Worldwide: Financial Regulatory Developments (FReD) - April 24, 2015

Last Updated: 27 April 2015
Article by Emma Radmore, Michael Wainwright, Luca Salerno and Rosali Pretorius

European Union and International

Financial Stability Board (FSB)

FSB reports on work plan: FSB has provided an update for the G20 finance ministers on the progress of its work plan. It focused on:

  • ending too-big-to-fail, with the current initiatives around insurers and non-bank, non-insurer global systemically important institutions, and progress on promoting central counterparty resilience, recovery planning and resolvability;
  • its project, with International Organisation of Securities Commissions (IOSCO) and the Basel Committee on Payment and Market Infrastructure, to standardise and aggregate OTC derivatives trade reporting data;
  • understanding and addressing vulnerabilities in capital market and asset management activities;
  • addressing the risks of misconduct in financial institutions; and
  • identifying and addressing issues of most importance to emerging market and developing economies.

(Source: FSB Reports on Work Plan)

Contact: Rosali Pretorius or Juan Jose Manchado  

FSB issues statement to IMF: Mark Carney, Chairman of FSB, issued a statement to the International Monetary Fund (IMF). In it he addressed:

  • vulnerabilities in the financial system, including diminished market liquidity, asset price discontinuities, and contagion across markets;
  • market liquidity and asset management;
  • market-based finance;
  • ending too-big-to-fail;
  • market conduct issues including the impact that remuneration and risk governance reforms have had, the need for improved standards of conduct in the fixed income, commodities and currency markets and the implications for financial exclusion of potential withdrawal from correspondent banking;
  • implementation monitoring including a thematic peer review report on supervisory frameworks and approaches for systemically important banks to be published in the coming weeks;
  • data gaps;
  • new FSB members; and 
  • emerging markets reform.

(Source: Statement of Mark Carney Chairman of the Financial Stability Board to the International Monetary and Financial Committee)

Contact: Rosali Pretorius or Michael Wainwright

Council of the European Union (Council)

Council adopts MLD4: The Council has adopted the fourth Money Laundering Directive (MLD4) and amended the Wire Transfer Regulation. The European Parliament (EP) must now adopt the package in a plenary session. After that, the legislation will appear in the OJEU, with the date by which Member States must implement MLD4 (which will be two years after it takes effect) and the Wire Transfer Regulation will take effect. The key changes the package brings are to:

  • strengthen the importance of the risk-based approach and to improve its co-ordination internationally;
  • introduce national central registries of beneficial ownership, which may be public;
  • increase the scope so the requirements cover more cash payments and impose diligence obligations on gambling transactions;
  • require additional information on the payee when making funds transfers; and
  • introduce minimum sanctions for breach of the rules.

(Source: Council Adopts MLD4)

Contact: Emma Radmore or Tom Harkus

Council adopts ELTIF Regulation: The Council has adopted the Regulation on European Long Term Investment Funds (ELTIFs). The Regulation will allow alternative investment funds (AIFs) marketed by authorised Alternative Investment Fund Managers (AIFMs) to market themselves as ELTIFs if they meet certain conditions, including investing at least 70% of their capital in specific categories of eligible assets. These categories will in principle be those that require a long-term commitment and the ELTIF would not generally offer any redemption rights. AIFMs will be able to market ELTIFs to both professional and, under additional protections, retail investors. Again, EP must now adopt the Regulation before it will appear in the OJEU and take effect. (Source: Council Adopts ELTIF Regulation)

Contact: Rosali Pretorius or Juan Jose Manchado

Council adopts Interchange Fees Regulation: The Council has adopted the Regulation capping interchange fees for payments by debit or credit card (the Interchange Fees Regulation). Set maximum levels of fee will apply from six months after the Regulation enters into force. Again, EP must now adopt the Regulation before it will appear in the OJEU and take effect. (Source: Council Adopts Interchange Fees Regulation)

Contact: Michael Wainwright or Alex Haffner

Council agrees US reinsurance negotiations: The Council has agreed a mandate to negotiate with the US on reinsurance. It hopes mutual recognition will facilitate business. (Source: Council Agrees US Reinsurance Negotiations)

