HEADLINES
- UK and China hold Economic and Financial Dialogue
- SFO speaks on Bribery Act
- FCA consults on CRD 4 implementation
- FCA writes to firms on CRD 3
- FCA speaks on wealth management
- COBS conference 15 November
EUROPEAN UNION AND INTERNATIONAL
EU Legislation Tracker
Please follow the relevant link to see the European Parliament's (EP) "OEIL" voting date forecasts and access EP reports and positions on major legislative initiatives:
Bank Recovery and Resolution Directive (BRRD) OEIL file
Single Resolution Mechanism Regulation (SRM Regulation) OEIL file
Omnibus 2 Directive OEIL file
UCITS5 OEIL file
Money Market Funds Regulation (MMFR) OEIL file
Directive on European long-term investment funds (ELTIF Diretive) OEIL file
Central Securities Depositories Regulation (CSD Regulation) OEIL file
Recast Markets in Financial Instruments Directive (MiFID2) OEIL file
Markets in Financial Instruments Regulation (MiFIR) OEIL file
Market Abuse Regulation (MAR) 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
Contact: Emma Radmore or Juan Jose Manchado
G-20
G-20 Finance Ministers meet in Washington: In the statement released after their meeting in Washington, DC, the G-20 Finance Ministers and Central Bank Governors reiterated their commitment to building a safe and reliable financial system. They also announced efforts to facilitate domestic capital markets development and to implement the principles on long-term investment financing by institutional investors. (Source: G-20 Finance Ministers Statement)
Contact: Rosali Pretorius or Emma Radmore
Financial Stability Board (FSB)
FSB reports on data gaps: FSB and the International Monetary Fund have published their fourth progress report on the implementation of the G-20 data gaps initiative. The report notes the considerable progress made so far and outlines the strategy for the future. During 2014 work will continue on improving financial soundness indicators, international banking statistics, the coordinated portfolio investment survey and the international investment position. FSB will also be deciding on the template for global systemically important banks. (Source: Fourth Progress Report on the Implementation of the G-20 Data Gaps Initiative)
Contact: Rosali Pretorius or Andrew Barber
European Commission (Commission)
Commission to review Consumer Protection Cooperation Regulation: The Commission has launched a consultation, open until 31 January 2014, on the review of the Consumer Protection Cooperation Regulation. This Regulation provides mechanisms for mutual assistance between national authorities when tackling breaches of consumer protection legislation that involve at least two EU countries. (Source: Review of the Consumer Protection Cooperation Regulation)
Contact: Andrew Barber or Emma Radmore
European Insurance and Occupational Pensions Authority (EIOPA)
EIOPA publishes 2014 Work Programme: In its Work Programme for 2014, EIOPA says it will put a stronger emphasis on occupational pensions, as well as the technical standards and guidance due under Solvency 2. On the consumer protection front, EIOPA plans to continue work on personal pensions, comparison websites and consumer choice in the life insurance sector. During 2014 EIOPA will also carry out pan-European stress tests for the insurance sector. (Source: EIOPA Work Programme 2014)
Contact: Andrew Barber or Emma Radmore
Council of the European Union (Council)
Council approves SSM: The Council has adopted legislation creating a Single Supervisory Mechanism (SSM) for credit institutions in the Eurozone and other participating Member States. This follows the agreement reached with EP in trilogue negotiations earlier this year and EP's joint statement with the European Central Bank on the latter's accountability when acting as supervisor. The final text of the legislation will be published in the Official Journal of the EU and come into force soon. The SSM will be fully effective one year later. (Source: Council Approves SSM)
Contact: Emma Radmore or Juan Jose Manchado
Council publishes new SRM compromise text: The Council has published the latest compromise text tabled by its Presidency on the Regulation establishing a Single Resolution Mechanism (SRM) for the EU. (Source: Compromise Text for the SRM Regulation)
Contact: Rosali Pretorius or Andrew Barber
Agency for the Cooperation of Energy Regulators (ACER)
ACER organises REMIT briefing: ACER has organised a public meeting in Ljubljana on 7 November to discuss with stakeholders the implementation of the Regulation on Energy Market Integrity and Transparency (REMIT) and ACER's work in relation to it. (Source: ACER Organises REMIT Briefing)
Contact: Luca Salerno or Rosali Pretorius
UK GOVERNMENT AND PARLIAMENT
Government
UK and China hold Economic and Financial Dialogue: In their latest Economic and Financial Dialogue, the UK and China have announced several measures on financial sector development and regulation, including:
- the UK regulators will consider applications from Chinese banks to set up branches in the UK to carry out wholesale banking activities;
- the renminbi Qualified Foreign Institutional Investor (RQFII) quota has been extended to the UK;
- both governments will work together on facilitating the growth of cross-border fund management activity; and
- China's National Association of Financial Market Institutional Investors will consider applications of foreign banks for underwriting bonds in China.
