Draft Legislation
Do we need a new duty of care in financial services?
On 17 July 2018, the FCA published a paper on its Approach to Consumers (the Approach), accompanied by a discussion paper DP18/5 (the DP) on the possible introduction of a new duty of care and other alternative approaches (a New Duty). The … Continue reading
The FSB’s Crypto-assets framework: What does it mean for firms?
The Financial Stability Board (FSB) has published its framework to monitor crypto-assets as part of its wider report to the G20 on work by the FSB and standard-setting bodies on crypto-assets. The report is provided at the request of the … Continue reading
Corporate Crime update – June 2018
Welcome to the June 2018 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. For the full update on each jurisdiction, please click on the name of the jurisdiction below. Below … Continue reading
Filed under Announcements, Asia, Bribery and Corruption, China, Corporate Crime, Dubai, EU, Europe, Germany, Herbert Smith Freehills, Hong Kong, Indonesia, Investigations, Korea, Middle East, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Thailand, UK Government, US, Vietnam
PASSAGE OF NEW SANCTIONS LEGISLATION AND PUBLICATION OF UPDATED GUIDANCE
On 24 May 2018, it was announced that the Sanctions and Anti-Money Laundering Act (the “Act”) had received Royal Assent. The Act is the first piece of UK primary legislation governing the post-Brexit legal position and will create a post-Brexit … Continue reading
Transparency and the ownership of foreign companies – BEIS response to Call for Evidence
The Department for Business, Energy and Industrial Strategy (BEIS) has published the response to its Call for Evidence on the creation of a register of ownership and control of foreign companies that purchase property in the UK or enter into … Continue reading
Corporate Crime update – March 2018
Welcome to the March 2018 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. For the full update on each jurisdiction, … Continue reading
Corporate Crime Monthly Update January 2017
Welcome to the January 2017 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. For the full update on each jurisdiction, … Continue reading
Publication of the Criminal Finances Bill 2016-17
The Criminal Finances Bill 2016-17 (the "Bill") was presented to Parliament and had its first reading in the House of Commons on Thursday 13th October. In a press release on the same day, the Home Office stated that the new … Continue reading
Filed under Corporate Crime, Draft Legislation, UK Government
UK: FPC seeks new macro-prudential tools
The Bank of England’s Financial Policy Committee (FPC) has recommended that HM Treasury should exercise its statutory power to prescribe two new macro-prudential measures, thereby granting the FPC powers of direction in the residential mortgage market, covering both owner-occupied and … Continue reading
Filed under Bank of England, Banking, FCA, PRA, UK Government, Uncategorized
UK consults on bringing seven new benchmarks within the regulatory framework
The Government has launched a consultation on bringing additional financial benchmarks into the regulatory framework originally implemented for LIBOR. The consultation is based on recommendations by the Fair and Effective Markets Review, a joint review by HM Treasury, the Bank of … Continue reading
Filed under Banking, FCA, Regulatory Reform, UK, UK Government, UK Legislation
