Corporate Crime update – November 2020

Welcome to the November 2020 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. Read more

ESMA confirms EU’s hardline stance to MiFIR Derivatives Trading Obligation post-Brexit

In a frustrating twist to the dangerously slow-moving narrative on cross-border financial market access post- Brexit, ESMA yesterday (25 November) issued a public statement confirming the EU's hardline stance to the derivatives trading obligation (DTO) under MiFIR.  The DTO requires EU investment firms to trade certain classes of derivatives only on EU-authorised trading venues – or third country trading venues certified by the European Commission as equivalent. No such equivalence decision has been made or signalled by the EU for purposes of the DTO – and ESMA's latest statement declines to offer any forbearance or similar relief to EU firms currently using UK venues for this purpose. Read more

EU digital finance and retail payments strategies: understanding the big picture

Last month, the European Commission (“EC”) adopted a new Digital Finance Package, which it published together with a communication entitled “A Retail Payments Strategy for the EU” containing specific policy measures needed in relation to payment services given their key role among digital financial services. The European Parliament (“EP”) subsequently adopted a nonbinding resolution on the EC's Digital Finance Package on 8 October 2020. Read more

UK Post-Brexit Reform: HM Treasury consults on the Future Regulatory Framework for EU Exit

HM Treasury has published a consultation launching the second phase of the Future Regulatory Framework (FRF) Review. The purpose of the Review, which began in 2019, is to explore how the UK’s regulatory framework for financial services needs to change in order to be fit for the future, particularly in light of the UK’s exit from the EU. The aim is to achieve an agile and coherent approach to financial services regulation in the UK, with appropriate democratic policy input to support “a stable, innovative and world leading FS sector”. Read more

Public consultation on the review of the AIFMD is published

To some of us it feels like just yesterday that the asset management industry was grappling with the legislative powers in the EU to make sense of the early drafts of the AIFMD. And yet here we are again, as the European Commission yesterday published its public consultation on the review of the AIFMD (the “Consultation”). The Consultation marks the Commission’s first deep engagement with the public on the road to what could end up being a significant reform and it brings up again some of the issues that vexed engagement during the introduction of the AIFMD. Read more

2020 Global Bank Review: #disruption

We are excited to launch the 2020 edition of our Global Bank Review#disruption. While the banks sector has faced significant challenges before, the depth and breadth of Covid-19’s disruption has left banks in the position of having to brace for impact to their own businesses, whilst simultaneously demonstrating a change in culture, providing support to vulnerable customers, and supplying vital credit for regrowing our economies. Read more