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  • Funds and asset management regulatory news, October 2020 # 3

    ESMA guidelines on liquidity stress testing in UCITS and AIFs: FCA comment - Among other things covered in its latest Regulation round-up, the UK Financial Conduct Authority (FCA) comments on the European Securities and Markets Authority's guidelines on liquidity stress testing (LST) in UCITS and alternative investment funds (AIFs).

  • Insurance regulatory news, October 2020 # 3

    Building guarantee policies: PRA PS21/20 on extending policyholder protection - The UK Prudential Regulation Authority (PRA) has published a policy statement, PS21/20, which contains a rule change to increase protection for eligible policyholders of building guarantee policies (BGP). It makes amendments to the Policyholder Protection Part of the PRA Rulebook.

  • Insurance regulatory news, October 2020 # 3

    Building guarantee policies: PRA PS21/20 on extending policyholder protection - The UK Prudential Regulation Authority (PRA) has published a policy statement, PS21/20, which contains a rule change to increase protection for eligible policyholders of building guarantee policies (BGP). It makes amendments to the Policyholder Protection Part of the PRA Rulebook.

  • Payments regulatory news, October 2020 # 2

    ISO 20022 migration: BoE revised approach The Bank of England (BoE) has updated its webpage on ISO 20022 with the following information. - ISO 20022 migration: BoE revised approach - The Bank of England (BoE) has updated its webpage on ISO 20022 with the following information. The real-time gross settlement (RTGS) Renewal Programme has consulted with CHAPS direct...

  • Financial institutions general regulatory news, October 2020 # 3

    Brexit: HM Treasury update on financial services Brexit statutory instruments HM Treasury has published an update on its work relating to statutory instruments (SIs) laid, or to be laid, under the European Union (Withdrawal) Act 2018 (EUWA) relating to financial services...

  • Enka v Chubb: Supreme Court decision promotes certainty and enforceability

    The court’s judgment also reaffirms that, where English law is the law of the seat, the English courts generally have jurisdiction to grant anti-suit injunctions to restrain breaches of the arbitration agreement, even where that agreement is not itself governed by English law. Originally published on Practical Law Arbitration blog - October 16, 2020.

  • Securities and markets regulatory news, October 2020 # 3

    ISDA 2020 IBOR Fallbacks Protocol to be launched on 23 October 2020 - The International Swaps and Derivatives Association, Inc. (ISDA) has announced that the ISDA 2020 IBOR Fallbacks Protocol, which is designed to assist derivatives market participants with their IBOR transition plans, will be launched on 23 October 2020.

  • Banking and finance regulatory news, October 2020 # 3

    CRD V: Draft Financial Holding Companies (Approval etc) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 - HM Treasury has published a draft version of the Financial Holding Companies (Approval etc) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) ...

  • Banking and finance regulatory news, October 2020 # 2

    COVID-19: PRA letter to credit unions and direction modifying minimum provisioning requirements - On 7 October 2020, the UK Prudential Regulation Authority (PRA) published a letter to directors of credit unions on COVID-19. The letter addresses the following issues...

  • ISDA 2020 IBOR Fallbacks Protocol

    The International Swaps and Derivatives Association, Inc. (ISDA) has just announced that the ISDA 2020 IBOR Fallbacks Protocol will be launched on 23 October 2020.

  • Financial institutions general regulatory news, October 2020 # 2

    Brexit: HM Treasury responds to questions on post-Brexit future relationship in financial services - The House of Lords EU Services Sub-Committee has published a letter it has received from John Glen, Economic Secretary and City Minister, in response to its own letter seeking clarity on UK-EU equivalence decisions...

  • Insurance regulatory news, October 2020 # 2

    COVID-19: FCA updates webpage on BI insurance test case - The UK Financial Conduct Authority (FCA) has updated its webpage on its business interruption (BI) insurance test case, publishing a draft transcript of the consequentials hearing on 2 October 2020.

  • Employment News: vicarious liability, age discrimination

    Only joking – employer not vicariously liable for practical joke - In Chell v Tarmac Cement and Lime Ltd employees of Roltech Engineering were contracted to work alongside Tarmac employees at a site, resulting in some tension between them.

  • FRC – New guidance on AGM best practice

    The Financial Reporting Council (FRC), the body responsible for the UK Corporate Governance Code, has published guidance on best practice for holding AGMs, taking into account the impact of this year’s COVID-19 lock-down on the 2020 AGM season and providing its views on what did, and did not, work well. The FRC views that the lessons learned from lock-down should be a catalyst for long overdue...

