European Union: Financial Regulatory Developments (FReD) - 31 January 2014

Last Updated: 31 January 2014


  • Council adopts MCD
  • Commission confirms banking structural reform proposals
  • Commission publishes EU-US financial services position
  • FCA fines Standard Bank for AML control failings
  • JMLSG consults on consumer credit guidance


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


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

Types of Alternative Investment Fund Managers RTS OEIL file

Contact: Emma Radmore or Juan Jose Manchado

Financial Stability Board (FSB)

FSB updates peer review handbook: FSB has updated its handbook for peer reviews, which explains the purpose and process for thematic and country reviews. (Source: FSB Updates Peer Review Handbook)

Contact: Emma Radmore or Juan Jose Manchado

Council of the EU (Council)

Council adopts MCD: The Council has adopted the Mortgage Credit Directive (MCD) in a form including all amendments voted by EP. The key elements of the MCD are:

  • principles for marketing and advertising, pre-contractual information and information on intermediaries and the borrowing rate;
  • a requirement that the creditor assess creditworthiness of consumers and disclosure obligations on the consumer;
  • regulatory and supervisory principles for credit intermediaries; and
  • a framework for regulation and supervision of non-credit institutions.

Member States will now have two years to implement the MCD. (Source: Council Adopts MCD)

Contact: Andrew Barber or Emma Radmore

European Commission (Commission)

Commission confirms banking structural reform proposals: The Commission has published its detailed proposals for banking structural reform. The proposals take the form of two Regulations.

  • The proposed Regulation on structural measures improving the resilience of EU credit institutions (the Bank Structural Reform Regulation - BSRR) will apply to "too big to fail" banks, which are European banks (i) deemed to be of global systemic significance or (ii) that have over €30 billion in total assets and trading activities exceeding €70 billion or 10% of the bank's total assets. The Commission says this will capture around 30 of the 8,000 banks operating in the EU. The BSRR will catch all subsidiaries and branches of these banks and also foreign branches operating in the EU (but with a third country equivalence regime). The main elements of the BSRR are:

    • a proprietary trading ban with a few exceptions;
    • the right for supervisors to require separation of trading activities if they expose a certain bank to excessive risks. The decision would relate to specified activities and there would be rules on cooperation between supervisory and resolution authorities, rules on effecting the separation and a requirement for banks to have a separation plan. Trading entities that have been subject to the separation obligation would not be allowed to take deposits eligible for protection under deposit guarantee schemes or provide associated retail banking services; and
    • overall control of supervision for the consolidating supervisor where (as will usually be the case) the bank operates across a number of Member States.

The Commission wants the proprietary trading ban to apply from 1 January 2017 and the separation of other trading activities by 1 July 2018.

  • The proposed Regulation on Reporting and Transparency of Securities Financing Transactions (Shadow Banking Regulation - SBR) is intended to increase transparency of transactions in the shadow banking sector to stop banks from moving activities into that sector to circumvent other rules. The SBR would require all transactions to be reported to a central database and mandate detailed reporting from investment funds engaged in securities financing transactions. It also sets out minimum conditions for rehypothecation of financial instruments.

(Source: Commission Confirms Banking Structural Reform Proposals)

Contact: Rosali Pretorius or Andrew Barber

Commission publishes EU-US financial services position: The Commission's Directorate-General for Trade has published a "non-paper" clarifying its objectives for financial services in its negotiations with the US under the Transatlantic Trade and Investment Partnership (TTIP). Its aims include mutual consultations in advance of proposed changes that might affect how financial services are provided between the EU and the US and a commitment to assessing equivalence. (Source: Commission Publishes EU-US Financial Services Position)

Contact: Emma Radmore or Juan Jose Manchado

European Securities and Markets Authority (ESMA)