(Source: Combined Policy Outcomes of the 5th China-UK Economic and Financial Dialogue)
Contact: Rosali Pretorius or Emma Radmore
Parliament
Banking bills continue in Parliament: The Financial Services (Banking Reform) Bill (the Banking Reform Bill) has had its second day in Committee Stage in the House of Lords. The third day will be on 23 October. The High Cost Credit Bill, a Private Members' Bill designed to impose further controls on high-cost credit companies (particularly payday lenders) in respect of amounts of high-cost credit available, levels of default charges, charges relating to continuous payment authorities and rollover or repeat lending, will continue its second reading in the House of Commons on 23 November. (Source: Financial Services (Banking Reform) Bill Progress and High Cost Credit Bill Progress)
Contact: Emma Radmore or Juan Jose Manchado
Bank of England (BoE)
BoE speaks on resolution: Speaking on solving the "too big to fail" problem at the annual membership meeting of the Institute of International Finance (IIF), Paul Tucker of BoE discussed the following points on planning for orderly resolution:
- although most US banks could already be resolved using a top-down, group-wide approach through their holding companies, European banks will need reorganisation to make themselves susceptible to either a Single Point of Entry (SPE) or a Multiple Points of Entry (MPE) resolution strategy;
- few major groups will escape having to remove obstacles to effective resolution under their preferred strategy. For example, an SPE strategy means groups will need to have in place intra-group debt, issued by key subsidiaries around the world to the holding company, that can be written down when a distressed subsidiary would otherwise need to be resolved;
- for "MPE groups‟, many will need to reorganise their structures to create regional and functional sub-groups which could be subjected to SPE resolution;
- the bail in tool, which can be applied to any debt obligation, must be distinguished from mandated issuance of an extra layer of loss-absorbent bonds. He stressed that "bail in" is a verb and not a noun, so it cannot describe a particular instrument;
- the US must confirm that it will facilitate a UK-led top-down whole-group resolution of UK groups with US subsidiaries. The UK is prepared to agree a reciprocal arrangement;
- derivatives and repo documentation must be amended to exclude from the events of default clause the fact that a firm enters resolution. If necessary, he said, regulation must require this; and
- resolution regimes should also cover central counterparties, insurers and asset management vehicles.
(Source: Solving Too Big To Fail: Where Do Things Stand on Resolution)
Contact: Rosali Pretorius or Andrew Barber
HM Treasury (Treasury)
Treasury updates sanctions: Treasury has updated the sanctions lists. (Source: Treasury Updates Sanctions)
Contact: Emma Radmore or Howard Cohen
Serious Fraud Office (SFO)
SFO speaks on Bribery Act: Alun Milford, General Counsel at SFO, has spoken on the Bribery Act and SFO's stance. He used the speech to reinforce several key points:
- the Bribery Act is not under review, and it was never the plan to review it. The plan was only ever to check whether the adequate procedures guidance was doing its job properly;
- SFO's stance towards prosecutions has not changed. David Green's statements last year merely reiterated that SFO would prosecute where (assuming there is enough evidence) it is in the public interest to do so. The Prosecutors' Guidance lists factors tending for, or against, prosecution;
- in response to concerns that SFO's statement that self-reporting would not guarantee no prosecution, he reminded firms that SFO would view each case on its merits and that its guidance states that a genuine and proactive approach to self-reporting may weigh against prosecution. He noted that SFO does not rely on self-reporting to get information and that much of its information comes from whistleblowers;
- SFO will never use lack of resource as a reason not to prosecute; and
- he expects to have the power to agree Deferred Prosecution Agreements (DPAs) in February 2014 and that the prosecutors will have finalised and published their code of conduct on DPAs by January.
