Investment banking

Hong Kong SFC announces investor ID regime for Northbound trading under Stock Connect

On 30 November 2017, the Securities and Futures Commission (SFC) announced that it had reached an agreement with the China Securities Regulatory Commission (CSRC) on proposals to introduce an investor identification (investor ID) regime for Northbound trading under the Mainland-Hong … Continue reading

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Filed under Announcements, Hong Kong, Investment banking

FCA publishes proposals to extend the Senior Managers and Certification Regime

The FCA has published proposals to replace the Approved Persons Regime with the Senior Managers and Certification Regime (SMCR) currently in force for banks. Almost all financial services firms will be required to comply with the SMCR. There is a … Continue reading

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Filed under Asset management, Banking, Funds, Investment banking, Investment Funds, UK

Managing risk: a disputes perspective (2017)

Herbert Smith Freehills recently held its annual disputes client conference exploring some key legal and compliance risks facing major corporates. Following opening remarks by Mark Shillito, head of dispute resolution for the UK and US, there were presentations on cyber … Continue reading

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Filed under Banking, Commercial Litigation, Insurance, Investigations, Investment banking, Investment Funds, Retail Banks, UK

#MAR_bitesize

New Market Abuse powers for the FCA (2) Powers to require information from issuers, PDMRs and persons closely associated to PDMRs The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (the "regulations") were passed to ensure that UK law … Continue reading

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Filed under Asset management, Banking, FCA, HM Treasury, Insurance, Investigations, Investment banking, Uncategorized

#MAR_bitesize

Investment recommendations Increased scope The former Market Abuse Directive (MAD) imposed requirements designed to ensure the objective presentation of investment recommendations and the disclosure of interests and conflicts of interest on the part of producers or disseminators of such recommendations.  … Continue reading

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Filed under Asset management, Banking, EU, Investment banking, Investment Funds, Uncategorized

UK: One month to deadline for implementing FCA and PRA whistleblowing rules

Given the distractions of the summer holiday season and the aftermath of the Brexit referendum, it would be understandable if other developments slipped off the radar. However, there is one particular deadline for regulated firms that demands urgent attention.  Under … Continue reading

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Filed under FCA, Insurance, Investment banking, PRA, Retail Banks, UK

#MAR_bitesize

Extra-territorial scope of MAR: impact on non-EU firms Article 2(4) of MAR applies the "prohibitions and requirements" within MAR to behaviour that occurs both within the EU and in a third county.  In other words, MAR is intended to have … Continue reading

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Filed under EU, Europe, European Regulation, France, Germany, Investment banking, Italy, Spain, Ukraine

AIFMs, UCITS managers and proprietary trading firms: EU MAR surveillance and STORs requirements apply

With just under 5 weeks to go before the Market Abuse Regulation comes into application across the EU, the European Securities and Markets Authority (ESMA) on Monday clarified that the obligations to detect and report market abuse under Article 16(2) … Continue reading

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Filed under Asset management, Banking, EU, Funds, Insurance, Investment banking, Investment Funds, Uncategorized

Market abuse update – April 2016

This will be our last quarterly Market Abuse update before 3 July 2016, the date when both the new Market Abuse Regulation and the Criminal Sanctions (Market Abuse) Directive come into application across Europe. Some significant pieces of the regulatory … Continue reading

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Filed under Americas, Asset management, Australia, Banking, Estonia, EU, Europe, European Regulation, France, Germany, Insurance, Investment banking, Investment Funds, Italy, Liechtenstein, Spain, Ukraine, Uncategorized, US

UK: no Suremime-type duty of care owed directly to customer in connection with past business review

Six months after the High Court's surprising judgment in Suremime Limited v Barclays Bank plc [2015] EWHC 2277 (QB), the recent decision in CGL Group Limited v Royal Bank of Scotland [2016] EWHC 281 (QB) will be encouraging for financial … Continue reading

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Filed under Asset management, Banking, Commercial Litigation, Funds, Insurance, Investment banking