Contact: Michael Wainwright or Juan Jose Manchado

European Commission (Commission)

Commission speaks on CMU: Jonathan Hill has spoken on the Capital Markets Union (CMU). He covered:

  • the change in direction and pace of the new Commission, with a focus on reviewing and bedding in existing reforms rather than introducing new regulation;
  • the importance of a single market for capital across the EU in encouraging jobs growth and attracting inward investment for SMEs and infrastructure projects;
  • measures to encourage long-term investment such as:
    • setting up a framework for an EU-wide securitisation market that singles out a category of highly transparent, simple and standardised products; 
    • reviewing the Capital Requirements Regulation to assess how appropriate the existing rules are for supporting long-tern finance; and 
    • initiatives to encourage the development of the European private placement industry;
  • tools to encourage investment in infrastructure such as ELTIFs;
  • how CMU will help SMEs to access additional funds; and
  • the importance of international co-operation and coherence in the EU capital market.

He concluded by saying that both financial services businesses and their regulators must be flexible and adaptable to the changing global environment so as to be ready to overcome novel challenges and take advantage of opportunities as they arise. (Source: The Capital Markets Union: Breaking Down the Barriers to Completing the Single Market)

Contact: Rosali Pretorius or Michael Wainwright

Official Journal of the European Union (OJEU)

Margin periods Regulation published in OJEU: A delegated Regulation to supplement the Regulatory Technical Standards (RTS) on specification of margin periods of risk has been published in the OJEU. (Source: Delegated Regulation to Supplement the RTS for the Specification of Margin Periods of Risk Regulation)

Contact: Rosali Pretorius or Michael Wainwright

European Banking Authority (EBA)

EBA reviews supervisory colleges: EBA has published its annual assessment of the work of colleges of supervisors. The report:

  • notes improved efficiency of EU supervisory co-operation, especially during the 2014 Asset Quality Review and the EU-wide stress test exercises;
  • identifies that, in 2015, close monitoring of capital plans will be a vital follow-up to last year's stress tests to ensure EU banks maintain their strong capital positions and to help investigations of potential future weaknesses;
  • says supervisors will closely monitor credit risk management and undertake benchmarking of internal model outcomes; and
  • highlights that the activities of EU colleges of supervisors in 2015 will be marked by the Bank Recovery and Resolution Directive (BRRD), which requires colleges to reach a joint decision on the assessment of recovery plans of cross-border groups.

The report also identifies the need for supervisors to review conduct risk, and monitor and assess improvements in corporate governance of EU banks, so as to ensure sound ethical standards. IT risks will also feature on the 2015 agenda, as the vulnerability of outdated systems to cybercrime and outages was found to be on the increase in the course of 2014. (Source: EBA Reviews Work of EU Colleges of Supervisors for Cross-Border Banking Groups)

Contact: Rosali Pretorius or Michael Wainwright

EBA updates single rulebook Q&As: EBA has amended its single rulebook Q&As to include two new items. (Source: Single Rulebook Q&A)

Contact: Rosali Pretorius or Michael Wainwright

EBA publishes resolution planning responses: EBA has published the responses to its consultation on implementing technical standards (ITS) on procedures, standard forms and templates to provide information for the purpose of devising a resolution plan. These are required by the BRRD. (Source: ITS on Procedures, Forms and Templates for Resolution Planning)

Contact: Rosali Pretorius or Michael Wainwright

European Insurance and Occupational Pensions Authority (EIOPA)

EIOPA updates guidelines: EIOPA has updated its Solvency 2 guidelines in respect of own funds and group solvency. (Source: EIOPA Updates Guidelines)

Contact: Michael Wainwright or Juan Jose Manchado

EIOPA publishes draft of full reporting package: EIOPA has published a first draft version of the taxonomy and data point models underpinning the whole of Solvency 2 reporting requirements. (Source: Solvency 2 Reporting Format)

