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- UK Corporate Insolvency and Governance Act 2020: Protection for Cape Town-Registered Interests
The Corporate Insolvency and Governance (CIG) Act 2020, which was enacted on 25 June 2020, introduces a number of permanent changes to the insolvency and restructuring framework in the United Kingdom, some of which have specific ramifications for the aviation sector.
- Extension of the Senior Manager and Certificate Regime Implementation Periods for Solo-Regulated Firms to March 2021
On 30 June 2020, the Financial Conduct Authority (FCA) announced proposals designed to provide breathing room to solo-regulated firms (meaning those governed solely by the FCA) in respect of the implementation of certain aspects of the Senior Managers and Certification Regime (SMCR). The proposals are intended to soften the blow for firms affected by the coronavirus pandemic and provide them with additional time to make the changes they need under the SMCR. The FCA has, however, outlined its expectation that, where possible, firms should continue to meet the SMCR’s milestones before the proposed new deadlines.
- The CMA's latest proposals regarding competition on digital platform markets
In July 2019, the Competition and Markets Authority (CMA) published its Digital Markets Strategy and launched a market study into online platforms and digital advertising. The CMA has now published its final report on the market study, which recommends the introduction of a new "pro-competition" regulatory regime to govern the behaviour of online platforms funded by digital advertising.
- SMCR – Top Priorities for 2020/21
Originally published on February 24, 2020. Updated as of July 1, 2020. The UK senior managers and certification regime ("SMCR") overhauled the accountability regime for individuals working in UK financial services firms and has been in force for just over two months now. The regime applied to all FCA solo-regulated firms on 9 December 2019, but for most firms, there is still work to be done. In this Client Alert, we summarize the main issues firms will need to focus on to ensure full compliance with SMCR in 2020/21 and beyond. For further background and detail on SMCR...
- LIBOR Transition – Its History and Potential Issues Going Forward
This article describes the history to date of the transition away from the London Interbank Offered Rate (“LIBOR”) and highlights some concerns that mortgage lenders should take into account with regard to the phase-out of LIBOR. This article focuses on concerns primarily regarding the servicing of existing legacy LIBOR-indexed single-family adjustable-rate mortgage (“ARM”) loans and the origination of new single-family ARM loans. However, it touches on other mortgage loan products as well, such as home equity lines of credit (“HELOCs”). This paper also provides an overview of the recently proposed revisions to Regulation Z by the Consumer Financial Protection Bureau (“CFPB”) addressing LIBOR transition issues.
- Disclosure of financial information in viability assessments: Considerations for developers
The recent judicial review in R (Holborn Studios) v London Borough of Hackney raises important considerations for developers and planning authorities in terms of financial details to be disclosed in viability assessments that accompany certain planning applications. The case also contains some useful guidance on the lobbying of committee members on planning applications.
- UK Coronavirus Job Retention Scheme (CJRS) - Flexible Furloughing Possible From 1 July 2020
On 26 June 2020, Her Majesty’s Revenue and Customs (HMRC) updated its Coronavirus Job Retention Scheme (CJRS) Treasury Direction to take account of the flexible furlough scheme. The CJRS is to be tapered downwards until it ends on 31 October 2020.
- COVID-19: Weekly UK Public Affairs Round-up
This week, as the UK’s Covid-19 alert level is reduced, the Prime Minister has announced the most wide-ranging relaxation of lockdown measures yet, facilitated in part by the reduction of the 2-metre social distancing rule. Meanwhile, additional funds have been pledged to help children “catch-up” with their schooling...
- Bank of England Selected to Host New Innovation Hub Centre
Bank for International Settlements selects Bank of England as the UK centre to host new FinTech hub. On 30 June 2020, the Bank of England announced that it had been selected to host a centre of the Bank for International Settlements’ Innovation Hub. The UK centre will support the global central banking and finance community through the development of digital public goods.
- Financial institutions general regulatory news, June 2020 #4
Recent regulatory developments of interest to all financial institutions. Includes COVID-19 and Brexit-related updates, amendments to the list of high-risk third countries in MLD4, and more.
- UK Public Procurement Law Digest: Limitation Period for Challenges – when does the clock start to tick?
Court provides confusion, not guidance, on the time limit for the bringing of procurement challenges The UK courts are potentially on a collision course with the European Court of Justice over the issue of when an aggrieved bidder should bring a challenge to an irregular procurement....
- The UK Stewardship Code
Following the Financial Reporting Council’s (“FRC”) consultation on the content, application and monitoring of a stewardship code during the first quarter of 2010, the FRC has concluded that the Institutional Shareholders’ Committee’s Code on the Responsibilities of Institutional Investors (the “ISC...
- FSA Signals Fundamental Changes to Trading Activity Regulation
On August 25, the UK Financial Services Authority (FSA) published a discussion paper (The Prudential Regime for Trading Activities - a Fundamental Review DP10/4) proposing fundamental changes to the regulation of the trading activities of banks and investment firms. The FSA considers that its...
- European Commission Proposes Legislation on Energy Market Integrity and Transparency
Now that the European Commission has published its proposed Regulation on energy market integrity and transparency (REMIT), energy-sector participants are encouraged to become familiar with new reporting requirements designed to increase consumer and industry confidence in the wholesale energy...
- Longest Insider Dealing Jail Sentence Imposed
On February 2, the UK Financial Services Authority (FSA) announced the longest custodial sentence so far imposed for insider dealing. Christian Littlewood, a senior investment banker, was sentenced to three years and four months; his wife, Angie Littlewood, to twelve months suspended for two years; ...
- Welcome News: The UK Budget 2011 - EIS and VCT Schemes
The 2011 Budget introduces significant improvements with proposals that will extend the enterprise investment scheme (EIS) and venture capital trust (VCT) rules. All of the new announcements, which are summarised below, are subject to EU State aid approval. This is very welcome news since these...
- What the UK Bribery Act “Is” and “Is Not” (As Published In The Law360, May 12, 2011)
Recent commentary on the U.K. Bribery Act of 2010 and related guidance has been excellent at describing the potential impact of the Act on multinational companies and contrasting it with the U.S. Foreign Corrupt Practices Act. Thus, most ethics and compliance professionals now know what the U.K....
- FSA Obtains Boiler Room Fraud Conviction
On June 14, the UK Financial Services Authority (FSA) announced that it had obtained its first criminal conviction for boiler room fraud. David Mason was sentenced to two years' imprisonment, having pleaded guilty at Southwark Crown Court to: counts of carrying on a regulated activity without...
- Product Intervention in the UK and the New FCA
As we have previously discussed, the UK Financial Services Authority (the “FSA”) signalled a sea change in the way retail financial products will be regulated in the UK in its Discussion Paper on product intervention published in January 2011 (the “Discussion Paper”). In the Discussion Paper, the...
- Latest FSA Hedge Fund Surveys Published
On July 27, the Financial Services Authority produced its latest biannual report Assessing Possible Sources of Systemic Risk from Hedge Funds. This report sets out the results of the FSA’s two regular hedge fund surveys – the Hedge Funds As Counterparties Survey (HFACS) and the Hedge Funds Survey (H...