(Source: SFO Speaks on Bribery Act)
Contact: Howard Cohen or Emma Radmore
UK FINANCIAL SERVICES AND MARKETS REGULATORS
Financial Conduct Authority (FCA)
FCA consults on CRD 4 implementation: FCA has published its second major consultation on how it will implement the fourth Capital Requirements Directive (CRD 4) into its rules. The consultation covers:
- remuneration: this part looks at the limits between the fixed and variable components of total remuneration and the national discretion to allow higher percentages and discount rates. FCA proposes to allow the basic ratio between variable and fixed remuneration to be 2:1 subject to certain conditions and also to allow firms to apply a discount rate up to a maximum of 25% of total variable remuneration if paid in instruments deferred for a period of not less than five years. It does not plan to use its discretion to set stricter requirements, and proposes to apply the rules proportionately in line with the current application of CRD requirements in the Remuneration Code;
- the countercyclical capital buffer: FCA had originally proposed this buffer would take effect in 2016, on the assumption its rate would be 0% until then. However, it now proposes to bring in the rule from 2014 to allow flexibility to the UK authority which will set the rate, although FCA stresses it has no reason to believe the UK will accelerate the introduction of the buffer;
- reporting: this section of the paper sets out the reporting proposals for firms that will fall within the new IFPRU (Prudential Sourcebook for Investment Firms) and will follow the CRD 4 Common Reporting and Financial Reporting frameworks (COREP and FINREP). COREP will cover own funds and leverage, large exposures, liquidity coverage ratio and net stable funding ratio. The changes include a FINREP notification rule and changes to supervisory reporting rules. Some reporting templates (the FCA0xx templates) will be replaced by COREP templates, but others will not. FCA proposes that firms will receive schedules showing their COREP and FINREP modules with appropriate reporting requirements under CRD 4 although firms must assess for themselves whether they have reporting obligations under the Capital Requirements Regulation (CRR). A small number of firms have waivers from certain reporting requirements that would continue past 1 January 2014 but that will now cease from 31 December 2013. FCA is contacting affected firms. It also reminds BIPRU (Prudential Sourcebook for Banks, Building Societies and Investment Firms) firms that they should continue to use the GABRIEL system to submit FSA0xx reporting templates and that exempt IFPRU and exempt BIPRU commodity firms will continue to report these templates;
- interaction between funds directives (the Alternative Investment Fund Managers Directive (AIFMD) and UCITS Directives) and CRD 4: FCA explains how collective portfolio management (CPM) and CPM Investment (CPMI) firms (broadly, CPM firms undertake portfolio management of funds but no MiFID services, while CPMI firms also provide MiFID services so far as permitted by the fund sectoral Directives) must meet capital requirements under the relevant funds Directives. FCA now proposes to apply CRD 4 requirements to the MiFID business of CPMI firms, in the same way that it applied CRD 3 requirements, unless it has discretion to continue to apply CRD 3 requirements. Generally, FCA plans to set out the AIFMD and UCITS requirements for CPMI firms within the Interim Prudential Sourcebook for Investment Business (IPRU(INV)), so that affected firms must comply with this for their funds business and with either CRR/IFPRU or General Prudential Sourcebook (GENPRU)/BIPRU for their MiFID business;
- consequential Handbook changes; FCA will need to make changes to a number of Handbook modules consequent on the fundamental changes, including to the Glossary, the General Prudential Sourcebook and the systems and controls rules. It explains the key features of its process requirements for new CRR permissions, which it says are similar to the current waiver process, but Treasury needs to make rules to confirm FCA has power under the CRR to implement its plans. FCA also plans a notification rule for CRR permissions similar to the current waiver notification rule; and
- process requirements for new permissions.