Contact: Michael Wainwright or Juan Jose Manchado

European Securities and Markets Authority (ESMA)

ESMA seeks evidence on virtual currency investment: ESMA has issued a call for evidence on investments using virtual currency or distributed ledger technology. It is asking stakeholders how virtual currency is used to issue, buy and sell and record ownership of securities. It is particularly interested in how different virtual currencies and the associated "blockchain", or distributed ledger, can be used in investments. It would like to find out more about these market developments and in particular to know to what extent the use of the "blockchain" could enter the financial mainstream, and how it could be used. ESMA asks for responses by 21 July. (Source: ESMA Seeking Information on New Developments in Virtual Currency Investment)

Contact: Rosali Pretorius or Michael Wainwright

European Central Bank (ECB)

ECB publishes annual report: ECB has published its annual report. The report looks at ECB's work during the year and discusses the ambitious plans for CMU. ECB says that to achieve CMU will not only require
the need for full capital market union, which has up to now proved impossible, but will also call for harmonisation in laws wider than capital, such as corporate and insolvency laws. (Source: ECB Publishes Annual Report)

Contact: Rosali Pretorius or Michael Wainwright

UK Government and Parliament

HM Treasury (Treasury)

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

Contact: Emma Radmore or Tom Harkus

UK Financial Services and Markets Regulators

Financial Conduct Authority (FCA)

FCA fines Merrill Lynch for transaction reporting failures: FCA has fined Merrill Lynch International £13,285,900 for transaction reporting failures. It found that over a seven-year period the firm incorrectly reported over 35 million transactions and failed to report over 100,000. FCA identified 11 different reasons for breach, most involving over three million transactions. This is the highest fine for transaction reporting failures, and FCA applied a penalty of £1.50 per line of incorrect or non-reported data rather than the £1.00 per line used in the last three cases because it said past fines have not been high enough to achieve credible deterrence. It also noted the firm failed to adequately address the root causes over several years, despite both substantial FCA guidance and a private warning to the firm in 2002 and a fine of £150,000 in 2006. (Source: FCA Fines Merrill Lynch for Transaction Reporting Failures)

Contact: Felicity Ewing or Luca Salerno

FCA confirms broker ban: The Upper Tribunal has directed FCA to ban former insurance broker Stephen Allen. FCA had proposed to do so as it felt he was not fit and proper. It cited an example of charging fees improperly to a client in the course of his insurance broking activities. Mr Allen had referred FCA's decision to the Tribunal, in the course of which he sought to rely on a redacted extract from a High Court judgment to discredit a witness. FCA discovered the judge in that case had found Mr Allen had knowingly advanced and given untrue evidence, including submitting a forged document. FCA asked the Tribunal to consider that this, and Mr Allen's attempts to conceal the full judgment from FCA, would instead be the grounds for the ban. The Tribunal agreed, and the Court of Appeal refused Mr Allen's application to appeal the Tribunal's findings. (Source: FCA Confirms Broker Ban)

Contact: Felicity Ewing or Katharine Harle

FCA updates NPPR forms: FCA has updated some of the forms in its Alternative Investment Fund Managers Directive library. The forms relate to the National Private Placement Regime (NPPR) and are forms firms must use when notifying FCA of material changes. (Source: FCA Updates NPPR Forms)

Contact: Emma Radmore or Juan Jose Manchado

Prudential Regulation Authority (PRA)

PRA sets expectations on EIOPA Guidelines: PRA has published a supervisory statement in which it confirms its expectation that firms comply, in a proportionate manner, with EIOPA's Solvency 2 Set 1 Guidelines. The statement also contains some commentary by PRA on issues such as own-funds, treatment of related undertakings and loss-absorbing capacity. (Source: PRA Statement and EIOPA Solvency 2 Set 1 Guidelines)

Contact: Michael Wainwright or Juan Jose Manchado

Payment Systems Regulator (PSR)

PSR publishes Board minutes: PSR has published the minutes from its February Board meeting. The Board discussed:

