In June, the FCA published its policy statement on crowdfunding platforms (PS19/14). PS19/14 contains two new sets of rules which apply to: (i) loan-based (P2P); and (ii) investment-based crowdfunding platforms. Prior to this, P2P and investment-based crowdfunding platforms were already subject to the FCA’s High Level Standards, such as the Principles for Business. However, as … Read more
This newsletter summarises recent Russian regulation, enforcement and court practice developments which may be relevant for doing business in Russia from a corporate crime and investigations perspective. Additionally, this newsletter spots some US and other relevant developments which should be kept in mind by Russian businesses having foreign parents or operations. Read more
The SFC has recently published its Statement on the conduct and duties of directors when considering corporate acquisitions or disposals. The statement: outlines the recurring types of misconduct relating to corporate acquisitions and disposals which the SFC observed over the past two or so years, since it adopted a front-loaded regulatory approach; reminds listed company … Read more
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation for August 2019. Read more
As financial institutions in Australia face into the culture and conduct storm that has engulfed the UK for the past decade, UK firms can be confident that they have already largely negotiated the regulatory waves which have followed the Banking Royal Commission in Australia. However, culture and customer treatment are themes that continue to be … Read more
On 4 July 2019, Mr Justice William Davis approved a Deferred Prosecution Agreement (“DPA“) agreed between the Serious Fraud Office (“SFO“) and Serco Geografix Ltd (“SGL“), a wholly-owned subsidiary of outsourcing company Serco Group plc (“Serco Group“). SGL has agreed to pay £22.9 million, comprising a financial penalty of £19.2m and the full amount of … Read more
Last week, the Hong Kong Securities and Futures Commission (SFC) signed a tripartite memorandum of understanding (MOU) with the China Securities Regulatory Commission (CSRC) and the Ministry of Finance of the People’s Republic of China (MOF) regarding audit working papers in the Mainland arising from the audits of Hong Kong-listed Mainland companies. Read more
The Financial Conduct Authority (“FCA“) has published proposals to ban the sale of derivatives or exchange traded notes (“ETNs“) which reference certain types of cryptoassets (“crypto-derivatives“), to address harm posed to retail consumers. The scope of the ban would extend to the sale, marketing and distribution of all derivatives (ie. options, futures and contracts for … Read more
