UK Legislation

Ensuring due process when regulators co-operate

Summary A recent Hong Kong judgment highlights the importance of ensuring due process when regulators exchange information with each other. Regulatory confidentiality In the UK a statement made to an investigator appointed by the FCA or PRA in compliance with … Continue reading

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Filed under Banking, EU, European Regulation, Hong Kong, Investigations, UK, UK Legislation, Uncategorized

Financial firms: protecting customer personal data

A recent case provides a rare example of the criminal prosecution of an individual (in this case the former employee of an insurer) for breach of the Data Protection Act 1988 (DPA).  David Barlow Lewis was a former employee of … Continue reading

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Filed under Europe, European Regulation, FSA, FSA Rules, Insurance, Sector Updates by Herbert Smith Freehills, UK, UK Legislation, UK Regulations, Uncategorized

Authorising third country insurance firms: has the Commission got it wrong?

Geoff Maddock, partner Email | Profile tel: +44 20 7466 2067 mobile: +44 7785 255016 By Geoff Maddock, corporate insurance partner Commission view on authorisation In July 2015 a Commission official expressed a controversial view on when third country insurance … Continue reading

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Filed under Europe, Insurance, UK, UK Legislation, UK Regulations, Uncategorized

The Serious Crime Act 2015

The Serious Crime Bill received Royal Assent on 3 March 2015 and will now enter into force as the Serious Crime Act 2015 (the “Act”).  It introduces changes in a broad range of areas relating to both financial and non-financial … Continue reading

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Filed under Corporate Crime, UK, UK Legislation

UK: Insurance Act receives Royal Assent

The Insurance Act has today received royal assent, paving the way for the most significant change to English insurance contract law in over 100 years.  The Act will come into force in August 2016 following an 18-month lead in period. 

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Filed under Insurance, UK, UK Legislation

Irreconcilable differences? Bank directors, shareholders and regulators

Those tasked with governing UK banks have always faced difficulties in balancing competing interests.  This stems in part from the fact that banks must be operated in accordance with both company law and applicable financial services regulation.  The two regimes … Continue reading

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Filed under Banking, FCA, Investment banking, PRA, Retail Banks, UK, UK Legislation

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

EU publishes legislation expanding sectoral sanctions against Russia

The EU has today published new legislation expanding its existing sanctions against Russia.  This briefing provides an overview of the new measures, namely: an expansion of the restrictions on dealing in transferable securities issued by listed Russian banks; the application … Continue reading

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Filed under Australia, EU, Russia, Sanctions and Money Laundering, UK Legislation

UK FCA publishes first warning notice statements in respect of individuals

The Financial Conduct Authority (FCA) has today published details of two warning notices given on 28 November 2013 to bankers alleged to be knowingly concerned in failings in relation to an interest rate benchmark, in respect of whom the FCA is … Continue reading

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Filed under FCA, UK, UK Legislation, Uncategorized

SFO brings first Bribery Act charges

The Serious Fraud Office (“SFO“) had its first day in court in a Bribery Act prosecution on 24 September 2013, with three of four defendants connected with a £23m fraud at Sustainable AgroEnergy plc (“AgroEnergy“) facing charges of making and … Continue reading

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Filed under Bribery and Corruption, Corporate Crime, Sanctions and Money Laundering, UK, UK Legislation