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  • Industry views on open-ended funds and illiquid assets

    Who, what and why? On 24 March 2017, CMS held a round table discussion to gauge the industry’s views on the FCA’s discussion paper on illiquid assets and open-ended funds[1]. We were joined by a variety of senior figures from the funds world, including fund management houses, INREV, the Investment ...
  • The modernisation of French law on bond issues

    French law on bond issues has finally been modernised, with a simplification of its legal framework (1.), the "cleaning up" of the provisions of the French Commercial Code relating to the masse (2.) and the enshrinement in the French Monetary and Financial Code of the possibility for the issuer and ...
  • Germany: New Circular by BaFin regarding video identification procedures

    Circular 3/2017 (GW) provides updated guidelines regarding the use of video identification procedures which come into force in Mid-June 2017. After several changes of the guidelines regarding video identification procedures, the German financial supervisory authority ("BaFin") has published new provisions regarding customer identification (KYC) via video transmission in their Circular ...
  • Brexit: a question of competence

    On 16 May 2017, the Court of Justice of the European Union (CJEU) handed down its opinion on the process for concluding the EU’s free trade agreement (FTA) with Singapore, a so-called “new generation” FTA with a wider scope than more traditional FTAs. This widely awaited opinion provides clarity on ...
  • Updated remuneration guidance from the PRA and FCA

    Over the last month, both the PRA and FCA have produced final versions of updated guidance on remuneration. This follows the form of the FCA’s draft guidance published for consultation last year and the PRA’s consultation. In both cases, the updated guidance consolidates guidance that was previously located in several ...
  • FCA launches discussion on distributed ledger technology

    The Financial Conduct Authority (“FCA”) has opened for consultation its discussion paper on distributed ledger technology (“DLT”). The FCA is accepting responses until 17 July 2017. Overview The FCA has issued a discussion paper on the potential for future development of DLT in the markets it regulates. The FCA acknowledges ...
  • European Commission published consultation document on special conflict of laws rules

    On 7 April 2017, the European Commission published a consultation document on the conflict of laws rules for third party effects of transactions in securities and claims. The history behind the consultation document In the year 2015, the European Commission (“Commission”) presented the “Action Plan on Building a Capital Markets ...
  • FCA launches consultation on draft guidelines to PSD2 Implementation

    On 13 April 2017, the UK Financial Conduct Authority (“FCA”) launched a consultation on a draft approach document setting out its approach to the implementation and interpretation of the Second Payment Services Directive (“PSD2”). Following a call for input in February 2016, the FCA’s revised draft approach is set out ...
  • New rules for PPI complaints

    The FCA has finalised its plans to place a deadline on PPI complaints. FCA policy statement (PS17/3) states the deadline as 29 August 2019. The FCA has also issued final rules and guidance for firms regarding how to handle complaints following the Supreme Court judgment in Plevin v Paragon Personal ...
  • The European Commission launches a public consultation on FinTech and the extent to which FinTech solutions should be regulated as a first step in their consumer financial services action plan

    The European Commission has launched an action plan, and has opened a public consultation on FinTech, in a bid to further strengthen the Single Market for retail financial services. The Commission hopes to obtain input on how the regulatory and supervisory regime should be shaped to best promote advancement in ...