UK: PRA confirms approach to supervising insurers

Documents published over the summer provide some insight into how the PRA is supervising insurers.  In particular, firms should be aware of a new version of the PRA’s “Approach to insurance supervision” (Approach Document) and of an update on the PRA’s continuing transition from its current Handbook to a new, more concise Rulebook (PS5/14). Continue reading

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Filed under Insurance, PRA, UK

Interim relief from Iran sanctions extended to November 2014

In January 2014, the P5+1 (China, France, Germany, Russia, the UK and the US) agreed a six month suspension of EU and US sanctions against Iran as part of the Geneva Joint Plan of Action (the “JPoA”).  It was announced on 21 July 2014 that the JPoA will be extended until 24 November 2014 to allow negotiations between the P5+1 and Iran to continue.

Both the UK and US have made announcements relating to the extension and the EU has published Council Decision 2014/480/CFSP which extends the previous relaxations until 24 November.  For more details, click here.

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Filed under Americas, China, France, Germany, Russia, UK

Supreme Court corrects “wrong turn” in English law, holding that bribes received by an agent are held on trust for the principal

Who is the rightful owner of a bribe?  Is a bribe or secret commission received by an agent “held on trust” for his principal?  Or is the principal’s claim against the agent a personal one for equitable compensation equal to the value of the bribe or commission?  The issue is of critical importance.  It affects everything in litigation against dishonest agents, from the nature of the injunctive relief available at the outset to the rights in his insolvency.  Perhaps most importantly of all, it affects whether the bribe can be “traced” into the hands of third parties and recovered as “trust” property (including claims based upon knowing receipt).  Continue reading

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Filed under Bribery and Corruption, Commercial Litigation, UK

UK Insurance Bill introduced to Parliament aims to modernise business insurance law

Following publication of the report of the Law Commissions of England and Wales and of Scotland, making recommendations for reform to modernise business insurance law, the Government has introduced an Insurance Bill to Parliament which includes the majority of those recommendations.  Continue reading

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Filed under Draft Legislation, Insurance, UK, UK Government

Sanctions update: OFAC extends asset freeze and introduces new sanctions on energy and financial sector

The US Treasury Department’s Office of Foreign Assets Control (“OFAC”) has imposed several new Ukraine-related sanctions as of July 16, 2014.  Significantly, the new sanctions impose restrictions on certain types of dealings by US persons with specified Russian energy, defense and financial services entities.  The EU has also signaled that it will make a decision on a significant expansion to its list of designated (asset-frozen) persons by the end of July. Continue reading

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Filed under Americas, Corporate Crime, EU, US

The new EU market abuse and inside information regime – ESMA consults on draft implementing measures

ESMA has published two Consultation Papers setting out proposed draft secondary measures under the Market Abuse Regulation (“MAR”).  These ESMA Consultation Papers follow the Discussion Paper  issued last November, which set out initial views on the policy approach to implementing MAR, and covered all the proposed MAR implementing measures, namely technical advice to the European Commission on delegated acts, technical standards and Guidelines.

Some of the responses to the consultation of the November 2013 Discussion Paper are summarised in these latest consultation papers, which deal only with technical advice and technical standards. Both consultations close on 15 October 2014.   ESMA guidelines will be consulted on at a later date.  Continue reading

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Filed under Asset management, Estonia, EU, Europe, European Regulation, France, Funds, Germany, Insurance, Investment banking, Investment Funds, Italy, Liechtenstein, Spain

UK: Financial Policy Committee makes two recommendations and sets countercyclical capital buffer rate

The Bank of England’s Financial Policy Committee (FPC) met on 17 and 25 June 2014.  Whilst recognising the improvement in global banking system resilience due to higher levels of bank regulatory capital (including in the case of UK banks as a result of steps taken in response to the capital recommendations it made in March 2013), the FPC noted that financial stability risks remained, including those stemming from the housing market.  Continue reading

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Filed under Bank of England, Banking, Retail Banks, UK

UK: FCA’s competition remit – new Memorandum of Understanding between the CMA and FCA sets out framework for co-operation between both regulators

The Competition and Markets Authority (CMA) and the Financial Conduct Authority (FCA) have agreed a new Memorandum of Understanding (MoU) which sets out a framework for co-operation between the two regulators in relation to competition issues, consumer protection, access to payment systems and the sharing of information for the performance of their functions.  The MoU, dated 12 June 2014, replaces an earlier MoU of April 2013 between the CMA’s predecessor, the OFT, and the FCA.  Continue reading

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Filed under FCA, Regulatory Reform, UK

Corporate Crime Update – June 2014

Welcome to the June 2014 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. For the full update on each jurisdiction, please click on the name of the jurisdiction/region below.  Continue reading

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Filed under Americas, Asia, Australia, Bribery and Corruption, China, Corporate Crime, Dubai, EU, Europe, Hong Kong, India, Indonesia, Japan, Middle East, Pakistan, Russia, Thailand, UAE, Ukraine, US, Vietnam

The new EU market abuse and inside information regime – an overview

The new Market Abuse Regulation has been published in the Official Journal and is directly applicable in EU countries from 3 July 2016.  The Regulation will have a significant impact on all companies with securities traded on any EU market and all EU market participants and advisers. They will need to plan well in advance to implement its changes. Continue reading

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Filed under Europe, European Regulation, France, Germany, Insurance, Investment banking, Investment Funds, Italy, Spain