  • the Managing Director's report: in particular:
    • the PSR concurrency consultation; 
    • amendments to the information gateway flow chart for staff showing how information should be shared with FCA/other authorities; and 
    • the recent setting up of a new Interbank System Operators Coordination Committee by a number of payment services providers;
  • the consultation on PSR's regulatory approach: especially: 
    • the need for further consideration of the proposed governance requirements for card operators to include the publication of the minutes of the operators' governing body and representation of service users' interests in decision making; and 
    • the recommendation to abandon two of the three "PSR Principles" previously proposed;
  • the assessment of operational and policy readiness for "day 1" of the PSR on 1 April;
  • terms of reference for market reviews: the Board agreed the scope and engagement strategy for the reviews;
  • a potential complaints scheme: the Board noted that FCA's Independent Complaints Commissioner had indicated that he would be willing to be engaged by PSR to deal with any complaints against PSR;
  • Memorandum of Understanding (MoU) with CMA: the Board noted the update on the position regarding PSR's proposed MoU with CMA;
  • the progress made to implement the EU Payment Accounts Directive;
  • the draft of the PSR annual budget and plan, noting the way in which the budget had been calculated; and
  • the remedies available to consumers in the event of failures.

(Source: PSR Board Meeting 11 February 2015)

Contact: Michael Wainwright or Josie Day

Other Regulators/Authorities/Industry Associations

Bank for International Settlements (BIS)/Basel Committee on Banking Supervision (Basel Committee)

Basel Committee removes national discretions: The Basel Committee has agreed to remove a number of national discretions from Basel 2. The relevant discretions relate to:

  • treatment of past-due loans;
  • definition of retail exposures;
  • transitional arrangements for corporate, sovereign, bank and retail exposures;
  • rating structure standards for wholesale exposures;
  • internal and external audit; and
  • re-ageing.

The national discretion related to the internal ratings-based (IRB) approach treatment of equity exposures will also expire in 2016. The Basel Committee also clarified in its frequently asked questions its view on funding valuation adjustments. (Source: Basel Committee Removes National Discretions)

Contact: Rosali Pretorius or Michael Wainwright

Islamic Financial Services Board (IFSB)

IFSB lays out core principles: IFSB has published a paper setting out core principles for Islamic finance regulation. The paper outlines:

  • the need for core principles, the general approach to their formulation, their scope and when they are to be implemented;
  • various preconditions for the effective supervision of institutions offering Islamic finance services (IIFS) including sound and sustainable macroeconomic policies, well-developed public infrastructure and effective market discipline;
  • assessment methodology for the core principles; and
  • criteria for assessing compliance with the core principles among IIFS.

(Source: Core Principles for Islamic Finance Regulation)

Contact: Rosali Pretorius or Matthew Sapte  

Forthcoming Events

IMLPO Seminars: Dentons will be hosting, and Emma RadmoreDanielle Van der Merwe and Sarah Limawill be speaking at, a workshop on cybercrime prevention on 27 April. Emma will also be speaking at the IMLPO Annual Conference on 3 June.

Compliance Register Seminars: Dentons is pleased to be hosting the following Compliance Register events at our London offices and our regulatory team will be speaking at each of them: 2015 COBS Course – Now and Looking Forward to MiFID 2 on 14 October, the Financial Crime Compliance Professionals (FCCP) Certification programme on 17 June (at which we will be presenting module 1) and the Compliance Management and Practice Conference on 2 December.

Recent Publications

Financial Crime

Financial Crime: FCA loses patienceEmma RadmoreLuca Salerno and Tom Harkus have written an article for Financial Regulation International on FCA's latest thematic reviews on financial crime controls. (November 2014)

Loose Lips Sink BanksSam Szlezinger and Richard Jenkinson wrote an article on the dangers of traders exchanging information. (November 2014)

The ABC of KYC issues for Wealth ManagersEmma 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. (March 2014)

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 preventionEmma 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 debtsRichard 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 AgreementsEmma 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 CrimeEmma 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 PerspectivesEmma RadmoreThomas 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 contactEmma Radmore (London), or Michelle Shapiro (New York). (May 2012)

