remuneration exceeded €1 million in 2012. The results include staff in branches of third country institutions. (Source: High Earners Data 2012)

Contact: Rosali Pretorius or Andrew Barber

EBA updates Single Rulebook Q&A: EBA has included a new final answer in its Q&A for CRD4 and the Capital Requirements Regulation (CRR) and related technical standards and guidelines. The new answer concerns netting within a cash pooling agreement for the purpose of liquidity reporting. (Source: Single Rulebook Q&A)

Contact: Rosali Pretorius or Andrew Barber

European Insurance and Occupational Pensions Authority (EIOPA)

EIOPA publishes complaints-handling guidelines: EIOPA has published guidelines on complaints-handling by insurance intermediaries. The guidelines include standards on policies, recording of complaints and follow-up, making sure the right institution deals with the complaint and provision of information to complainants. (Source: EIOPA Publishes Complaints-Handling Guidelines)

Contact: Emma Radmore or Josie Day

EIOPA publishes results on crisis management survey: EIOPA has published the results of its survey into national authorities' existing measures for preventing and managing crises in the insurance sector, and for resolving insurers where necessary. (Source: Survey on Crisis Prevention, Management and Resolution Preparedness of National Supervisors)

Contact: Rosali Pretorius or Andrew Barber

EIOPA publishes opinion on life insurance beneficiaries: EIOPA has published an opinion outlining the different arrangements, such as registers, that Member States have or should put in place to ensure life policies are paid out to their beneficiaries when due. (Source: Opinion on Life Insurance Beneficiaries)

Contact: Andrew Barber or Emma Radmore

EIOPA publishes report on consumer trends: EIOPA has published a report on high-level consumer trends in relation to insurance products. Its survey found consumers focus more on the price than the product and noted trends in misleading information and poor advice. Many Member States noted the development of new marketing channels, including social networks. (Source: EIOPA Reports on Consumer Trends)

Contact: Andrew Barber or Josie Day

UK GOVERNMENT AND PARLIAMENT

Parliament

Banking Reform Bill moves on: The Financial Services (Banking Reform) Bill (the Banking Reform Bill) has completed its Report stage in the House of Lords. A revised version of the Bill has been published reflecting the amendments introduced up to now. The Bill now moves to third reading in the Lords on 9 December, and then the "ping pong" stage on 11 December when the Commons needs to agree the Lords' amendments. (Source: Banking Reform Bill Moves On)

Contact: Andrew Barber or Rosali Pretorius

HM Treasury (Treasury)

Treasury publishes AML report: Treasury has published its anti-money laundering (AML) and terrorist finance supervision report for 2012-13. It highlights the creation of the National Crime Agency. It says the approach to supervision and enforcement is becoming more robust but notes the challenge of addressing failings which have been in place for many years. It looks at the approaches and methodology supervisors use and the enforcement tools available to them. (Source: Treasury Publishes AML Report)

Contact: Emma Radmore or Andrew Barber

Treasury updates sanctions: Treasury has updated the sanctions lists in respect of Iran. (Source: Treasury Updates Sanctions)

Contact: Emma Radmore or Howard Cohen

Bank of England (BoE)

FPC focuses on risks from the housing market: BoE has published its half-yearly Financial Stability Report and a record of the latest meeting of its Financial Policy Committee (FPC).The Report notes that risks to financial stability arising from the housing market could increase as a result of house price inflation, growing household indebtedness and the erosion of underwriting standards during the expansive phase of the credit cycle. In light of these potential risks, the FPC has welcomed PRA's announcement that it will put an end to the capital relief for new household lending as well as the Treasury's decision to concentrate the Funding for Lending Scheme on non-financial corporates. Regarding underwriting standards, FPC has recommended that the FCA require mortgage lenders to have regard to any future FPC recommendation on the appropriate interest rate stress tests to be used in the affordability assessment under the new rules resulting from the Mortgage Market Review. FPC will also monitor the affordability tests applied by lenders. In addition, FPC also discussed BoE's Governor's letter to the House of Commons Treasury Committee's Chairperson in relation to the Chancellor of Exchequer's request that FPC carry out an annual review of the impact of the Help to Buy Scheme on financial stability. The letter clarified that FPC has no power to require the Treasury to vary or cancel the scheme, and that it is PRA which has provided advice to the Treasury on the prudential implications of the scheme. (Source: Financial Policy Committee Meetings and Response from Mark Carney on Andrew Tyrie's Letter on Help to Buy)

