Corporate Crime update – Spring 2019

Welcome to the Spring 2019 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

FCA’s First Annual Perimeter Report – have you crossed the line?

The FCA has published its first annual perimeter report, reflecting on perimeter issues. The perimeter is basically the legal boundary determining what the FCA regulates (and therefore also what it does not regulate). Andrew Bailey, CEO of the FCA commented that the perimeter “is tested by the actions of particular firms and how those actions … Read more

Cryptoassets – what should the second line of defence be focussing on?

First published on Thomson Reuters Regulatory Intelligence on 12 June 2019. In our first article on cryptoassets we discussed considerations for boards and senior management. This second article considers regulatory risks specific to cryptoassets which the second line of defence (i.e. compliance and risk functions) within the three lines of defence (TLOD) model of compliance … Read more

Herbert Smith Freehills launches new banking litigation blog

Our Banking Litigation team has launched their new Banking Litigation Notes blog, focusing on the latest banking litigation developments of interest to financial institutions.  The team’s first post highlights our recent briefing on the latest communication from the FCA and PRA to ensure firms are properly prepared for the transition from LIBOR to alternative interest rate … Read more

FCA publishes its latest Industry Feedback on its 5 Conduct Questions Programme

Authors: Clive Cunningham, Harry Millerchip, Katie McGrory Background The FCA recently published its Industry Feedback for 2018/19 on its 5 Conduct Questions (5CQ) Programme (which can be accessed on the FCA’s website, here). The 5CQ Programme was introduced by the FCA in 2015 for wholesale banks as a tool to help firms improve their conduct … Read more

EMIR Refit Regulation: (Re)fit for purpose?

The EMIR Refit Regulation was published in the EU Official Journal on 28 May 2019. It is intended to amend EMIR to simplify certain requirements and reduce costs and burdens on corporates including amending clearing thresholds, reporting obligations and counterparty classification. The legislation will enter into force on 17 June 2019. While various aspects of … Read more

Crypto asset compliance in an uncertain regulatory environment

First published on Thomson Reuters Regulatory Intelligence on 10 May 2019. Authors: Clive Cunningham and Wendy Saunders This is the first in a series of articles looking at crypto-assets (encompassing exchange tokens, security tokens, and utility tokens) through the lens of prevailing regulatory expectations of governance and risk management in the UK. In the absence … Read more