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- Securities and markets regulatory news, June 2021
DvP clients: FCA and PRA Dear CRO letter on counterparty credit exposure management and controls - The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have published a letter to chief risk officers (CROs) of regulated firms on pre-settlement counterparty credit exposure management and controls for "delivery versus payment" (DvP) clients.
- Funds and asset management regulatory news, June 2021
UCITS funds: HM Treasury announces extension of PRIIPs exemption - HM Treasury has announced that the current exemption for Undertakings for the Collective Investment in Transferable Securities (UCITS) funds from the requirements of the UK retained EU law version of the Packaged Retail Investment and Insurance-based Products (PRIIPs) Regulation (UK PRIIPs Regulation) will be extended by five years to 31 December 2026.
- COVID-19: The country is opening up – what does this mean to your business?
It is over a year since the first UK-wide lockdown and, as time has passed, our understanding of the virus and familiarity with the safety measures it necessitates has increased. But neither individuals or organisations can afford to become complacent.
- Banking and finance regulatory news, June 2021
Resolution assessments: PRA PS10/21 on amendments to reporting and disclosure dates - Following its consultation in CP19/20, the UK Prudential Regulation Authority (PRA) has published a policy statement, PS10/21, on amendments to reporting and disclosure dates for resolution assessments. PS10/21 is relevant to UK banks and building societies with £50 billion or more in retail deposits on an individual or consolidated basis, as at the date of their most recent annual accounts.
- Payments regulatory news, June 2021
Proposed codified EU Regulation on cross-border payments: JURI draft report - The European Parliament's Legal Affairs Committee (JURI) has published a draft report containing a draft European Parliament legislative resolution on the European Commission's legislative proposal for a Regulation on cross-border payments in the EU, to codify and replace the existing Regulation on cross-border payments.
- LMA Publish Recommended Form of Reference Rate Selection Agreement
On June 4, 2021, the Loan Market Association (LMA) published a recommended form of its reference rate selection agreement (the Selection Agreement), which has been updated following market feedback. The Selection Agreement has been updated to reflect the LMA’s suite of RFR-based documentation and rate switch agreements, and the conventions found in those documents.
- Insurance regulatory news, June 2021
GBP transition to SONIA under Solvency II regime: PRA PS12/21 - The UK Prudential Regulation Authority (PRA) has published a policy statement, PS12/21, on deep, liquid and transparent (DLT) assessments and GBP transition to the Sterling Overnight Index Average (SONIA), under the Solvency II regime.
- UK Employment Appeal Tribunal Advances Scope of Statutory Protection for Strikers
The UK Employment Appeal Tribunal (EAT) handed down its judgment in Mrs F Mercer v. Alternative Future Group Ltd. and Others on 2 June 2021. The EAT found that the relevant provisions in UK legislation protecting workers against detriment related to taking part in independent trade union activities ought to be construed as if such…
- Employment News: jurisdiction, trade unions
If not now then when? Tribunal should have identified when jurisdiction established - An employment tribunal only has jurisdiction to hear claims under the Employment Rights Act 1996 and Equality Act 2010 if the claimant has a sufficient connection with Great Britain and British employment law.
- Financial institutions general regulatory news, June 2021
SMCR: PRA PS11/21 and FCA Handbook Notice 88 on temporary, long-term absences - The UK Prudential Regulation Authority (PRA) has published a policy statement, PS11/21, which confirms its final policy relating to temporary, long-term absences by senior managers under the Senior Managers and Certification Regime (SMCR).
- Smells Like Trademark Protection: Copycat Perfumes Cannot Engage in Comparative Advertising, on Odor of the Court
L’Oreal scored a major victory in trademark protection against smell-alike perfumes this past month in England's Court of Appeal. In L’Oréal v. Bellure, the court held that Bellure's use of lists in its advertising that compared its perfumes' scents to those of well-known L'Oréal perfumes...
- Extension of the UK Statutory Liability Regime for Issuers of Securities
The Financial Services and Markets Act 2000 (Liability of Issuers) Regulations (the “Regulations”)1 will be coming into force and will extend the statutory liability of issuers in connection with information published on or after 1 October 2010. The Regulations were adopted following HM...
- The United Kingdom Issues Much Anticipated Consultation on Guidance for the Bribery Act’s “Adequate Procedures” Defense
In April 2010, the United Kingdom passed the Bribery Act, which created several new anti-corruption offenses. Of particular note, the Bribery Act included a new “strict liability” offense that imposes liability on any company with ties to the U.K. that fails to prevent persons performing services...
- UK Public Procurement Law Digest: Removing Mandatory Suspensions
Since the new UK public procurement remedies regime came into force, we have been waiting for examples of how the courts will deal with the new mandatory suspension remedy. We now have the answer. Two new court decisions illustrate the way in which UK courts will deal with applications by...
- FSA and Bank of England Announce New Draft Code of Practice for Auditors and Supervisors
On February 10, the UK Financial Services Authority (FSA) published for consultation a draft code of practice designed to improve audit effectiveness and ensure that supervisors are better informed about, and able to challenge, the firms they regulate. The code of practice (the product...
- The UK Bribery Act 2010: Recent Guidance for Commercial Organizations
On March 30, 2011, the British Ministry of Justice released its much-awaited guidance (“Guidance”) for commercial organizations subject to the Bribery Act 2010 (“Act”), a sweeping restructuring of United Kingdom bribery law. The Act, which will go into force on July 1, 2011, poses potentially...
- The UK’s Independent Commission on Banking recommends reform to boost financial stability and competition
The UK’s Independent Commission on Banking has released its interim report proposing reforms of the banking sector to promote financial stability and competition. While the issues considered and the scope of the proposed reforms are significant, so too are the omissions. In particular, the link...
- FSA Issues Feedback Statement on Product Intervention
In FS11/3, a feedback statement on product intervention issued on June 14, the UK Financial Services Authority (FSA) announced that it will follow a new product intervention approach. It will actively regulate all aspects of the product life cycle and focus on the design, development and management ...
- International HR News - July 2011
Recent prosecutions by the National Labor Relations Board have the employer community all atwitter over the Board’s apparent social media policy. While social media law is too new and undeveloped to give a clear picture, the Labor Board’s approach appears to give employees broad latitude to...
- “R&R” the Hard Way – the FSA’s Consultation on Recovery and Resolution
The UK’s Financial Services Authority (“FSA”) published its consultation paper on Recovery and Resolution plans on 9 August 2011. “R&R” is perhaps better known as a military term for “rest and recuperation.” Whilst the concept of recuperation features strongly in the FSA paper, there seems to...