Contact: Rosali Pretorius or Andrew Barber

UK FINANCIAL SERVICES AND MARKETS REGULATORS

Financial Conduct Authority (FCA)

FCA publishes MMR FAQs: FCA has published a set of FAQs about its online survey on the Mortgage Market Review (MMR). It explains the purpose of the survey, encourages firms to complete it and says it does not plan to contact firms individually as a result of their completed survey. It stresses it expects firms to be ready to comply with the new rules from 26 April 2014. (Source: FCA Publishes MMR FAQs)

Contact: Andrew Barber or Kam Dhillon

FCA updates on AIFMD: FCA has:

  • confirmed the ESMA requirements for AIFMD reporting and the templates firms should use. It says it will consult on implementing the requirements into its rules; and
  • published details of the information it needs on AIFM depositary arrangements, following queries from some prospective AIFMs.

(Source: FCA Updates on AIFMD)

Contact: Rosali Pretorius or Kam Dhillon

FCA makes SME lending statement: FCA has confirmed it has considered the reports by Sir Andrew Large and Dr Lawrence Tomlinson on how banks and specifically RBS treat small and medium-sized enterprises (SMEs) that are in financial difficulties. It comments that commercial lending is not a regulated activity. Nevertheless, failing to treat customers properly is of concern to it and could fall within its regulatory remit. As a result, it has commissioned a skilled person's report into RBS' practices and written to banks and building societies telling them to read the reports and satisfy themselves that they do not carry on any of the poor practices the reports identify. It says the banks' supervisors will discuss the reports and the individual institutions' findings with them. (Source: FCA Makes SME Lending Statement)

Contact: Rosali Pretorius or Andrew Barber

FCA publishes consumer credit market participants research: FCA has published research into the size and diversity of the population of consumer credit licence-holders and their awareness of the transfer of consumer credit regulation to FCA. (Source: Consumer Credit Licence-holders: Population Sizing and Communications Research)

Contact: Andrew Barber or Emma Radmore

Prudential Regulation Authority (PRA)

PRA confirms CRD4 plans: PRA has confirmed its plans for implementing the CRD4 and CRR package. It will publish its final rules on implementing CRD4 soon. For the moment, it wanted to confirm it plans to implement the CRR definition of Common Equity Tier 1 (CET1) capital as soon as possible. It now says it will do so except that at solo level the deduction of holdings of own funds instruments issued by financial sector entities subject to consolidated supervision will be phased in. PRA has confirmed its minimum Pillar 1 capital requirements for firms and the dates from which they will apply, It has also confirmed its decision to require firms to deduct 50% of "significant investments" and risk weight appropriately the rest. Each year firms must then deduct an additional 10 percentage points of significant investment so that by 1 January 2019 they will be deducting 100%. It has also decided to apply the same standards for minimum quality of capital eligible for Pillar 2A as for Pillar 1. PRA has also published a supervisory statement on capital and leverage ratios, confirming it will expect major banks and building societies to meet a 7% CET1 capital ratio and a 3% Tier 1 leverage ratio. (Source: PRA Confirms CRD4 Plans)

Contact: Rosali Pretorius or Andrew Barber

PRA confirms FLS changes: PRA has confirmed it will extend the capital offset for corporate lending which accompanies the Funding for Lending Scheme (FLS), but that the offset for household lending will end on 31 December 2013. (Source: PRA Confirms FLS Changes)

Contact: Howard Cohen or Andrew Barber

OTHER REGULATORS/AUTHORITIES/INDUSTRY ASSOCIATIONS

British Bankers' Association (BBA)

