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
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
