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The new failure to prevent fraud offence was introduced into the Economic Crime and Corporate Transparency Bill during its progress through the House of Lords. Following our initial briefing regarding the proposed offence, we analyse the latest developments, key elements of the new offence (as currently drafted), areas of ongoing debate, and some practical illustrations of the implications of the new offence for companies who are planning the steps they may need to take in response to the new offence. Read more
With only days left before the commencement of the new virtual asset service provider (VASP) licensing regime on 1 June 2023, the Hong Kong Securities and Futures Commission (SFC) announced the finalised regulatory requirements on virtual asset trading platform (VATP) operators in its Consultation Conclusions on 23 May 2023 (Conclusions). Read more
Well over two years after the Markets in Cryptoassets Regulation (MiCA) was first proposed, the European Parliament gave it the green light on 20 April 2023 and MiCA was adopted by the Council on 16 May 2023. MiCA is likely to enter into force in July 2023 following publication in the Official Journal, with some provisions applying a year later and the rest from January 2025. Read more
In a 9 May press statement President von der Leyen announced that the EU is considering a proposed eleventh package of sanctions against Russia. This update provides an overview of those proposals and an update on sanctions-related civil litigation. Read more
The FCA has today published its policy statement and final rules (PS23/4) on improvements to equity secondary markets. This forms part of the Wholesale Markets Review (WMR) conducted by the FCA and HM Treasury (HMT) and follows a consultation in July 2022 (see our blog post here). The changes also support the objectives set out in the FCA’s Strategy 2022‑2025 and its recent business plans which include a commitment to strengthen the UK’s position in wholesale markets. Read more
The PRA released its Business Plan 2023/24 on 2 May 2023. The plan sets out the PRA's planned activities grouped under four strategic priorities. Read more
This week saw the government's long-awaited introduction of a proposed new offence of failure to prevent fraud. There has been a long-standing debate in the UK regarding the desirability of reform to corporate criminal liability which culminated in an assurance by Security Minister Tom Tugendhat MP earlier this year that the Government would introduce a proposed "failure to prevent" offence during the progress through the House of Lords of the existing Economic Crime and Corporate Transparency Bill. Read more
