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In June 2022, the Hong Kong Securities and Futures Commission (SFC) proposed a number of sweeping enforcement-related reforms which would have, among others, significantly enhanced the SFC’s ability to obtain investor compensation orders against regulated persons who had committed wrongdoing if enacted. Read more
The FCA has released its Business Plan 2023/24; the plan covers the second year in the FCA's three-year Strategy. This is one document among the annual publications issued by the regulator which provide insight into its priorities and focus... Read more
The High Court has declined to strike out civil proceedings brought by the Financial Conduct Authority in respect of alleged market abuse, even though it found that the Financial Conduct Authority (FCA) had made impermissible collateral use of material obtained through mutual legal assistance (MLA) requests without first obtaining the consent of the relevant overseas authorities. Read more
In a "Dear CEO" letter sent in early August 2022, the FCA outlined the robust approach it will take to the supervision of firms in its alternative asset management portfolio – namely FCA authorised hedge funds, private equity firms and firms that manage and advise alternative assets directly. Relevant firms can expect the FCA to focus on excessive investment risks to retail and elective professional investors, conflicts of interest, inadequate mitigation against ongoing market disruption, poor market abuse controls, and culture, as well as ESG disclosures. Read more
The European Parliament and Council reached a preliminary political agreement on the Regulation on Markets in Crypto-assets (MiCA) on 30 June 2022. Read more
The recent judgment of the Court of Justice of the European Union (CJEU) has ruled that details of the forthcoming publication of a press article reporting a market rumour about a potential takeover bid for a listed issuer may constitute ‘inside information’. This conclusion may not come as a complete bolt from the blue to market participants: just as a star analyst's research can move markets, so too can an article from a prominent journalist in a media organization, whose prominence and professional reputation lend credibility to their reports. Read more
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for November 2021.Read more
Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on the litigation and regulatory risks for special purpose acquisition companies (SPACs) in England & Wales. Read more