Harmonising the regulation of market abuse in Europe

The European Commission has published its proposals for a Regulation on insider dealing and market manipulation ("the Regulation") and a Directive on criminal sanctions for intentional market abuse ("the Directive"). The new measures will extend the scope of the existing… Read more

Timeline – a guide to the legal milestones ahead

This is a guide to key legal developments in the coming months and years ahead. Click here for the full Timeline. This publication contains information on a broad range of legal areas, a sample of which is listed below. For… Read more

Libyan sanctions regime

Following the recent developments in Libya, the UN, EU and UK have adopted further measures relating to the asset freeze imposed in March 2011 (details of which are contained in our previous e-bulletin). On 16 September 2011, the UN Security… Read more

Draft Regulation released proposing Europe-wide freezing orders

In our June 2011 Corporate Fraud, Investigations and Asset Recovery Update, we discussed the upcoming Europe-wide freezing order regulation. On 25 July 2011, the European Commission released the proposed European Account Preservation Order (EAPO) Regulation, which has been submitted for… Read more

The Treasury Select Committee (“the Committee”) published a report on its inquiry into the Retail Distribution Review (“RDR”) on Saturday, and recommends that in order to allow advisers to satisfy the requirements of the RDR, the FSA should defer its implementation for 12 months.

It is imperative for HR professionals, in-house counsel, compliance officers and others with responsibility for remuneration-related issues within firms who will be covered by the Alternative Investment Fund Managers Directive ("AIFMD") to be aware of the impact of the AIFMD… Read more

What approach will the FCA take to regulation?

Today the FSA held a conference to launch debate on the development of the operating model of the new Financial Conduct Authority (FCA). The accompanying paper to the conference provides further detail on the proposed regulatory approach of the FCA… Read more

General counsel update: 22 June 2011

This is the twenty-fifth in our series of general counsel updates which aim to summarise major developments in key areas. This summary covers the following hot topics (please click here to read the full briefing): ... Read more

Syrian sanctions regime

Following the recent unrest in Syria, the EU has this week imposed new sanctions on the Syrian regime, including an arms embargo, the freezing of funds and economic resources, and a travel ban on certain persons said to be responsible… Read more

Market abuse update

Since our last update, the FSA has secured its first conviction for laundering of the proceeds of insider dealing, and the longest sentence for insider trading to date. We have also seen the new European Securities and Markets Authority make… Read more

FSA publishes proposed Remuneration Code guidance

On 21 April 2011, the FSA published a number of draft guidance documents to assist firms in complying with the revised FSA Remuneration Code (the "Code"). The revised Code came into force on 1 January 2011 implementing the remuneration principles… Read more

Client Money and Assets: emerging issues

FSA fines for client money and asset failings continue to make the headlines. In the attached briefing, we look at the enforcement decision in relation to ActivTrades Plc, and consider the main implications for firms of the FSA's feedback on… Read more

Consultation on the review of MiFID: inducements

The European Commission published a wide ranging consultation (the Consultation) on its review of the Markets in Financial Instruments Directive (MiFID) in December 2010. The Consultation, which closed on 2 February 2011, sought views of market participants, regulators and other… Read more

Acting in concert and shareholder activism

On 6 February 2011, the FSA's Guidance on concert party arrangements for the control of UK financial institutions (the Guidance) came into force. This concluded a long period of consultation by the FSA, during which there has been continued focus… Read more

The Libyan sanctions regime – Update

On 27 February 2011 the Libya (Financial Sanctions) Order 2011 came into force in the UK, and was subsequently supplemented by the Libya (Asset-Freezing) Regulations 2011. Our previous bulletin describes the effect of this legislation in detail. ... Read more

The MiFID Review: “Execution-only” business

More than three years after its implementation, the European Commission published its consultation on the review of the Markets in Financial Instruments Directive ("MiFID") on 8 December 2010. In light of lessons learnt from the recent financial crisis, it was… Read more

Delay to full implementation of the Bribery Act 2010

Under s.7 of the Bribery Act 2010 it is a defence to a charge against an organisation of failing to prevent bribery if the organisation can show it had adequate procedures designed to prevent persons associated with the organisation from… Read more

The new net short position disclosure regime in France

In the context of the financial crisis, the French financial market regulator (the Autorité des Marchés Financiers, "AMF") issued emergency measures regulating short selling on 22 September 2008. In summary those measures imposed a ban on naked short selling regarding… Read more

Client money and assets – Round-up of recent developments

Confidence in the arrangements for protecting client assets was badly hit during the financial crisis, with the Lehman client money litigation demonstrating the serious consequences of failures in client money and asset protection. The FSA has emphasised the importance it… Read more

FSA confirms professionalism aspects of RDR

The FSA has published its final rules on professionalism in the context of delivering the Retail Distribution Review (RDR) in policy statement PS11/1.  This completes the policy requirements of the RDR, and now that "all the building blocks are in… Read more

FSA to require one month’s notice of capital issues

The FSA is proposing that insurers, banks and other authorised firms should tell it at least one month before issuing shares or any other capital instrument that will count as regulatory capital (see Quarterly Consultation Paper CP11/1). The requirement will… Read more