UK: Financial Regulatory Developments (FReD) - 7 March 2014

Last Updated: 7 March 2014

HEADLINES

  • EP votes on IMD2
  • ESRB publishes materials on macro-prudential policy
  • FCA makes CC rules
  • FCA updates on incentives risks

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

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

Types of Alternative Investment Fund Managers RTS OEIL file

Contact: Emma Radmore or Juan Jose Manchado

European Parliament (EP)

EP votes on IMD2: EP has voted in plenary on IMD2. Its key concerns, reflected in the results of its vote, are:

  • aligning IMD2 with MiFID 2;
  • allowing national discretions on remuneration and commission;
  • banning product tying by requiring products to be sold separately; and
  • introducing disclosure requirements for elements of variable remuneration.

IMD2 must now move to the trilogue process, which it is not expected to do during the term of the current Parliament. Insurance Europe was critical of some of EP's recommendations, specifically the ban on product tying. The Council also published an information note on the amendments, including a call from Michel Barnier to agree the text by the end of the calendar year. (Source: EP Votes on IMD2)

Contact: Emma Radmore or Andrew Barber

EP publishes MLD4 reports: EP has published its reports on MLD4 and the Funds Transfer Regulation. Previous editions of FReD have highlighted its key recommendations. (Source: EP Publishes MLD4 Report and EP Publishes Funds Transfer Regulation Report)

Contact: Emma Radmore or Andrew Barber

ECON adopts motion for ESFS resolution: The Economic and Monetary Affairs Committee (ECON) at EP has adopted its report on an own-initiative procedure for a resolution on recommendations in relation to the current review of the European System of Financial Supervision (ESFS). (Source: Report on Recommendations to the Commission on ESFS Review)

Contact: Emma Radmore or Juan Jose Manchado

ECON to vote on SRM Regulation in April: ECON regrets the lack of flexibility shown by the Council of Finance Ministers (ECOFIN) regarding the SRM Regulation proposals. It says that the negotiating mandate of the Presidency of the Council did not allow for compromises over the essential issues of the decision-making process and the single resolution fund. ECON will now prepare a text, which it will vote in plenary session in April, incorporating some of the Council's concerns but restating its demands as to the independence of resolution decisions and the speed of the funds' mutualisation process. (Source: MEPs Lay Out Final Offer on Bank SRM)

Contact: Andrew Barber or Juan Jose Manchado

European Commission (Commission)

MCD published in OJEU: The Mortgage Credit Directive (MCD) was published in the Official Journal of the EU (OJEU) on 28 February. Member States must transpose the Directive by 21 March 2016 and start applying it immediately, subject to certain transitional provisions. (Source: OJEU 28 February)

Contact: Andrew Barber or Emma Radmore

Credit Risk Adjustments RTS published in OJEU: The Commission Delegated Regulation on Regulatory Technical Standards (RTS) for specifying the calculation of specific and general credit risk adjustments was published in OJEU. It will enter into force 20 days after the date of its publication, which was on 27 February. (Source: OJEU 27 February)

Contact: Rosali Pretorius or Andrew Barber

Commission feeds back on DGSD political agreement: The Commission has written to EP in relation to the recent approval by the Council of the political agreement it reached with EP on the recast Directive on Deposit Guarantee Schemes (DGSD). The communication summarises the changes introduced during the legislative process, including the discretion to reduce the target level of funds, and suggests EP adopts it at its plenary session scheduled for April. (Source: Communication Concerning Council's Position on DGSD)

Contact: Andrew Barber or Emma Radmore

Commission responds to Commons on subsidiarity: The Commission has responded to the House of Commons European Scrutiny Committee Reasoned Opinion concerning compliance with the principle of subsidiarity in the Commission's proposals for a Benchmarks Regulation. It says that, considering benchmarks are used for pricing cross-border transactions and a patchwork of national rules would impede the provision of cross-border benchmarks, the subsidiary test is met. It also says that the proposals are in line with the IOSCO Principles for Financial Benchmarks and existing industry good practice. (Source: Subsidiarity - Commission Responses)

Contact: Emma Radmore or Juan Jose Manchado

Commission endorses RTS on material risk takers: The Commission has adopted the RTS laying down criteria to identify the staff with a material impact on a bank's risk profile and who therefore will be subject to the rules in the fourth Capital Requirements Directive (CRD4) capping the amount of variable remuneration they can receive. (Source: Delegated Regulation on RTS on Criteria to Identify Material Risk Takers)

