UK

HM Treasury and Financial Regulators’ updates on Brexit preparation

Almost a year after it was introduced, a key piece of UK domestic Brexit legislation has now been passed.  The European Union (Withdrawal) Act 2018 (EUWA), which aims to provide a functioning statute book on the day the UK leaves the … Continue reading

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PROPOSED AMENDMENTS TO THE EU BLOCKING STATUTE

In May, we published an e-bulletin discussing President Trump’s announcement that the United States would withdraw from the Iran nuclear deal (the Joint Comprehensive Plan of Action – “JCPOA“), and that all pre-JCPOA nuclear-related sanctions on Iran (including secondary sanctions) would be … Continue reading

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Filed under Announcements, Bribery and Corruption, Corporate Crime, Europe, Herbert Smith Freehills, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, UK

FCA consults on proposals to regulate claims management firms

The Financial Conduct Authority (FCA) has issued a joint consultation paper – Claims management: how we propose to regulate claims management companies (CP18/15) (the Consultation) with the Financial Ombudsman Service (FOS) setting out draft proposals on how the FCA intends … Continue reading

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Filed under Announcements, FCA, Herbert Smith Freehills, Regulatory Reform, Sector Updates by Herbert Smith Freehills, UK

FEMR Progress Report / Speech by Mark Carney, Governor of the BoE

FEMR Progress Report: The HM Treasury, the Bank of England (BoE) and FCA have today published the 2018 Progress Report on the Fair and Effective Markets Review (FEMR). 

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Filed under Bank of England, FCA, Sector Updates by Herbert Smith Freehills, UK, UK Regulations

PRA Business Plan 2018/19

Today, 9 April 2018, the Prudential Regulatory Authority (PRA) has published its Business Plan 2018/19.  The Business Plan sets out: An overview of the PRA’s responsibilities and approach; The PRA strategy; Business Plan 2018/19; and Budget 2018/19. Alongside the Business … Continue reading

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Filed under FCA, Herbert Smith Freehills, Regulatory Reform, Sector Updates by Herbert Smith Freehills, UK

FCA Business Plan and Sector Views

Today, 9 April 2018, the FCA has published its Business Plan 2018/19. The Plan covers: EU withdrawal, priorities for 2018/19, and sector priorities. 

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Transparency and the ownership of foreign companies – BEIS response to Call for Evidence

The Department for Business, Energy and Industrial Strategy (BEIS) has published the response to its Call for Evidence on the creation of a register of ownership and control of foreign companies that purchase property in the UK or enter into … Continue reading

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

INSPIRED BY THE UK REGIME, SINGAPORE INTRODUCES DEFERRED PROSECUTION AGREEMENTS FOR CORRUPTION AND MONEY LAUNDERING OFFENCES

The Singapore parliament has enacted a framework for Deferred Prosecution Agreements. This will apply to corporate offences including corruption, money laundering and the receipt of stolen property. DPAs will need to be supervised by a judge and confirmed by the … Continue reading

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Filed under Announcements, Asia, Bribery and Corruption, Corporate Crime, Sanctions and Money Laundering, Singapore, UK

Corporate Crime update – February 2018

Welcome to the February 2018 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, Europe, Germany, Hong Kong, India, Investigations, Japan, Malaysia, Middle East, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Thailand, UK, US

FCA Report: Algorithmic trading compliance in wholesale markets

Relevant to both solo- and dual-regulated firms, the report reflects the findings of both firm-specific and cross-firm reviews into algo trading undertaken in the run-up to MiFID II implementation. Within the introduction, the FCA lists relevant MiFID II requirements, noting … Continue reading

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Filed under Announcements, FCA, PRA, UK, UK Regulations