UK government encourages regulated firms to share customer information within corporate groups, highlighting interaction with firms’ obligations under the Proceeds of Crime Act 2002 and GDPR. By Rob Moulton, Jonathan Ritson-Candler, Fiona Maclean, and Olga Phillips The UK government has published a statement endorsing the Financial Action Task Force’s (FATF’s) recommendations that regulated financial institutions … Continue Reading
The government sets out a bold and ambitious arrangement for financial services, including free market access and a new Financial Services Committee. By Rob Moulton and Anna Lewis-Martinez On 19 May 2020, the UK government published draft legal texts of 12 documents, and an accompanying letter, setting out its approach to the UK’s future relationship … Continue Reading
Economic aid legislation will likely result in increased scrutiny of certain industries, similar to investigations that followed relief efforts in the 2008 financial crisis. By the White Collar Defense & Investigations Practice On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became law. It provides more than US$2 trillion in … Continue Reading
Federal Reserve set to make up to $600 billion available to eligible small and mid-sized businesses. By Alan W. Avery, Courtenay Myers Lima, and Pia Naib On April 9, 2020, the Board of Governors of the Federal Reserve System (Federal Reserve) announced details regarding the terms and conditions of two Main Street lending facilities to … Continue Reading
New legislation suspends contractual obligations for the next six months with related disputes subject to a separate dispute resolution system. By Farhana Sharmeen and Marc Jia Renn Tan On 7 April 2020, the Singapore Parliament passed the COVID-19 (Temporary Measures) Act (the Act) offering temporary relief to businesses and individuals who are unable to fulfil … Continue Reading
The three US federal banking agencies continue to take additional steps to promote the functioning of the financial system in the face of the pandemic. By Alan W. Avery, Pia Naib, and Deric Behar The three US federal banking agencies — the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit … Continue Reading
The facility is expected to increase funding and liquidity for the program and should allow lenders to move PPP loans off their balance sheets. By Alan W. Avery and Pia Naib On April 6, 2020, the Federal Reserve announced its intention to facilitate lending to small businesses that receive a loan pursuant to the Small … Continue Reading
Proposed changes to UK insolvency laws aim to support companies under pressure due to COVID-19. By Rob Moulton and Anna Lewis-Martinez On 28 March 2020, the UK government announced a number of reforms to UK insolvency laws: The temporary suspension of existing wrongful trading rules retrospectively from 1 March 2020 for three months, so that … Continue Reading
By Axel Schiemann, Marco Bonasso, Rob Moulton, Pia Naib Several countries have announced or have already implemented extensive debt relief measures for consumers and companies. In some instances these measures also include debt moratoria. The following provides a brief overview of key headlines reflecting the current status for such debt moratoria in Germany, Italy, UK, … Continue Reading
The three US federal banking agencies have taken additional steps to enable the financial system to continue functioning during the pandemic. By Alan W. Avery and Pia Naib The three US federal banking agencies — the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office … Continue Reading
The three US federal banking agencies have taken steps to enable the financial system to continue functioning during the pandemic. By Alan W. Avery and Pia Naib During the course of this week, the three US federal banking agencies — the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance … Continue Reading
Financial Services Regulatory Initiatives Forum and the Regulatory Initiatives Grid to be introduced this summer. By: Anna Lewis-Martinez and Rob Moulton On 11 March 2020, HM Treasury published its response to the Call for Evidence on Regulatory Coordination. In the summer of 2019, the government launched HM Treasury’s Financial Services Future Regulatory Framework Review to … Continue Reading
As COVID-19 disruptions unfold, FINRA has granted temporary relief regarding alternate working arrangements for broker-dealer employees. By Dana G. Fleischman, Stephen P. Wink, Naim Culhaci, and Deric Behar On March 9, 2020, the Financial Industry Regulatory Authority, Inc. (FINRA) issued Regulatory Notice 20-08 to members, reminding FINRA-member broker-dealer firms of their business continuity planning obligations … Continue Reading
A Call for Input reveals that the FCA is planning for a post-EU future and examining ethics with regard to MAR. By Rob Moulton On 9 March 2020, the Financial Conduct Authority (FCA) issued a Call for Input on the way that wholesale market participants access and use data in the UK. A Call for … Continue Reading
By David Berman, Carl Fernandes Nicola Higgs, Rob Moulton and Charlotte Collins In our January publication, we highlighted what we were seeing as the top regulatory focus areas for our clients during the year ahead, focusing on wholesale market structures and conduct risk. In a series of 10 blog posts, we will take a closer look at … Continue Reading
Call for evidence on regulatory cooperation marks the first phase of the planned review. By Carl Fernandes, Nicola Higgs, Rob Moulton, and Charlotte Collins The Chancellor announced in the Spring Statement that HM Treasury would undertake the Financial Services Future Regulatory Framework Review — examining the long-term effectiveness of the UK regulatory regime and considering … Continue Reading
By Andrew C. Moyle, Grace Erskine, and Charlotte Collins As leading global financial and FinTech centres, the UK and Singapore will benefit from strengthening their cybersecurity alliance. On 13 June 2019, the Bank of England, the Financial Conduct Authority, and the Monetary Authority of Singapore announced that they will be working together to strengthen cybersecurity … Continue Reading
The FCA seeks industry feedback to capitalise on global regulatory sandbox trend. By Stuart Davis and Charlotte Collins The regulatory sandbox was pioneered by the Financial Conduct Authority (FCA) back in November 2015 — a “safe space” in which businesses can test innovative products, services, business models, and delivery mechanisms without immediately incurring all the … Continue Reading