  • The Sun Also Rises on Pre-pack Administration Reform

    In 2015, responding to mounting concerns about pre-pack administration sales, a set of voluntary industry measures were introduced to address the perceived lack of transparency and trust in the process – especially when the sale was to a connected party, like a director or shareholder of the company in administration.

  • Securities and markets regulatory news, October 2020

    Brexit: ESMA to recognise three UK CCPS from 1 January 2021 - The European Securities and Markets Authority (ESMA) has announced that three central counterparties (CCPs) established in the UK will be recognized as third-country CCPs (TC-CCPs) eligible to provide their services in the EU after the end of the Brexit transition period.

  • Payments regulatory news, October 2020

    Future strategy review: PSR requests input on three themes - The UK Payment Systems Regulator (PSR) is working on defining its future strategy. It has published webpages requesting input on three themes...

  • Funds and asset management regulatory news, October 2020

    Draft Bearer Certificates (Collective Investment Schemes) Regulations 2020 - A draft version of the Bearer Certificates (Collective Investment Schemes) Regulations 2020 have been published, together with an explanatory memorandum.

  • Financial institutions general regulatory news, October 2020

    Brexit: FCA reopens temporary permissions regime notification window - The UK Financial Conduct Authority (FCA) has updated its webpage on the temporary permissions regime (TPR) explaining that EEA firms and fund managers can now notify it if they wish to use the TPR.

  • Consumer finance regulatory news, October 2020

    COVID-19: additional FCA finalised guidance on consumer credit and overdrafts - Following a short consultation, on 30 September 2020, the UK Financial Conduct Authority (FCA) published finalised guidance setting out additional guidance for firms on consumer credit and overdrafts in light of COVID-19.

  • Does your Business have Social Value? The changing world of public procurement

    In the UK “Government spends £284 billion a year on buying goods and services from external suppliers. This amounts to around a third of all public expenditure. The money is spent on everything from goods such as stationery and medicine, through to the construction of schools and roads, the daily delivery of back-office functions such as information technology and human resources, and front-line...

  • Higher MEES for residential properties? Have your say

    On 30 September 2020 the government published its consultation on amending the Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2015 (the “Regulations“), raising minimum energy efficiency standards for the domestic private rented sector in England and Wales.

  • The UK’s Job Support Scheme

    On 24 September 2020 the UK government announced its Job Support Scheme (JSS), which will open on 1 November when the current Job Retention Scheme (JRS) comes to an end. It will run for six months until the end of April 2021. Employers do not have to have claimed under the JRS in order to access the JSS. Employers who have accessed the JRS will still be able to claim Job Retention Bonuses under...

  • Insurance regulatory news, September 2020 # 4

    COVID-19: FCA Dear CEO letter and consequentials hearing for BII test case - On 18 September 2020, the UK Financial Conduct Authority (FCA) published a Dear CEO letter setting out its expectations of insurers (including managing agents) following the High Court's judgment in the business interruption (BI) insurance test case.

  • NICE publishes revised timeline for ongoing Methods Review

    The National Institute for Health and Care Excellence ("NICE") has published a revised timetable for reviewing its methods and processes for health technology assessments ("Methods Review").

  • Payments regulatory news, September 2020 # 4

    We have published the September 2020 edition of our Global Payments Newsletter. Key developments of interest over the last month include: United Kingdom: the Payment Systems Regulator (PSR) has published its interim report on its market review into the supply of card-acquiring services.

  • Employment News: Covid-19, tax

    Replacement for furlough scheme announced - On 24 September the government announced the Job Support Scheme, which will open on 1 November. The Job Support Scheme will support wages for employees who are performing at least 33% of their normal hours but are not yet able to return to work full time

  • HMRC’s PDCF campaign continues – back to business

    HMRC have announced that it will be holding a webinar on Tuesday 6 October to provide an update on its Profit Diversion Compliance Facility (PDCF). The facility is a mechanism that multinational firms can use to settle potential tax liabilities for past years that remain open.

  • Pension Scheme Investment: Overview of the 2019/2020 Changes

    Pension scheme investment and governance have been occupying policymakers and regulators both in the UK and in Europe. Pension trustees are faced with a challenging array of new requirements, recommendations, statements of good practice and consultation proposals coming from a wide range of sources. Please see full Publication below for more information.

  • Secondaries and UK Stamp Duty

    In private equity secondary transactions, it is commonly assumed that UK stamp duty is not payable. However, in light of the latest HMRC consultation on modernising stamp duty on shares, the approach to dealing with stamp duty on secondaries may be due to change. Please see full Publication below for more information.

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