ESMA finalises advice on TR fines: ESMA has finalised and submitted to the Commission its technical advice on procedural rules on imposing fines and periodic penalty payments on trade repositories (TRs). The advice will help the Commission adopt a Delegated Regulation on the rights of defence and of access to files, limitation periods and collection methods that will apply to ESMA when exercising its power, under the European Market Infrastructure Regulation (EMIR), to impose fines and penalties on TRs. (Source: Technical Advice to the Commission on Procedural Rules to Impose Fines and Periodic Penalty Payments to TRs)

Contact: Rosali Pretorius or Josie Day

European Banking Authority (EBA)

EBA finalises RTS on investment firm capital: EBA has finalised and submitted to the Commission its draft regulatory technical standards (RTS) on own funds requirements for investment firms based on fixed overheads. This method for calculating capital requirements is available to investment firms with limited authorisation to provide investment services and to managers of UCITS and alternative investment funds (AIFs). The RTS introduce a subtractive approach to calculating fixed overhead costs, harmonise the conditions for adjusting requirements where there has been a material change and confirm the inclusion of tied agents in the calculation. (Source: EBA Finalises RTS on Investment Firms' Capital)

Contact: Rosali Pretorius or Juan Jose Manchado

EBA recommends use of LEI: EBA has issued a Recommendation to national authorities urging them to request all credit and financial institutions under their supervisory remit to obtain a pre-LEI (Legal Entity Identifier) code. (Source: EBA Recommends Use of LEI)

Contact: Emma Radmore 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 (CRD 4) and Regulation (CRR) and related technical standards and guidelines. (Source: Single Rulebook Q&A)

Contact: Rosali Pretorius or Andrew Barber

European Systemic Risk Board (ESRB)

ESRB publishes decision on framework for national macro-prudential measures: ESRB has published a Decision on a coordination framework regarding the notification of national macro-prudential policy measures by competent or designated authorities and related provision of opinions and the issuing of recommendations by ESRB. CRD 4 and CRR require national authorities to notify ESRB of the adoption of macro-prudential measures and ESRB to deliver an opinion or recommendation within one month of receiving notification. ESRB has also published templates for making these notifications. (Source: Decision on Framework for National Macro-prudential Measures and Templates - 28 January 2014)

Contact: Rosali Pretorius or Andrew Barber

Agency for the Cooperation of Energy Regulators (ACER)

ACER to hold roundtable: On 18 February ACER is holding a roundtable on the implementation of the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) to which it has invited organised marketplaces for wholesale energy products. The roundtable will focus on:

  • a list of standardised contracts and organised marketplaces;
  • reporting of orders to trade; and
  • technical standards for the reporting of trade data.

(Source: ACER to Hold Roundtable on REMIT Implementation)

Contact: Rosali Pretorius or Luca Salerno

European Central Bank (ECB)

ECB publishes results of securities financing and OTC derivatives survey: ECB has published the results of the December 2013 survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets. The survey shows that price terms have tightened and non-price terms (maximum amount of funding, haircuts, cure periods, covenants, triggers, etc.) have remained the same, although hedge funds and non-financials have, overall, been offered improved terms. Demand for funding of euro-denominated collateral has increased, particularly for maturities greater than 30 days. Disputes related to valuation of derivatives have decreased. The survey also measures the impact of new prudential ratios on securities financing books and changes in market-making activities. (Source: Results of the December 2013 Survey on Credit Terms and Conditions in Euro-Denominated Securities Financing and OTC Derivatives Markets)

Contact: Rosali Pretorius or Luca Salerno

ECB speaks on CCP risks: ECB has participated at a conference organised by the US's Financial Stability Oversight Council. One of the members of its Executive Board spoke on the benefits and side effects of central clearing. He identified, among the new risks related to central clearing, concentration on few central counterparties (CCPs) and clearing members of those CCPs, as well as regulatory inconsistencies at global level, which can be overcome by monitoring compliance with the Principles for Financial Markets Infrastructures. (Source: Risks in CCPs)

Contact: Rosali Pretorius or Josie Day


National Crime Agency (NCA)

NCA appoints Economic Crime Director: NCA has appointed Donald Toon as Director of its Economic Crime Command. (Source: NCA Appoints Economic Crime Director)

