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  • A new UK/EU relationship in financial services: a bilateral regulatory partnership

    The proposals in the UK Prime Minister’s speech on 17th January and the White Paper on 2nd February will require a new construct for cross-border regulatory coordination between the EU and the UK, which will operate in a complex legal and regulatory environment (outside the EU/EEA single market). CMS and ...
  • Credit cards: persistent debt and creditor intervention

    Following the findings of the credit card market study (MS14/6)[1], the FCA has launched a consultation paper (CP17/10) on persistent debt and earlier intervention remedies. In its earlier credit card market study the FCA found that competition was working fairly well for most credit card customers. They had, however, significant ...
  • German Regulator releases new Administrative Fine Guidelines

    The German Financial Supervisory Authority (BaFin) recently published revised guidelines for breaches of the German Securities Trading Act (WpHG) (WpHG Administrative Fine Guidelines II (WpHG-Bußgeldleitlinien II)). They had been last updated in 2013. According to the new WpHG Administrative Fine Guidelines, BaFin now can and will punish companies more severely ...
  • Cross-border banking and investment structures post MiFID II and Brexit


    CMS held a pan-European seminar on 17 March on "Cross-border banking and investment structures post-MiFID II and Brexit".

    The seminar covered: 
    Overview (Ash Saluja, CMS UK)
    Local EU jurisdictions:
    Jérôme Sutour (CMS France)
    Andreas Feneis (CMS Germany)
    Darragh Murphy (McCann Fitzgerald, Ireland)
    Paolo Bonolis (CMS Italy)
    Perspective from a third country (Kaspar Landolt, CMS Switzerland)
    Looking ahead (Paul Edmondson, CMS UK)

    The seminar slides are available to view/download via the link in the title.

  • Germany: Legislative proposal in reaction to Panama Papers

    As a reaction to the so-called "Panama Papers" the German legislator proposed, on 30 December 2016, a draft bill to combat tax avoidance (so-called Steuerumgehungsbekämpfungsgesetz – StUmgBG). The aim of the draft bill is to enhance the German tax authorities' means to determine and reveal EU-foreign domicile company structures which ...
  • FCA and Japanese Regulator Agree FinTech Co-operation Framework

    On 9 March 2017, the Financial Conduct Authority (FCA) announced that it had agreed a co-operation framework with its Japanese equivalent, the Financial Services Agency of Japan (JFSA). The co-operation framework aims to promote innovation in both Japan and the United Kingdom and speed up the regulatory approval process for ...
  • Alison McHaffie’s Financial Services Investigations and Enforcement Column: February 2017

    This article first appeared on Practical Law and is published with the permission of the publishers The Enforcement Review – significant change or more of the same? The long running review of the FCA and PRA enforcement process has finally reached an end, at least for the FCA, with the ...
  • FCA consults on illiquid assets held by open-ended funds

    The FCA is consulting on the future of illiquid assets and open-ended investment funds (Discussion Paper 17/1). This follows the well-publicised suspension of dealings by open-ended property funds in the immediate aftermath of the EU referendum. However the issues it raises are relevant to all open-ended funds investing in illiquid ...
  • Germany: New BaFin-Circular regarding the minimum requirements for the business organisation of insurance undertakings (MaGo)

    Germany: Solvency II: BaFin provides Circular 2/2017 (VA) regarding the minimum requirements for the business organisation of insurance undertakings (MaGo) On 25 January 2017, BaFin provided its Circular 2/2017 (VA) regarding the minimum requirements for the business organization of insurance undertakings (“Mindestanforderungen an die Geschäftsorganisation von Versicherungsunternehmen, MaGo”). This Circular ...
  • New rules on regulatory references come in force in one month. Are you ready?

    The new rules in relation to regulatory references, which form part of the senior managers and certification regime, come into force in one month’s time on 7 March 2017. The new rules will apply to banks, building societies, credit unions and PRA-designated investment firms, branches of foreign banks as well ...