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EU prolongs duration of Russian sectoral sanctions until July 2017

On 19 December 2016, the European Council announced that the EU's sectoral sanctions, targeting the Russian financial, energy and defence sectors, and dual-use goods (which were previously due to expire on 31 January 2017) will be extended for a further … Continue reading

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Filed under Russia, Sanctions and Money Laundering, Uncategorized

#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

Shenzhen-Hong Kong Stock Connect targeted for launch around November 2016

Following from the launch of Shanghai-Hong Kong Stock Connect (Shanghai-HK SC) in November 2014, the Securities and Futures Commission and the China Securities Regulatory Commission made a joint announcement on 16 August 2016 about their in-principle approval for the establishment … Continue reading

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#MAR_bitesize

New Market Abuse powers for the FCA   The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 On 29 June 2016, the Government adopted the Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (the "regulations").  This left … Continue reading

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Filed under Estonia, EU, Europe, European Regulation, FCA, France, Germany, Italy, Liechtenstein, UK Regulations, 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

Market abuse update – July 2016

The Market Abuse Regulation (MAR) and the Criminal Sanctions (Market Abuse) Directive came into application in Europe on 3 July 2016.  Various outstanding pieces of secondary legislation were published in the Official Journal shortly before then, and further material has … Continue reading

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Filed under Americas, Asia, Australia, Europe, European Regulation, France, Hong Kong, Uncategorized, US

#MAR_bitesize

Suspicious transaction and order reporting Under Article 16 of MAR, market operators and investment firms operating a trading venue1, and any person professionally arranging or executing transactions, should have in place arrangements, procedures and systems for the detection and reporting … Continue reading

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Filed under EU, Europe, FCA, France, Germany, Italy, Uncategorized

UK: Predictive coding ordered despite party’s objections

The High Court has ordered disclosure to be carried out using predictive coding despite a party's objections to the use of the technology: Brown v BCA Trading Limited [2016] EWHC 1464 (Ch).

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Proposed revamp of Hong Kong’s regulatory structure for decision making in listing related matters

The Hong Kong Stock Exchange (the “Stock Exchange”) and the Securities and Futures Commission (“SFC”) have jointly announced proposals to revamp the regulatory structure for making decisions in listing related matters. New committees, with equal representation by both the Stock … Continue reading

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Filed under Hong Kong, Uncategorized

Material adverse change clauses – staging a return

Material adverse change (MAC) clauses aim to give buyers a right to withdraw from M&A deals on the occurrence of certain events that are detrimental to the target company. While MAC clauses have been a standard feature of US M&A agreements … Continue reading

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