Contact: Howard Cohen or Emma Radmore

NCA publishes SAR guidance: NCA has published a guidance note on how to submit a suspicious activity report (SAR) within the regulated sector. The note brings together and updates previous guidance to explain to firms what information is particularly useful to the authorities. (Source: NCA Publishes SAR Guidance)

Contact: Howard Cohen or Emma Radmore

HM Treasury (Treasury)

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

Contact: Emma Radmore or Howard Cohen


Financial Conduct Authority (FCA)

FCA fines Standard Bank for AML control failings: In the latest fine against banks for systems and controls failings in anti-money laundering (AML) procedures, FCA has fined Standard Bank PLC £7,640,400. The failings related to the bank's commercial banking activity and in particular its failure to take reasonable care to apply its policies appropriately and consistently to customers connected to Politically Exposed Persons (PEPs). FCA found the bank did not consistently carry out an appropriate level of Enhanced Due Diligence (EDD) on these customers, nor carry out an appropriate level of ongoing monitoring. FCA considered these failings resulted in an unacceptable risk of money laundering because the bank:

  • provided loans and other services to many customers from high-risk jurisdictions;
  • identified problems with its ongoing review process but did not resolve them; and
  • did not heed previous actions by FCA.

This fine, a civil penalty for failure to comply with the Money Laundering Regulations 2007, was the first AML fine decided under the new penalty regime, and the fine would have been nearly £11 million had the bank not settled at an early stage. FCA also noted the significant steps management had taken to remediate the problems. (Source: FCA Fines Standard Bank for AML Control Failings)

Contact: Emma Radmore or Andrew Barber

FCA updates financial crime webpages: FCA has updated its website to create new information pages on financial crime. There are separate pages covering:

  • fraud;
  • data security;
  • anti-bribery and corruption;
  • sanctions;
  • anti-money laundering;
  • consumer credit; and
  • the obligation to report suspicious transactions.

FCA has published further guidance reminding firms of the different requirements to report suspicious transactions where they relate (a) to money laundering or (b) to suspected market abuse. (Source: FCA Updates Financial Crime Webpages and FCA Updates on Reporting Suspicious Transactions)

Contact: Emma Radmore or Andrew Barber

FCA publishes unfair terms undertaking: FCA has published a Notice of Undertaking under the Unfair Terms in Consumer Contracts Regulations 1999 in relation to Kensington Mortgage Company Limited. FCA felt several terms in the firm's mortgage conditions booklet gave the firm excessive discretion which, if exercised, may at times have been unfair. The firm had not used the conditions for some years and has agreed to treat all customers as if its newer, fairer, terms applied to them. (Source: FCA Publishes Unfair Terms Undertaking)

Contact: Andrew Barber or Josie Day

FCA bans senior executive on fitness grounds: FCA has confirmed the ban on Mr Anthony Verrier after he withdrew his reference to the Upper Tribunal of the Decision Notice published in March 2012. The Court of Appeal had found Mr Verrier had participated in an "unlawful means conspiracy" when he induced brokers to breach their contracts of employment with Tullett Prebon. For this reason, FCA has confirmed its decision to use the power under section 56 of the Financial Services and Markets Act to make a prohibition order where it appears to it that an individual is not a fit and proper person to perform functions in relation to a regulated activity. (Source: Final Notice Anthony Verrier)

Contact: Emma Radmore or Andrew Barber

Financial Services Consumer Panel (FSCP)

FSCP calls for changes to Consumer Rights Bill: FSCP has called for amendments to the Consumer Rights Bill, which is currently passing through Parliament. Concerning part 2 of the Bill, which is the relevant part for financial services because it introduces changes to the unfair terms regime, FSCP says that:

  • the exemption from the "fairness" test should apply only to the price agreed by the consumer at the point of entering the contract, and not to unknown future charges;
  • social, cultural and linguistic factors should be taken into account when determining what an average consumer is for the purpose of applying the "prominent and transparent" test for terms; and
  • the situation of mortgage prisoners, to whom the right to cancel offers no protection, should be added to the indicative list of unfair contract terms.