Contact: Rosali Pretorius or Emma Radmore

European Banking Authority (EBA)

EBA consults on minimum margin periods of risk: EBA is consulting, until 9 May, on draft RTS on the minimum margin periods of risk (MPOR) applicable in the calculation of own-funds requirements for a clearing member exposures to its clients. EBA has concluded that, on balance, it is reasonable to set MPOR at the same level as CCPs' estimates, in margin calculations, of the periods for liquidating positions. (Source: Draft RTS on MPOR)

Contact: Rosali Pretorius or Andrew Barber

EBA publishes consumer trends report: EBA has published a report on consumer protection issues and the actions EBA will adopt in response to them during 2014. These include raising the status of its opinions on mortgage lending to that of guidance, starting work on sales incentives and continuing work on self-placement of financial instruments. (Source: EBA Publishes Consumer Trends Report)

Contact: Andrew Barber or Josie Day

EBA reports on leverage ratio definitions: EBA has published an own-initiative report on the impact of aligning the current definition of the leverage ratio in The Capital Requirements Regulation (CRR) with the revised definition published by the Basel Committee in January. The Commission has the power to amend the definition in CRR before 2015 and EBA suggests aligning it with the revised international standard or at least a clarification on how to interpret the treatment of securities financing transactions. (Source: EBA Reports on Leverage Ratio Definitions)

Contact: Rosali Pretorius or Juan Jose Manchado

European Systemic Risk Board (ESRB)

ESRB publishes materials on macro-prudential policy: ESRB has published a Handbook and a flagship report on developing and making macro-prudential policy operational. ESRB identifies the intermediate objectives of macro-prudential policy and the instruments available in the CRD4 package to fulfil them. These objectives are the prevention of:

  • excessive credit growth and leverage;
  • excessive maturity mismatch;
  • direct and indirect exposure concentrations; and
  • misaligned incentives with a view to reducing moral hazard.

The instruments analysed in the Handbook are:

  • the countercyclical buffer;
  • real estate instruments;
  • instruments for systemic banks and structural risks;
  • liquidity instruments;
  • Pillar 2 instruments; and
  • national flexibility measures.

The Handbook gives examples of cases where Member States' competent authorities have already used macro-prudential instruments. It also discusses indicators that may trigger macro-prudential action and provides advice on the policy cycle. Related to this, it deals with instrument selection, guided discretion in decision-making, communication and cross-border issues. ESRB's flagship report offers a high-level overview of the Handbook, also warning that the scope of macro-prudential policy is wider than banking and that ESRB, with its system-wide remit, will propose measures where and when needed. The flagship report closes with some of the issues that ESRB may cover in its contribution to this year's review of the macro-prudential rules in the CRD4 package. (Source: Macro-Prudential Policy Handbook and Flagship Report)

Contact: Andrew Barber or Juan Jose Manchado

European Central Bank (ECB)

ECB adopts Decision on non-Eurozone SSM participants: ECB has adopted a Decision on the procedural aspects relating to close cooperation with national competent authorities of Member States whose currency is not the euro but who request to participate in the Single Supervisory Mechanism (SSM). The Decision details the timeframe and contents for a request to participate in the SSM and the procedure for ECB assessing and deciding on those requests and suspending or terminating a close cooperation agreement. (Source: Decision on the Close Cooperation with SSM non-Eurozone Participants)

Contact: Andrew Barber or Juan Jose Manchado

Agency for the Cooperation of Energy Regulators (ACER)

ACER offers templates for market abuse notifications: ACER has created online applications to comply with the notifications required by the Regulation on Energy Market Integrity and Transparency (REMIT) in respect of:

  • delays to the disclosure of inside information. A delay in disclosing inside information is possible to protect a market participant's legitimate interests, on condition that it does not mislead the public and the market participant does not make decisions based on that inside information; and
  • transactions that could constitute insider trading but are entered into to deal with unplanned outages that would result in the participant not being able to meet its contractual obligations.