FCA asks for comment by 10 November. (Source: FCA Consults on CRD 4 Implementation)
Contact: Rosali Pretorius or Andrew Barber
FCA writes to firms on CRD 3: Following its consultation on CRD 4 implementation, FCA has written to those firms it believes can remain BIPRU firms and subject to CRD 3. FCA can use its discretion to continue to apply the current rules for firms whose permissions do not include any of:
- dealing on own account;
- underwriting financial instruments or placing them on a firm commitment basis;
- operating a multilateral trading facility; or
- safekeeping and administration and related services.
Any firm that, from 1 January 2014, carries on none of these activities and additionally does not place financial instruments without a firm commitment basis must reply to FCA's letter by 20 November. They will also have to apply for a limitation on their permission that they may not place financial instruments without a firm commitment basis. Where this is the case, they may stay on the current model. Otherwise, if they do not reply to the letter or do not meet the conditions, they will become IFPRU firms and subject to the CRD 4/CRR rules. (Source: FCA Writes to Firms on CRD 3)
Contact: Rosali Pretorius or Andrew Barber
FCA updates on sensitive names: FCA has published a webpage explaining which business names require FCA approval for firms to use, the process firms should use to apply for that approval and how FCA assesses requests. (Source: FCA Updates on Sensitive Names)
Contact: Emma Radmore or Josie Day
FCA publishes AIF marketing guidance: FCA has published guidance for firms who are full-scope UK alternative investment fund (AIF) managers (AIFMs) wanting to market AIFs using the AIFMD marketing passport. (Source: FCA Publishes AIF Marketing Guidance)
Contact: Kam Dhillon or Josie Day
FCA updates on AIFM applications: FCA has updated its webpage on application for full-scope AIFM permission. It reminds firms that it has three months (or in some circumstances six) to determine an application and that firms needing authorisation more quickly can request a quicker decision but FCA is not bound to give one. On the other hand, firms that wish to defer the starting date of their authorisation may request a deferral when they apply, giving FCA their reasons for the request. (Source: FCA Updates on AIFM Applications)
Contact: Kam Dhillon or Josie Day
FCA speaks on wealth management: John Griffith-Jones spoke to the Wealth Management Association on FCA's commitment to consumer protection. He focused on the importance of good business models showing consumer interest is important and said FCA would be looking at:
- the consequences of the Retail Distribution Review (RDR) and in particular how firms are filling the "advice gap";
- suitability, particularly urging firms to keep documentation that shows they have considered suitability properly; and
- compliance with anti-money laundering (AML) requirements.
(Source: FCA Speaks on Wealth Management)
Contact: Andrew Barber or Josie Day
FCA speaks on enforcement: Tracey McDermott has given an update on the recent fines levied by FCA, and FCA's determination to improve the culture within firms and to ensure they treat their customers fairly. She discussed current themes in enforcement and said FCA continues to be concerned about compliance with AML requirements. She moved on to discuss the difficulties of bringing senior management to account and said FCA has been working to improve its prospects of successful actions against senior management even before and outside the current proposals relating to banks. She spoke of FCA's commitment to early intervention and that it is considering how best to publicise and quantify its efforts to take action before things go wrong. (Source: FCA Speaks on Financial Crime)
Contact: Emma Radmore or Howard Cohen
FCA publishes complaints data: FCA has published complaints data for the first half of 2013. Generally, the number of complaints fell by half a million, over half the complaints were upheld and 92% settled within eight weeks. Payment protection insurance is still the product that gives rise to most complaints. (Source: FCA Publishes Complaints Data)
Contact: Andrew Barber or Josie Day
FCA publishes review of unit-linked funds: FCA has published the results of its thematic review on the governance of unit-linked funds. On the whole, it found no systemic issues to cause concern, although certain individual firms displayed some concerning failures. FCA has asked individual firms to review matters such as:
- oversight of outsourced service providers;
- controls over permitted assets; and
- resourcing in key areas.
