Draft Legislation

Corporate Crime Monthly Update January 2017

Welcome to the January 2017 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, … Continue reading

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Filed under Bribery and Corruption, China, Corporate Crime, Dubai, EU, European Regulation, Germany, Hong Kong, India, Indonesia, International, Investigations, Japan, Sanctions and Money Laundering, UAE, UK Government, US

Publication of the Criminal Finances Bill 2016-17

The Criminal Finances Bill 2016-17 (the "Bill") was presented to Parliament and had its first reading in the House of Commons on Thursday 13th October. In a press release on the same day, the Home Office stated that the new … Continue reading

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Filed under Corporate Crime, Draft Legislation, UK Government

UK: FPC seeks new macro-prudential tools

The Bank of England’s Financial Policy Committee (FPC) has recommended that HM Treasury should exercise its statutory power to prescribe two new macro-prudential measures, thereby granting the FPC powers of direction in the residential mortgage market, covering both owner-occupied and … Continue reading

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Filed under Bank of England, Banking, FCA, PRA, UK Government, Uncategorized

UK consults on bringing seven new benchmarks within the regulatory framework

The Government has launched a consultation on bringing additional financial benchmarks into the regulatory framework originally implemented for LIBOR.  The consultation is based on recommendations by the Fair and Effective Markets Review, a joint review by HM Treasury, the Bank of … Continue reading

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Filed under Banking, FCA, Regulatory Reform, UK, UK Government, UK Legislation

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 … Continue reading

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Filed under Draft Legislation, Insurance, UK, UK Government

UK: Chancellor announces joint review of how wholesale financial markets operate by HM Treasury, FCA and the Bank of England

The Chancellor has today announced the launch of a joint review by the Treasury, the Bank of England and the Financial Conduct Authority (FCA) into the way wholesale markets operate.  The Fair and Effective Markets Review will focus on the wholesale … Continue reading

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Filed under Bank of England, Banking, FCA, UK Government

UK: New Regulators’ Code now in force

On 6 April 2014 the new Regulators’ Code (the “Code”) replaced the Regulators’ Compliance Code, which dated back to December 2007.  The Code applies to a range of regulators, including more than 50 national regulators, all local authorities and some … Continue reading

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Filed under BIS, FCA, FSA, PRA, UK Government

UK: reviewing the fairness, transparency, speed and efficiency of enforcement decision-making processes at the FCA and the PRA

The Chancellor has launched a review of the fairness, transparency, speed and efficiency of the enforcement decision-making at the financial services regulators, as part of the government’s focus on strengthening accountability in the financial services industry.  A call for evidence to … Continue reading

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Filed under Banking, Consultations, FCA, HM Treasury, Insurance, Investment banking, Investment Funds, PRA, Regulatory Reform, UK, UK Government, UK Parliamentary Committees

Problem, process and prognosis: the legal challenge to the EU Bonus Cap

Yesterday afternoon it was announced that the UK Government has launched a legal challenge in the Court of Justice of the European Union against the cap on variable remuneration introduced by the new capital requirements directive (“CRD IV”).  Although this may … Continue reading

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Filed under EU, Europe, European Regulation, France, Italy, Remuneration, UK, UK Government

UK: Reform of Directors’ Remuneration – Further Draft Regulation circulated by BIS

BIS has circulated a revised draft of the Directors’ Remuneration Report Regulations (The Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013) (“the Regulations”) to certain interested parties involved in the consultation process and has said that … Continue reading

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Filed under Draft Legislation, UK, UK Government, UK Legislation