The FCA has published proposals to replace the Approved Persons Regime with the Senior Managers and Certification Regime (SMCR) currently in force for banks. Almost all financial services firms will be required to comply with the SMCR. There is a … Continue reading
Herbert Smith Freehills recently held its annual disputes client conference exploring some key legal and compliance risks facing major corporates. Following opening remarks by Mark Shillito, head of dispute resolution for the UK and US, there were presentations on cyber … Continue reading
Investment recommendations Increased scope The former Market Abuse Directive (MAD) imposed requirements designed to ensure the objective presentation of investment recommendations and the disclosure of interests and conflicts of interest on the part of producers or disseminators of such recommendations. … Continue reading
AIFMs, UCITS managers and proprietary trading firms: EU MAR surveillance and STORs requirements apply
With just under 5 weeks to go before the Market Abuse Regulation comes into application across the EU, the European Securities and Markets Authority (ESMA) on Monday clarified that the obligations to detect and report market abuse under Article 16(2) … Continue reading
This will be our last quarterly Market Abuse update before 3 July 2016, the date when both the new Market Abuse Regulation and the Criminal Sanctions (Market Abuse) Directive come into application across Europe. Some significant pieces of the regulatory … Continue reading
In a speech last Friday to the Hong Kong investment Funds Association, Ashley Alder, CEO of the Hong Kong Securities And Futures Commission (SFC) described the SFC's ambitious asset management strategy. The SFC's strategy for Hong Kong, which aims to … Continue reading
The SFC issued a circular to all licensed corporations yesterday, following its recent review of cybersecurity within selected larger licensed corporations. Firms will wish to give careful consideration to the SFC's recommendations regarding appropriate cyberscurity controls.
After almost four years of debate, the European Commission, Parliament and Council finally reached political agreement on the proposed General Data Protection Regulation (the "GDPR") in December 2015.
German Federal Supreme Court: a pro-forma application for conciliation of an insufficiently specified misselling claim will not be effective to suspend limitation
In a landmark decision dated 18 June 2015, the German Federal Supreme Court (Bundesgerichtshof, “BGH”) decided that pro-forma applications for conciliation (Güteverfahren) do not suspend the limitation period for misselling claims if the applications are too generic and do not … Continue reading
Has the EBA got it wrong? Proposals to apply the “bankers’ bonus cap” to more banks and investment firms
Proposed guidelines from the European Banking Authority (EBA) would extend the “bankers’ bonus cap” to all IFPRU investment firms as well as all banks, irrespective of size – this may include asset managers, hedge funds, broker-dealers, and spread-betting, FX and … Continue reading