HM Treasury

Brexit Outline Political Declaration: Initial indicators for the financial services industry

Yesterday’s announcements on the terms agreed for the UK’s withdrawal from the EU say relatively little about the future framework for cross-border trade in goods or services.  More detail is expected on this next week. The draft withdrawal agreement provides … Continue reading

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Filed under Article 50, Asset management, Banking, Draft Legislation, EU, Europe, Funds, HM Treasury, Investment Funds, UK

SFC proposes to implement revisions to AML/CFT guidelines on 1 November 2018 ahead of FATF Hong Kong evaluation

On 5 July 2018, the Securities and Futures Commission (SFC) issued a consultation paper on proposals to amend the Guideline on Anti-Money Laundering and Counter-Terrorist Financing (Main Guideline) and the Prevention of Money Laundering and Terrorist Financing Guideline issued by … Continue reading

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Filed under Announcements, Bribery and Corruption, Consultations, Corporate Crime, Hong Kong, Regulatory Reform, Sector Updates by Herbert Smith Freehills

FCA issues outcome of high cost credit review and seeks feedback on proposals for new rules and guidance for overdrafts and high cost credit

The Financial Conduct Authority (FCA) has issued a press release setting out the outcome of its high-cost credit review (HCCR) together with new proposals on rules and guidance designed to protect consumers that use overdrafts and high-cost credit (the Proposals). 

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Filed under Announcements, Consultations, FCA, Herbert Smith Freehills, Regulatory Reform, Sector Updates by Herbert Smith Freehills

ESAs consultations: amendments to EMIR for securitisation issuers

In May 2018, the Joint Committee of the European Supervisory Authorities (“ESAs“) launched two consultations (the “Consultations“) to amend EMIR concerning (i) the clearing obligation and (ii) certain risk mitigation techniques for non-cleared OTC derivatives in respect of securitisation issuers. … Continue reading

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Filed under Consultations, Europe

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

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Filed under Asia, Australia, Bribery and Corruption, Corporate Crime, Draft Legislation, Europe, Herbert Smith Freehills, HM Treasury, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

Potential reform of corporate criminal liability for economic crime

On 13 January 2017 the Ministry of Justice ("MoJ") published a call for evidence ("CfE") regarding potential reform of the law concerning corporate criminal liability in respect of economic crime. This publication is the latest development concerning a potential new … Continue reading

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Filed under Bribery and Corruption, Consultations, Corporate Crime

#MAR_bitesize

New Market Abuse powers for the FCA (2) Powers to require information from issuers, PDMRs and persons closely associated to PDMRs The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (the "regulations") were passed to ensure that UK law … Continue reading

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Filed under Asset management, Banking, FCA, HM Treasury, Insurance, Investigations, Investment banking, Uncategorized

EU further expands sanctions against Democratic People’s Republic of Korea

In light of missile and nuclear weapons tests by the Democratic People’s Republic of Korea (“DPRK”) earlier this year, which the EU has described as posing “a grave threat to international peace and security”, the EU Council has decided to … Continue reading

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Filed under European Regulation, HM Treasury, Korea, Sanctions and Money Laundering

UK launches Financial Advice Market Review

On 3 August, the UK Government launched what it described as a major new review to examine how financial advice could work better for consumers.  The review will consider: the “advice gap” for those who do not have significant wealth; the regulatory or … Continue reading

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Filed under Banking, Consultations, FCA, HM Treasury, Insurance, Regulatory Reform, UK

UK: FCA and HM Treasury publish approach to UK implementation of MIFID II

The FCA and HM Treasury have published the first set of papers on the UK implementation of MiFID II: FCA discussion paper “Developing our approach to implementing MiFID II conduct of business and organisational requirements” (DP15/3); and HM Treasury consultation … Continue reading

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Filed under Banking, Consultations, EU, Europe, European Regulation, FCA, HM Treasury, UK