Financial Services and Markets Reform

The EU's MiFID 2: the Scope of the Transparency RequirementsJuan Jose Manchado has written an article for World Securities Law Report on MiFID 2's transparency provisions. (April 2015)

Bank Notes: The latest edition of our Bank Notes newsletter includes an article on MiFID 2 by Emma Radmore and Luca Salerno. (March 2015)

Key unanswered questions we have about FCA's new concurrent competition powersMichael Wainwright,Rebecca Owen-HowesAlex Haffner and Richard Jenkinsonhave produced a newsflash on FCA's new powers, which will also be the focus of our FReD Live session on 9 June. (March 2015)

Crowded HouseRosali Pretorius and Christina Pope have written an update on crowdfunding regulation and FCA's review. (February 2015)

The EU's MiFID 2: Communicating with Clients: In this article for World Securities Law Report, Emma Radmore examines changes MiFID 2 will make to the way in which firms deal at a high, overall level with their customers and clients. (February 2015)

The regulatory change treadmill in the UK – gathering pace or slowing down? A review of 2014 and a look forward to 2015: In an article for Financial Regulation International, Emma Radmore looks at key developments of 2014 and the key regulatory priorities and changes for 2015. (February 2015)

Interfax Energy quotes Rosali PretoriusRosali Pretorius has commented on ESMA's papers on the implementation of MiFID 2, in an article focusing on supervision of the delivery and receipt obligations for commodities. (January 2015)

ESMA Publishes MiFID 2 Papers: We have produced a summary of ESMA's technical advice and further consultation on MiFID 2. (December 2014)

FCA restructures to meet future challengesMichael Wainwright gave an interview to Lexis PSL on FCA's recent announcement on structural changes. (December 2014)

Would the senior manager regime have affected fx accountability?: In this article, Richard CairdAlexandra Doucas and Katharine Harle look at the possible effects the proposed senior manager regime would have had, had it been in place at the time of the fx manipulation. (December 2014)

How would future regulation have affected fx manipulation?: In this article, Richard CairdAlexandra Doucas and Katharine Harle look at how current regulatory initiatives would have impacted the behaviour that led to fx manipulation. (December 2014)

MiFID 2: Key Changes for Investor ProtectionEmma Radmore and Juan Jose Manchado wrote an article for BNA Bloomberg World Securities Law Report on the investor protection measures of MiFID 2 and is proposed Level 2 measures. (October 2014)

Clearing Getting ClearerRosali Pretorius and Tom Harkus have written an alert on ESMA's October consultations on interest rate derivatives and fx. (October 2014)

Consumer credit regulation: keeping pace with permissionsEmma Radmore wrote an article for Compliance Monitor outlining what firms should have done already in relation to consumer credit permissions and their next steps. (July 2014)

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. (March 2014)

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

Regulators respond to roar of crowdfundingEmma 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 Emma Radmore 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 EMIRRosali 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 risksCandice Chapman and Winston Green comment on FCA's thematic review of mobile banking. (See also FReD 30 August.) (August 2013)

Mobile Network Operator BillingAlex Haffner has 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 rulesJohn HarringtonJeffrey KoppeleMarc Teitelbaum and Jerome Walker have written an update on the delay in implementing certain elements of FATCA. (July 2013)

Take aim for AIFMD implementationEmma 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: 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-OverEmma 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 has 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: Emma Radmore has written an article for Compliance Monitor on the regulatory aspects of mobile payments. (May 2012)

MiFID 2 – Prescription and ChangeEmma 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

Implementing the Consumer Rights BillRebecca Owen-Howes summarises the key provisions of the Consumer Rights Act 2015. (March 2015)

Royal Assent of The Small Business, Enterprise and Employment ActSarah Lawson looks at the key provisions of the Small Business, Enterprise and Employment Act. (March 2015)

Implementation of the BRRD UnfoldsMichael Wainwright and Josie Day have written an article for Compliance Monitor on implementation of the Bank Recovery and Resolution Directive. (February 2015)