(Source: REMIT Market Abuse Notifications)

Contact: Rosali Pretorius or Luca Salerno

UK GOVERNMENT AND PARLIAMENT

Legislation

Treasury makes Green Deal rules: Treasury has made the final version of the Consumer Credit Act 1974 (Green Deal) (Amendment) Order 2014 which sets out the circumstances in which arrangements related to Green Deal will be consumer credit agreements. (Source: Treasury Makes Green Deal Rules)

Contact: Andrew Barber or Emma Radmore

HM Treasury (Treasury)

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

Contact: Emma Radmore or Howard Cohen

Bank of England (BoE)

BoE suspends employee in forex investigation: BoE has announced that, in the course of its internal investigation into whether its staff were involved in the manipulation of the foreign exchange market, it has suspended a member of its staff pending the conclusion of the investigation. Nonetheless, BoE has not found any evidence of such manipulation or of breaches of internal control processes so far. (Source: Forex Market Review)

Contact: Rosali Pretorius or Emma Radmore

UK FINANCIAL SERVICES AND MARKETS REGULATORS

Financial Conduct Authority (FCA)

FCA makes CC rules: FCA has made the bulk of its final rules to effect the transfer of consumer credit (CC) regulation from 1 April. The rules:

  • fill in most of the detail of the Consumer Credit Sourcebook (CONC) on prudential and conduct of business requirements for firms carrying on credit-related regulated activities. Many chapters differentiate between areas of business;
  • include specific provisions on firms providing high cost short term credit (HCSTC); and
  • make amendments to other parts of the Handbook consequent on CONC.

The feedback accompanying the new rules also sets out a timeline for change. See our separate summary for full details. (Source: FCA Makes CC Rules)

Contact: Andrew Barber or Emma Radmore

FCA consults on further CC amendments: FCA is consulting on further changes to its Handbook in respect of the transfer of CC regulation. It proposes amending the Decision Making Policies and Procedures Manual (DEPP) and Enforcement Guide (EG) in respect of the powers under the Payment Services and Electronic Money Regulations to prohibit payment services providers and e-money issuers from conducting consumer credit business. The proposals set out how FCA plans to issue warning, decision and supervisory notices. FCA asks for comments by 14 March. (Source: FCA Consults on Further CC Amendments)

Contact: Andrew Barber or Howard Cohen

FCA updates on incentives risks: FCA has published an update on its thematic review on risks from incentives. It is pleased at the changes firms have made in response to its paper of September 2012, and appreciates change cannot happen overnight. However, it has outlined the areas where it thinks firms need to carry out further work. At this stage, it is not taking any further action. Its research shows that around one in ten firms with higher-risk incentive schemes were not managing the risk properly at the time of FCA's assessment. All the larger retail banks have changed their arrangements in some way. Some smaller firms, however, had not appreciated that their entire remuneration structures were based on incentives. FCA has made some suggestions for areas on which firms should focus, including:

  • checking for spikes or trends in the sales patterns of individuals to identify areas of increased risk;
  • doing more to monitor poor behaviour in face-to-face sales conversations;
  • managing the risks in discretionary incentive schemes and balanced scorecards, including the risk that discretion could be misused;
  • monitoring non-advised sales to ensure that staff who are incentivised to sell do not give personal recommendations;
  • improving oversight of incentives used by appointed representatives; and
  • recognising that remuneration that is effectively 100% variable pay based on sales, increases the risk of mis-selling and managing this risk.

(Source: FCA Updates on Incentives Risks)

Contact: Michael Wainwright or Andrew Barber

FCA makes new rules: Apart from the instruments amending CONC and other aspects of the Handbook, FCA made the following rules at its 27 February Board Meeting:

  • the Alternative Investment Fund Managers Directive (AIFMD) (Consequential Amendments) Instrument 2014 amends several parts of the Handbook to make it consistent with the rules FCA introduced to implement the AIFMD;
  • the Employers' Liability Insurance: Disclosure by Insurers (No 5) Instrument 2014 amends a transitional provision within the Insurance: Conduct of Business Sourcebook (ICOBS) to allow firms an additional six months from 1 April 2014 to use "best endeavours" to obtain Employer Reference Numbers, before the requirement to do so takes effect;
  • the Conduct of Business Sourcebook (COBS) (Platforms) (Amendment No 2) Instrument 2014 amends COBS from 6 April to clarify the treatment of cash rebates on certain legacy business; and
  • the Designated Investment Exchanges (No 2) Instrument 2014 removes the term "designated investment exchange" from various parts of the Handbook from 1 March.

