Monitoring the progress of the Financial Services and Markets Bill and regulatory divergence between the UK and the EU will continue as a key theme in 2023. The Financial Services and Markets Bill leaves a significant amount of the essential regulatory detail to be developed later by HM Treasury (through regulations), followed by development of … Continue Reading
The case provides instructive practical examples of the “reasonable steps” companies can take according to the FCA and a reminder of the FCA’s cultural expectations of CEOs. By David Berman, Jonathan Ritson-Candler, and Sean Wells On 16 November 2022, the FCA issued a final notice (Final Notice) to the former CEO of Sonali Bank (UK) … Continue Reading
This annual publication outlines some of the primary focus areas in 2022 for UK-regulated financial services firms. There has been a marked shift away from dealing with immediate post-Brexit priorities to more fundamental consideration of the direction of travel of UK financial services regulation, and this is borne out across many of the topics covered … Continue Reading
By Rob Moulton, Nicola Higgs, Anne Mainwaring, and Charlotte Collins The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q3 2021. In this edition, we include a summary of the latest sustainable finance developments, and pinpoint areas of post-Brexit regulatory divergence in relation … Continue Reading
The CFTC and the DOJ both now pursue enforcement actions against trading in commodities based on misappropriation of confidential information. By Douglas K. Yatter, Sohom Datta, and Cameron J. Sinsheimer Among the many changes resulting from the Dodd-Frank Act, one that has been slow to develop, but broad in its significance, is the assertion of … Continue Reading
Amidst its continued regulatory focus on money laundering and terrorist financing risks, the SFC seeks to clarify and consolidate guidance for licensed firms. By Simon Hawkins and Kenneth Y.F. Hui On 18 September 2020, the Hong Kong Securities and Futures Commission (SFC) published a consultation paper proposing a number of amendments to its Guideline on … Continue Reading
In a leading case, the Court examined the extent of the duty of care that a bank owes to its customers when executing their orders. By Andrea Monks and Nell Perks On 30 October 2019, the UK Supreme Court dismissed Daiwa’s appeal in the case of Singularis Holdings Ltd (In Official Liquidation) v Daiwa Capital … Continue Reading
10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 By David Berman, Carl Fernandes Nicola Higgs, Rob Moulton, and Charlotte Collins The fourth post in this 10-blog series considers the latest developments in relation to the Market Abuse regime. This is taken from our wider publication: 10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 – Progress Report. … Continue Reading
FATF has published its highly anticipated report on the effectiveness of the UK’s anti-money laundering and counter-terrorist financing measures. By Jon Holland, Rob Moulton, and Jonathan Ritson-Candler On 7 December 2018, the Financial Action Task Force (FATF) published its highly anticipated mutual evaluation report of the UK. The report sets out the UK’s global standing … Continue Reading
Examples of good and poor practices provide helpful guidance, and a reminder of supervisory expectations. By Frida Montenius, Jonathan Ritson-Candler, and Charlotte Collins The FCA has published TR18/3, setting out the findings from its thematic review of the anti-money laundering (AML) and counter-terrorist financing (CTF) systems and controls in 13 Electronic Money Institutions (EMIs). Although the … Continue Reading
English Court of Appeal reaffirms privilege over internal investigation documents prepared in contemplation of litigation. By Jon Holland, Andrea Monks, Stuart Alford QC, Nate Seltzer, Dan Smith, and James Fagan In a much anticipated decision, the Court of Appeal has reaffirmed legal privilege protection for documents prepared during internal investigations (e.g., interview notes, forensic accounting … Continue Reading