(Source: Consumer Panel Says Consumer Rights Bill Won't Work for Consumers)

Contact: Andrew Barber or Josie Day

Financial Ombudsman Service (FOS)

FOS publishes newsletter: The latest edition of Ombudsman News highlights FOS's plan for a record year of activity dealing with payment protection insurance (PPI) complaints. The newsletter also focuses on annuities and complaints against insurers relating to "winter weather" claims. (Source: Ombudsman News Issue 115)

Contact: Emma Radmore or Josie Day


Association for Financial Markets in Europe (AFME)

AFME recommends firms request LEI now: AFME and other industry associations have written to their members reminding them of the need to use an LEI when complying with the trade reporting obligation under EMIR and similar requirements in the US. They observe that it currently takes longer than a day to obtain a pre-LEI, and therefore firms should apply for it at the soonest possible opportunity. (Source: AFME LEI Letter)

Contact: Rosali Pretorius or Juan Jose Manchado

Basel Committee of Banking Supervision (Basel Committee)

Basel Committee consults on revised principles for supervisory colleges: The Basel Committee is consulting, until 18 April, on an updated version of its good practice principles for supervisory colleges. The principles outline expectations on college objectives, governance, communication and information sharing. The updated version reflects better how colleges function in practice, introducing an expectation on the need to strike a balance between effectiveness of the college and the participation of host supervisors. It also acknowledges and tackles coordination issues between colleges and the new crisis management groups, and introduces a more specific discussion about the contexts in which macro-prudential considerations will be relevant to a college. (Source: Consultative Paper on Revised Good Practice Principles for Supervisory Colleges)

Contact: Andrew Barber or Juan Jose Manchado

Basel Committee discusses banks' capital planning: The Basel Committee has issued a report on the fundamental elements of a bank's capital planning process. Capital planning processes are described as enabling management to make informed judgments about a bank's capital across a range of potential scenarios and outcomes. The report presents sounds practices that the Basel Committee has observed at some banks. The four fundamental elements the Basel Committee identifies are:

  • internal control and governance;
  • capital policy and risk capture;
  • forward-looking view; and
  • management framework for preserving capital.

(Source: Fundamental Elements of a Bank's Capital Planning Process)

Contact: Andrew Barber or Juan Jose Manchado

European Banking Federation (EBF)

EBF responds on MAR implementing measures: EBF has responded to ESMA's discussion paper on possible implementing measures under the forthcoming Market Abuse Regulation (MAR). It highlights the importance of market sounding, which should be recognised by not restricting the hours in which it can take place and allowing wall-crossing arrangements so that relations between issuer and investors are not affected. It also considers that the requirements to avoid delays of public disclosures of inside information may turn out to be disproportionate. (Source: EBF Response on MAR Implementing Measures)

Contact: Rosali Pretorius or Luca Salerno

European Payments Council (EPC)

EPC publishes version 7.1 of SEPA Rulebooks: EPC has published version 7.1 of its SEPA Direct Debit and Credit Transfer Core Rulebooks. It has also updated the SEPA Direct Debit Business to Business Rulebook, now in its version 5.1. None of these changes has operational impact. (Source: SEPA Direct Debit Core Rulebook Version 7.1, SEPA Credit Transfer Rulebook Version 7.1 and SEPA Direct Debit Business to Business Rulebook Version 5.1)

Contact: Andrew Barber or Emma Radmore

Financial Action Task Force (FATF)

FATF announces next plenary date: FATF will hold its next plenary meeting in Paris on 12-14 February. (Source: FATF Announces Next Plenary)

Contact: Emma Radmore or Howard Cohen

Financial Markets Law Committee (FMLC)

FMLC responds on client assets review: FMLC has responded to FCA's consultation on reviewing the client assets regime for investment business. It raises several questions on the proposals to require the insolvency practitioner to effect an initial distribution of client money to those persons appearing in the records as being entitled to client money held at the point of insolvency. The paper also tackles other issues such as acknowledgement letters and the identification of beneficiaries of different pools of client money. (Source: Response on Client Assets Review)