(Source: FCA Publishes Review of Unit-Linked Funds)
Contact: Kam Dhillon or Josie Day
FCA sets out policy on warning notices: FCA has published a policy statement confirming how it will use its powers to publish information about enforcement warning notices. Following responses to consultation, it has made several changes to its original proposals. It still believes it will normally be appropriate to publish details of notices but acknowledges it will sometimes not be appropriate to identify the subject of the notice. On the whole, it is preferable to publish anonymised notices rather than no notice at all. FCA has also decided that, in principle, it will identify firms but not individuals as it acknowledges that potential harm to individuals will exceed any transparency arguments. FCA has also made changes to the way in which it will consider whether publication would be "unfair". It has lowered the threshold of loss an individual would need to prove would be a likely consequence of publication. FCA has now made changes to the Decision Procedures and Penalties Manual (DEPP) and Enforcement Guide (EG), which took effect on 15 October. (Source: FCA Sets Out Policy on Warning Notices)
Contact: Felicity Ewing or Emma Radmore
FCA investigates forex market: FCA has announced it is working with other agencies to investigate a number of firms in the foreign exchange market. (Source: FCA Investigates Forex Market)
Contact: Howard Cohen or James Brennan
OTHER REGULATORS/AUTHORITIES/INDUSTRY ASSOCIATIONS
Basel Committee on Banking Supervision (Basel Committee)/Bank for International Settlements (BIS)
Basel Committee reviews RCAP methodology: The Basel Committee has updated the document setting out the methodology for carrying out the peer review of jurisdictions' adoption of Basel 3 Standards under the Regulatory Consistency Assessment Programme (RCAP). (Source: Basel 3 RCAP October 2013)
Contact: Rosali Pretorius or Andrew Barber
British Bankers' Association (BBA)
BBA responds on ring fence secondary legislation: BBA has responded to the consultation on secondary legislation under the Banking Reform Bill. Among other key issues, BBA raises the need to:
- simplify the certification process allowing large organisations and high net worth individuals to bank outside the ring fence;
- include "simple" options within the definition of permitted "simple" derivative products;
- allow the sale of structured deposits and investments by ring-fenced banks;
- broaden the exemptions to the prohibition on ring-fenced banks having exposures to financial institutions. Otherwise, business-as-usual relationships could be affected inadvertently; and
- widen the definition of trade finance that would be exempt from prohibitions on exposure, rather than limit it to the issue or confirmation of a documentary credit or guarantees.