(Source: FCA Makes New Rules)

Contact: Emma Radmore or Juan Jose Manchado

FCA sets up payment systems page: FCA has set up a new page on its website explaining the role of the payment systems regulator and how it will function when it becomes operational in April 2015. It has also published a "call for inputs" inviting views that will help the new regulator understand the current concerns of the UK payments industry, develop its regulatory approach and design, and identify early priorities for action. The call for input asks several detailed questions but welcomes all views. FCA asks for input by 15 April. (Source: FCA Sets Up Payment Systems Page)

Contact: Andrew Barber or Josie Day

FCA bans ex-CEO: FCA has banned Arnold Eber, former CEO of CIB Partners Limited. The firm was dissolved some years ago. FCA found Mr Eber had given the misleading impression that bonds issued by the Luxembourg entity SLS Capital S.A. (which underpinned some of the Keydata investments) were soundly backed assets when he had serious concerns about them. It also found he failed to advise the regulator of his concerns but continued to publish misleading materials about the bonds. (Source: FCA Bans ex-CEO)

Contact: Rosali Pretorius or Luca Salerno

FCA presents findings of platforms review: FCA has published slides and a video presenting the results of its thematic review of platforms' preparations for the rules on payments to platforms and cash rebates, which start applying on 6 April 2014. It has found that further attention needs be paid to client communications, contingency planning and consumers who lose their adviser. It also wants to see more progress on re-registration, which should take place in a reasonable timescale. (Source: Review of Implementation of Platform Rules)

Contact: Michael Wainwright or Andrew Barber

FCA publishes commodity markets update: FCA has published an update and guide on its regulation and supervision of the commodity markets. The documents dismiss FCA's analysis of key trends and market data, provide an overview of the existing regulatory framework and set out FCA's approach to promoting its objectives within the commodity markets. FCA comments on conduct, reputational and market abuse risks specific to the commodities markets and encourages firms to understand and comply with the relevant requirements. (Source: Commodity Markets)

Contact: Rosali Pretorius or Luca Salerno

FCA updates on hedging review: FCA has published its latest statistics on how banks are progressing their reviews of sales of interest rate hedging products. (Source: FCA Updates on Hedging Review)

Contact: Rosali Pretorius or Felicity Ewing

Financial Services Compensation Scheme (FSCS)

FSCS confirms no interim levy: FSCS has confirmed it will not be imposing an interim levy on investment intermediaries for 2013/14. Originally, it had expected to do so. (Source: FSCS Confirms No Interim Levy)

Contact: Emma Radmore or Juan Jose Manchado

OTHER AUTHORITIES/REGULATORS/INDUSTRY ASSOCIATIONS

International Capital Markets Association (ICMA)

ICMA consolidates repo guide: ICMA has published a Guide to Best Practice in the cross-border European repo market. It replaces existing practice guidelines published over a decade ago, incorporates best practices and conventions on repo margining and updates other publications on floating-rate repo conventions, repo matching and negative interest rate repos. (Source: Guide to Best Practice in the European Repo Market)

Contact: Rosali Pretorius or Gareth Burton

International Organisation of Securities Commissions (IOSCO)

IOSCO hints at need for global institution: In a speech on the shift towards market-based financing, IOSCO's deputy secretary general has suggested that it is time to start thinking about global institutions, possibly treaty based, to avoid fragmented regulation. In the meantime, international standard setting is crucial to maximise harmonisation. (Source: The Shift Towards Market Based Financing: the Role of Financial Regulation)

Contact: Emma Radmore or Juan Jose Manchado

FORTHCOMING EVENTS

FReD Live: Capital Resources for Investment Firms: In the first FReD Live breakfast briefing of 2014, Michael Wainwright will highlight the most significant changes CRD IV has brought to the prudential and systems and controls rules and will give practical guidance on how to meet the new requirements.

RECENT PUBLICATIONS

New This Week:

The ABC of KYC issues for Wealth Managers: Emma Radmore has written an article for Compliance Matters on the implications of a private bank's or asset-manager's duty to know its customer and the consequences if one piece of the jigsaw is missing.

FCA Makes Final CC Rules: We have produced a detailed summary of FCA's recent policy statement setting out the bulk of its final rules for consumer credit firms, which will apply from April 1.

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

Ten things to look out for in 2014: a year of change for the financial markets: Emma Radmore wrote an overview of recent and imminent changes affecting UK financial institutions for Financial Regulation International. (February 2014)

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. (January 2014)

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. (October 2013)

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

Cloudy or Clear? The Changeable Outlook for the Use of Derivatives in UCITS Funds: Rosali Pretorius and Josie Day wrote an article for the Global Asset Management and Service Review. (January 2013)

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)

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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 unsubscribe@mondaq.com 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.

Cookies

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.

Links

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.