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  • FCA and Japanese Regulator Agree FinTech Co-operation Framework

    16/03/2017
    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

    09/03/2017
    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

    22/02/2017
    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)

    16/02/2017
    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?

    09/02/2017
    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 ...
  • Choice of English law presides in ISDA Master Agreements – Court of Appeal confirms

    08/02/2017
    The Court of Appeal has upheld an earlier decision of the High Court that the law applicable to interest rate swaps entered into between a Portuguese bank and a number of Portuguese transport operators is English law. In Banco Santander Totta SA v Companhia de Carris de Ferro De Lisboa ...
  • The upcoming money market fund regulation

    03/02/2017
    The European Commission is about to issue a new regulation ("Regulation") with a view to setting up a dedicated legal framework for money market funds ("MMF"). Largely in line with US regulation issued in 2016, these rules aim to provide more safety and establish adequate transparency requirements. MMFs play a ...
  • Alison McHaffie’s Financial Services Investigations and Enforcement Column: December 2016

    30/01/2017
    This article first appeared on Practical Law and is published with the permission of the publishers. What a difference a year makes. A look back at FCA enforcement activity in 2016 reveals a dramatic drop both in the number and the size of financial penalties being imposed by the FCA. ...
  • UK Supreme Court rules in the Article 50 Brexit Appeal: what happens next?

    27/01/2017
    The UK Supreme Court has given its judgment in the matter of R (on the application of Miller and another) v Secretary of State for Exiting the European Union [2017] UKSC 5 – more commonly known as “the Article 50 Brexit appeal”. The Court, by a majority of 8:3, has ...
  • Decision time: judgment in the Article 50 Brexit Appeal due Tuesday 24 January 2017

    20/01/2017
    The UK Supreme Court has announced that its decision in the appeal of R (on the application of Miller & Dos Santos) v Secretary of State for Exiting the European Union [2016] EWHC 2768 (Admin) – otherwise more commonly known as “the Article 50 Brexit appeal” – is due on ...