(Source: BBA Submission on the Financial Services (Banking Reform) Bill)
Contact: Andrew Barber or Emma Radmore
Council of Mortgage Lenders (CML)
CML responds on CRD 4 implementation: CML has responded to the Prudential Regulation Authority (PRA) consultation on implementing CRD 4. CML welcomes PRA's proposal to exercise discretions under the CRR to apply a 35% risk weight to "buy-to-let" mortgages and to replace the 90 days past due definition of material default with 180 days past due for exposures secured on residential real estate. CML also asks for the possibility of including structures involving a number of individual securitisations, such as under the Help-to-Buy scheme, within the significant risk transfer process. (Source: CML Responds on CRD 4 Implementation)
Contact: Andrew Barber or James Brennan
European Banking Federation (EBF)
EBF responds on balancing prudential regulatory objectives: EBF has responded to the Basel Committee's discussion paper on balancing risk sensitivity, simplicity and comparability under the current prudential regulatory framework. EBF argues that Basel 2 did not create the crisis and that models are part of the solution, not part of the problem. It points to a study by Barclays concluding that the results deriving from models include a substantial margin of conservatism to cover unexpected losses. Differences in internal models should be worked out with supervisory convergence and common guidance. (Source: EBF Responds on Balancing Prudential Regulatory Objectives)
Contact: Rosali Pretorius or Andrew Barber
Financial Action Task Force (FATF)
FATF and G-20 discuss corruption: FATF and the G-20 anti-corruption group have met to discuss key challenges in fighting corruption, including the difficulties of verifying beneficial ownership in corporate structures. The group agreed that working together and sharing information is critical and discussed the use of FATF's Principles in helping to fight corruption. (Source: FATF and G-20 Discuss Corruption)
Contact: Howard Cohen or Emma Radmore
International Association of Insurance Supervision (IAIS)
IAIS assesses Insurance Core Principles: IAIS has published a report on compliance with IAIS's Insurance Core Principles (ICPs) 1, 2 & 23. The report finds general observance by jurisdictions of the principles on the characteristics of an insurance supervisor. Compliance with the principle that insurers should be supervised on a legal entity and group-wide basis is less widespread. Authorities participating in the assessment found the definition of "insurance groups" challenging. There is also ongoing legislative reform in several jurisdictions that needs to be finalised before group-wide supervision can take place. (Source: IAIS Releases Aggregate Report for the Self-Assessment and Peer Review on ICPs)
Contact: Rosali Pretorius or Andrew Barber
International Organisation for Securities Commissions (IOSCO)
IOSCO publishes CCP disclosure matrix: IOSCO and BIS's Committee on Payment and Settlement Systems (CPSS) are consulting on guidance on the matrix for quantitative disclosures expected from central counterparties (CCPs) under the Principles for Financial Markets Infrastructures. The matrix also indicates the frequency with which the disclosures should be made. It complements the December 2012 Disclosure framework for reporting on qualitative data. Comments can be sent until 13 December. (Source: CPSS and IOSCO Issue a Consultative Document on Quantitative Disclosure by CCPs)
Contact: Rosali Pretorius or James Brennan
IOSCO publishes Securities Markets Risk Outlook: IOSCO has published the first Securities Markets Risk Outlook as part of its new role in assessing and mitigating global systemic risk. The risks it identifies relate to low interest rates, collateral management and rehypothecation, derivatives markets and CCPs, and capital flows of emerging markets. (Source: IOSCO Launches its First Securities Markets Risk Outlook)
Contact: Rosali Pretorius or James Brennan
International Swaps and Derivatives Association (ISDA)
Industry responds on CCP recovery and resolution: ISDA, IIF and The Clearing House have responded to the CPSS-IOSCO consultation on recovery of financial market infrastructures. They focus on CCPs, defending mutualisation and limited liability for clearing participants with respect to their CCP exposures. To allocate losses related to a participant default where CCP financial safeguards are exhausted, the respondents support cash calls on participants and the haircutting of variation margin gains. In order to more easily cover liquidity shortfalls, the respondents suggest that initial margin should consist of collateral that could be posted to a central bank in exchange for a liquidity facility. Regarding the re-establishment of a matched book, the respondents express reservations over partial tear-ups and forced allocation of positions, as they would threaten netting. (Source: Response to Consultation on Recovery of Financial Market Infrastructures)
Contact: Rosali Pretorius or James Brennan
FORTHCOMING EVENTS
New: A Practical Guide to PRA Regulation for Regulated Firms: Emma Radmore will be speaking at this City & Financial conference on 3 December.
AIFM Directive Implementation conference: Rosali Pretorius will be speaking at this Infoline conference in London in December. Dentons clients and contacts can get a 20% discount by quoting VIP code FKM62678EMSPK when registering. Bookings by 11 October can benefit from a further early registration discount of up to £900.
The 2013 COBS Conference: Dentons will host the 2013 COBS Conference organised by the Compliance Register on 15 November, and members of our London Financial Services and Funds team will present at it.
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
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
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.