Pressure Points: Covid-19 and Fraud

    Covid-19 restrictions are being slowly eased, but the impact of the pandemic and related lockdown measures on financial crime risk and on related compliance measures continues to be a high priority for business. In our April briefing, we analysed the impact of the restrictions on the UK criminal justice system – in particular, the practical issues facing law enforcement agencies (LEAs), the courts and the prison service. Read more

    Briefing: Public Hearing on the Consultation Paper and Draft RTS on ESG Disclosures

    On 2 July 2020, the three European Supervisory Authorities (ESAs) held a public hearing to explain and discuss the content of the Consultation Paper and Draft RTS with regard to the content, methodologies and presentation of disclosures to be made pursuant to Regulation (EU) 2019/2088 (Disclosures Regulation) published by the ESAs on 23 April 2020. The format of the hearing was a brief presentation on each of the following topics (available here), followed by Q&A sessions. Read more

    Webinar: Brexit: Financial Services – Update and preparations for no-deal

    With UK/EU deal negotiations in the balance and a no-deal scenario still possible, a panel of experts from Herbert Smith Freehills, the Financial Conduct Authority and McCann FitzGerald (for the Ireland perspective) will review the current state of play on Brexit and what comes next for the regulation of cross-border financial services. Read more

    First steps taken on new UK prudential regime for investment firms

    On 23 June 2020, the FCA published its long-awaited Discussion Paper on a new prudential regime for MiFID investment firms, to be based on the EU Investment Firms Directive and Regulation (“IFD” and “IFR” respectively), which are due to be implemented in June 2021 (see our blog post). On the same date, HM Treasury published a related Policy Statement on prudential standards in the Financial Services Bill, which complements and sets the parameters for the FCA's approach as outlined in the Discussion Paper. Read more

    MiFID II: ESMA guidance on compliance function requirements

    ESMA published, on 5 June 2020, new final guidelines on certain aspects of the compliance function requirements under the recast Markets in Financial Instruments Directive (MiFID II)[1]. The new guidelines replace those issued in 2012, and have been updated in accordance with MiFID II requirements - specifically article 16(2) of MiFID II and article 22 of the MiFID II Delegated Regulation[2]. Read more

    IOSCO proposes updated Outsourcing Principles as Covid-19 drives operational resilience to the top of the agenda

    This post gives a high level summary of the International Organization of Securities Commissions' (IOSCO's) consultation on proposed updates to the 2005 Outsourcing Principles for Market Intermediaries and the 2009 Outsourcing Principles for Markets, and includes a link to our briefing that focuses in more detail on: the scope of application; IOSCO’s definition of outsourcing; intragroup arrangements; concentration risk; and access and audit rights. Read more