Consultations

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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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

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

UK: reviewing the fairness, transparency, speed and efficiency of enforcement decision-making processes at the FCA and the PRA

The Chancellor has launched a review of the fairness, transparency, speed and efficiency of the enforcement decision-making at the financial services regulators, as part of the government’s focus on strengthening accountability in the financial services industry.  A call for evidence to … Continue reading

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Filed under Banking, Consultations, FCA, HM Treasury, Insurance, Investment banking, Investment Funds, PRA, Regulatory Reform, UK, UK Government, UK Parliamentary Committees

Sanctioning directors of failed banks

On 3 July, HM Treasury published for consultation its proposals on “Sanctions for the directors of failed banks“, requesting responses by 30 September 2012.  The consultation paper seeks comments on whether the Financial Services Bill should introduce a “rebuttable presumption” that … Continue reading

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Filed under Consultations, FCA, FSA, HM Treasury, Indonesia, JURISDICTIONS, PRA, Regulatory Reform, UAE, UK