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The High Court has dismissed a Part 8 claim against a bank for allegedly failing to provide an adequate response to the claimant’s Data Subject Access Requests (DSARs). This is a noteworthy decision for financial institutions, particularly those with a strong retail customer base, as it highlights the robust approach that the court is willing to take where it suspects the tactical deployment of DSARs against the institution: Lees v Lloyds Bank plc [2020] EWHC 2249 (Ch). Read more
The PRA has published its Proprietary Trading Review pursuant to section 9 of the Financial Services (Banking Reform) Act 2013. The Review assesses whether the PRA should be granted further powers in relation to, or whether further restrictions should otherwise be placed on, proprietary trading carried on by PRA authorised deposit takers and investment firms incorporated in the UK Read more
In our Corporate Crime & Investigations podcast we look to bring you timely and incisive commentary on key developments in the CC&I space. In this third episode we discuss recent activity regarding Deferred Prosecution Agreements (DPAs). We focus specifically on three DPAs secured by the Serious Fraud Office (SFO) involving Guralp Systems, Airbus and G4S Care and Justice Services. Read more
The FICC Market Standards Board (FMSB) recently published a spotlight review on the ability of FICC (fixed income, currencies and commodities) market participants to measure trade execution quality.
The Review comes amid increasing market interest in best execution and transaction cost analysis from both regulators and clients particularly in the wake of MiFID II. Read more
In this article, which first appeared in the September issue of Butterworths Journal of International Banking and Financial Law, Jon Ford considers how industry codes present risks to firms and how these risks can be mitigated.Read more
The FCA recently published the latest edition of Market Watch, which covers three topics – information handling requirements, legal privilege, and transaction reporting.Read more
Join our experts in financial services, cyber and data security, data privacy, outsourcing and digital disruption, together with Deloitte’s Customer Breach Support team, as they share their experience of operational disruption. Read more
Herbert Smith Freehills LLP’s Seventh Annual Corporate Crime & Investigations (“CC&I”) Conference is being held as a Global Conference Series of webinars over the upcoming months. The first webinar took place on 18 June 2020 and covered the topic of “CC&I in the time of Covid-19”. The second took place on 16 July 2020 and covered the topic of “2020 Developments in Anti-Bribery and Corruption and Deferred Prosecution Agreements”. The third took place on 20 August 2020 and covered the topic of “Sanctions developments in a turbulent global environment”.Read more
As the end of the Brexit transition period approaches, the PRA has published a letter from Sam Woods, Deputy Governor for Prudential Regulation and CEO of the PRA, to CEOs of all PRA-regulated firms preparing for the end of the transition period and for entering the Temporary Permissions Regime (TPR). The letter stresses the need for firms to be operationally prepared to enter the TPR and to ensure that they are able to meet the PRA’s regulatory requirements once they are in the TPR. The transition period is due to end at 11pm on Thursday 31 December 2020 at which point the TPR will take effect.Read more