Contact: Rosali Pretorius or Josie Day

Global Financial Markets Association (GFMA)

GFMA warns on regulatory change: GFMA has stressed the importance of efficient risk management in the commodity derivatives markets and says the role of different financial participants in the market should be a prime consideration for any regulatory changes that are proposed. (Source: GFMA Warns on Regulatory Change)

Contact: Rosali Pretorius or Luca Salerno

Insurance Europe

Insurance Europe reacts to IMD 2: Insurance Europe has reacted to EP's Economic and Monetary Affairs Committee (ECON) report on IMD 2. It supports much of the comment, including bringing amendments within the scope of MiFID 2, which would have the effect of allowing Member States to decide whether to ban or restrict fees, commissions or non-monetary benefits. It is not pleased that the proposed changes would effectively ban the practice of tying products. It says this would put insurance products on an "unlevel" playing field with investment products. (Source: Insurance Europe Reacts to IMD 2)

Contact: Emma Radmore or Josie Day

International Organisation of Securities Commissions (IOSCO)

IOSCO announces 100th signatory of cooperation MMoU: IOSCO has announced that the Indonesian Financial Services Authority has become the 100th signatory to the IOSCO Multilateral Memorandum of Understanding (MMoU) on cooperation and exchange of information. The competent authorities of Bangladesh and Gibraltar had also signed up to the MMoU in the previous weeks. (Source: MMoU Gains 100th Signatory in Fight Against Financial Misconduct)

Contact: Rosali Pretorius or Emma Radmore

IOSCO publishes client assets recommendations: IOSCO has published a final report containing guidance for regulators on how to enhance the supervision of intermediaries holding client assets. The report lays down principles such as the need for the intermediary to put in place risk management systems and to reconcile client accounts and records with those of third parties when the intermediary places client assets with them. (Source: IOSCO Publishes Recommendations Regarding the Protection of Client Assets)

Contact: Rosali Pretorius or Josie Day

Joint Money Laundering Steering Group (JMLSG)

JMLSG consults on consumer credit guidance: JMLSG is consulting on an additional chapter of sectoral guidance addressing the money laundering risks faced by consumer credit businesses. The chapter is in addition to the existing chapter on credit cards. It asks for comment by 21 February. (Source: JMLSG Consults on Consumer Credit Guidance)

Contact: Andrew Barber or Emma Radmore

Wealth Management Association (WMA)

WMA responds on fiduciary duties: WMA has responded to the Law Commission's consultation on fiduciary duties of investment intermediaries. It welcomes the paper and the findings, but warns that reforming the law and being too specific as to its application may have unintended consequences. It agrees with the Law Commission that there is a need to review the regulation of investment consultants. (Source: WMA Responds on Fiduciary Duties)

Contact: Michael Wainwright or Josie Day


Forthcoming Events

Investment Funds Breakfast Briefing: In this session on 12 February, Samantha Hutchinson and Liz Soutter, fund finance specialists, will look at the changing landscape for the subscription finance market and highlight some of the issues that are likely to be encountered by funds on these types of facilities.

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

Regulators respond to roar of crowdfunding: Emma Radmore and Juan Jose Manchado have written an article for Compliance Monitor on the FCA's views on, and proposals for the regulation of, crowdfunding.

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

It is not a misrepresentation to state interest rate swaps carry no premium: Sam Coulthard, Richard Caird and Thomas Rocher have written an article on the summary in another swap mis-selling claim, Nextia Properties Limited v. National Westminster Bank plc and The Royal Bank of Scotland plc. (December 2013)

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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Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to with “no disclosure” in the subject heading

Mondaq News Alerts

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


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

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

Log Files

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


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

Surveys & Contests

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


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


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

Correcting/Updating Personal Information

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

Notification of Changes

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

How to contact Mondaq

You can contact us with comments or queries at

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