Keep Focused on CASSMichael Wainwright and Juan Jose Manchado wrote an article for Compliance Monitor on the changes to the Client Assets Sourcebook. (October 2014)

Financial Resources for Investment Firms Under CRD4Michael Wainwright wrote an article for Compliance Monitor on how the Capital Requirements Directive reforms affected investment firms. (May 2014)

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 or Emma Radmore. (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. (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. (May 2012)

Asset management

Outsourcing for asset managersRosali PretoriusEmma Radmore and Kam Dhillon wrote an article for Compliance Monitor on recent regulatory developments that apply to fund managers when outsourcing functions such as investment operations, fund administration, transfer agency or corporate actions. (January 2015)

Outsourcing by UK-based fund managersAmanda Lewis and Rosali Pretorius have written an updated guide to the law that applies to UK-based fund managers when they outsource. (October 2014)

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

The Alternative Investment Fund Managers Directive – Theory Becomes RealityRosali Pretorius andEmma Radmore wrote an article on implementation of the AIFMD for the Global Asset Management & Servicing Review 2013/14 published by Euromoney Yearbooks.

Product Regulation

When is an unregulated agreement not an unregulated agreement? The perils of offering added protectionsEmma RadmoreKatharine Harle and Duncan Scott have written a summary of the NRAM PLC v. (1) JEFFREY PATRICK McADAM (2) ANN HARTLEY case. (December 2014)

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

This one's just a tiddler, throw him back to seaRichard CairdFelicity Ewing and Alexandra Doucas have written an article on FCA's decision not to proceed with its investigation of Julien Grout. (March 2015)

Ships that pass in the night? Will the FCA's recent guidance on retail investment advice have any impact on mis-selling litigation?Richard CairdFelicity Ewing and Alexandra Doucas have written an article on the possible effects of Finalised Guidance 15/1. (February 2015)

Ships that pass in the night? Will the FCA's recent guidance on retail investment advice have any impact on mis-selling litigation?Richard CairdFelicity Ewing and Alexandra Doucas have written an article on the possible effects of Finalised Guidance 15/1. (February 2015)

Themes for the new year: FCA's December 2014 enforcement conference?Felicity EwingAlexandra Doucas and Katharine Harle have written an article on FCA's recent enforcement conference. (February 2015)

Update on the Retail Banking InvestigationSam Szlezinger and Rebecca Owen-Howes have written an update on CMA's investigation into the retail banking markets. (January 2015)

Better Late than NeverRichard CairdSam Coulthard and Alexandra Doucas have written an article on late service of notice of amount payable under section 6(d) of the ISDA Master Agreement and the case ofGoldman Sachs International v. Videocon Global Ltd and another. (January 2015)

Personal current account and small business banking face full competition investigation:Sam Szlezingerand Rebecca Owen-Howes wrote this newsflash on the CMA's decision to undertake a full investigation of these sectors and this follow up article for details of the timetable and Issues Statement for the investigation. (November 2014)

Fraudulent misrepresentation by a bank and the ISDA Master AgreementRichard CairdAlexandra Doucasand Thomas Leyland have written an article about this recent judgment. (November 2014)

To be or not to be a "consumer": a question for the Court, not FOSRichard CairdSam Coulthard andAlexandra Doucas have written an article on the court's decision on whether the Financial Ombudsman Service has discretion to decide whether a complainant is an eligible complainant.

Another Swaps Litigation JudgmentRichard CairdSam Coulthard and Alexandra Doucas have written an article on the recent judgment in Crestsign Limited v. (1) National Westminster Bank Plc; and (2) The Royal Bank of Scotland Plc. (October 2014)

Update on Recent Summary Judgment for Barclays in Interest Rate Swap LitigationRichard CairdSam Coulthard and Alexandra Doucas have written an article on key conduct of business rules issues in the context of interest rate swap litigation. (September 2014)

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 caseRichard 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 complaintsRichard 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 ProceedingsKatharine Harle has written an article for Compliance Monitor on the High Court award inClark 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 BewareEmma 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 MoneyRosali 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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