BBA updates BCOBS guidance: BBA, the Building Societies Association and the Payments Council have published an updated version of their industry guidance for the FCA Banking: Conduct of Business Sourcebook (BCOBS). The changes mainly reflect April's change to the structure of the UK regulatory system and the introduction of the current account switching service. (Source: BBA Updates BCOBS Guidance)

Contact: Andrew Barber or Josie Day

Financial Action Task Force (FATF)

FATF publishes hawala report: FATF has published a report on the role of hawala and other similar service providers in money laundering and terrorist financing. The report looks at how hawala and similar services work, why they are used, and the common elements used by criminals to launder money through them. (Source: FATF Publishes Hawala Report)

Contact: Emma Radmore or Andrew Barber

International Swaps and Derivatives Association (ISDA)

ISDA and FOA offer document for EMIR clearing disclosures: ISDA and the Futures and Options Association (FOA) have produced a disclosure document that can be used by firms acting as central counterparties' (CCPs) clearing members to comply with their obligation under EMIR to disclose the levels of protection and the costs associated with the different levels of segregation that they provide. The document offers information about the differences between individual and omnibus accounts and on applicable insolvency laws. (Source: FOA/ISDA Article 39(7) Clearing Member Disclosure Document)

Contact: Rosali Pretorius or Matthew Sapte

London Stock Exchange (LSE)

LSE updates on T+2 settlement: LSE has issued an update on the impact of Euroclear's announcement that, further to the forthcoming Central Securities Depository Regulation, it is shortening the standard settlement period to T+2. (Source: Introduction of T+2 Standard Settlement Period)

Contact: Rosali Pretorius or Josie Day

Public Concern at Work (PCaW)

PCaW publishes whistleblowing report: PCaW has published the report of the Whistleblowing Commission it launched earlier in the year. The Commission recommends several reforms to the Public Interest Disclosure Act 1998 and the adoption by the Secretary of State of a Code of Practice to help regulators, courts and tribunals regarding whistleblowing. It also recommends the Government consider establishing a central system for reporting concerns and a state sponsored agency, but declines recommending the introduction of financial rewards or incentives for whistleblowing. (Source: Whistleblowing Commission Report)

Contact: Howard Cohen or Emma Radmore

Organisation for Economic Cooperation and Development (OECD)

OECD publishes anti-corruption handbook: OECD, the United National Office on Drugs and Crime and the World Bank have published an anti-corruption, ethics and compliance handbook. The handbook covers:

  • the international anti-corruption framework;
  • how companies can assess their risk and develop an effective compliance programme;' and
  • the major guidance instruments, including real-life case studies.

The handbook does not focus on any specific domestic laws but provides an overview of generally accepted principles. (Source: OECD Publishes Anti-Corruption Handbook)

Contact: Howard Cohen or Emma Radmore

Transparency International (TI)

TI publishes 2013 CPI: TI has published the 2013 Corruption Perceptions Index (CPI). Denmark and New Zealand top the table of "clean" nations, with a score of 91 on the index (where 0 is highly corrupt and 100 very clean). Most significant economies are in the top 20, including Switzerland (7), Canada (9), the UK (14) and US (19). Most of western Europe scores well, as do Australia and Japan. As usual, corruption is perceived as worst predominantly in Eastern Europe, Africa and many parts of South America. Only 54 out of the 177 countries surveyed score 50 or above. Afghanistan, North Korea and Somalia continue at the bottom of the table, with a score of 8. (Source: TI Publishes 2013 CPI)

Contact: Howard Cohen or Emma Radmore

FORTHCOMING EVENTS

New: Dealing with Sanctions Regimes: Emma Radmore is speaking on 12 December at the CISI workshop on Dealing with Sanctions Regimes.

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.

RECENT PUBLICATIONS

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)

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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, Conference, Munich, Germany

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

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

Surveys & Contests

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

Mail-A-Friend

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

Security

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

Correcting/Updating Personal Information

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

Notification of Changes

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

How to contact Mondaq

You can contact us with comments or queries at enquiries@mondaq.com.

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