Regulators consult on anti-money laundering guidelines and issue guidance on cybersecurity, best execution, and senior management accountability. By Farhana Sharmeen, Simon Hawkins, Kenneth Y.F. Hui, and Marc Jia Renn Tan This blog post summarizes key regulatory developments in Hong Kong and Singapore during September 2020, including: (i) the SFC’s consultation on enhancements to its Guideline on … Continue Reading
By Rob Moulton and James Inness After lengthy consultation ESMA has published a detailed Final Report setting out its views on how to improve MAR. The ball is now firmly in the Commission’s court as to the next steps. Latham & Watkins has produced a detailed summary for clients.… Continue Reading
The changes would allow more individuals and institutions to invest in private offerings of unregistered securities. By Alexander F. Cohen, Paul M. Dudek, Joel Trotter, Dana G. Fleischman, Stephen P. Wink On August 26, 2020, the US Securities and Exchange Commission (SEC) expanded the definitions of accredited investor (AI) and qualified institutional buyer (QIB). Notably, … Continue Reading
The FCA has provided updated guidance on the SMCR for solo-regulated firms, with new information on good and bad practices in two key areas. By David Berman and Anna Lewis-Martinez On 14 August 2020, the FCA updated its webpage on the Senior Managers and Certification Regime (SMCR) for solo-regulated firms. The updates include tables setting … Continue Reading
Regulators are consulting on how to enhance trust business regulation, introduce new omnibus legislation, and encourage best practices in sustainable banking. By Farhana Sharmeen, Simon Hawkins, Kenneth Hui, and Marc Tan This blog post summarises key regulatory developments in Hong Kong and Singapore during July 2020, including: The HKMA’s publication of examples of good practices … Continue Reading
New resource developed following increased regulatory focus on outsourcing. Latham & Watkins has partnered with the Association for Financial Markets in Europe (AFME) and law firms Matheson and BSP to develop: Outsourcing – Guidance on the Legal and Regulatory Framework, a pioneering resource examining the key European legislation, rules, and guidance for financial services firms … Continue Reading
The UK government has proposed amendments to the UK PRIIPs regime with performance information in the KID to differ from the EU “performance scenario” requirement. By Nicola Higgs and Anna Lewis-Martinez On 30 July 2020, HM Treasury published a policy statement on amendments to the Packaged Retail Investment and Insurance-based Products (PRIIPs) Regulation. The policy … Continue Reading
HM Treasury is planning significant changes to the financial promotion regime, including expanding its scope to certain cryptoassets, and amending the approval process for promotions of unauthorised firms. By Stuart Davis, Sam Maxson, and Anna Lewis-Martinez On 20 July 2020, HM Treasury published two consultation papers on a regulatory framework for approval of financial promotions … Continue Reading
A ruling by the EU’s top court invalidates the key mechanism for transferring personal data from the EU to the US and imposes additional conditions for use of the standard contractual clauses. By Gail E. Crawford, Fiona M. Maclean, Michael H. Rubin, Ulrich Wuermeling, Calum Docherty, and Amy Smyth On 16 July 2020, the Court of … Continue Reading
The PRA expands its supervisory expectations for firms on managing climate-related financial risk — publishing a Dear CEO guidance letter. By Nicola Higgs and Anna Lewis-Martinez On 1 July 2020, the PRA published guidance in the form of a Dear CEO letter to banks, insurers, and other PRA-regulated firms on managing climate-related financial risk. The … Continue Reading
The amended rule includes modifications to existing exclusions and creates new exclusions for the activities and investments of certain issuers. By Alan W. Avery and Pia Naib The US federal regulatory agencies responsible for implementing the Volcker Rule recently issued a rule (Final Rule) to finalize proposed modifications to certain restrictions related to “covered funds” … Continue Reading
The CFRF’s practical Guide encourages UK regulated financial services firms to take active steps to manage climate-related financial risks. By Paul Davies, Nicola Higgs, Sherryn Buehlmann and Anna Lewis-Martinez Background On 29 June 2020, the Climate Financial Risk Forum (CFRF) launched its guide to climate-related financial risk management (Guide) that will be useful for financial … Continue Reading
Regulators seek to expand market connectivity for wealth management products and enhance financial institutions’ environmental risk management. By Farhana Sharmeen, Simon Hawkins, Kenneth Hui, and Marc Tan This blog post summarises key regulatory developments in Hong Kong and Singapore during June 2020, including: The announcement of a new “Wealth Management Connect” mutual market access project … Continue Reading
The UK government clarifies its legislative plans for financial services regulatory reforms post-Brexit. By Rob Moulton and Anna Lewis-Martinez On 23 June 2020, the House of Commons published a written statement from Rishi Sunak, Chancellor of the Exchequer, on the UK’s approach to implementing financial services regulatory reforms before the end of the Brexit transition … Continue Reading
Regulators seek to address “rolling bad apples”, bank culture reform, and cryptocurrency derivatives. By Farhana Sharmeen, Simon Hawkins, Kenneth Hui, and Marc Tan This blog post summarises key regulatory developments that took place in Hong Kong and Singapore in May 2020, as regulators in both jurisdictions issued regulatory pronouncements across a spectrum of topics — … Continue Reading
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
