UK Regulations

PRIVILEGE NO DEFENCE TO NOTICE REQUIRING PRODUCTION OF CLIENT’S PRIVILEGED DOCUMENTS TO REGULATOR

The High Court has held that an audit client could not withhold documents on grounds of privilege when responding to a notice requiring the production of documents in connection with an investigation into the auditor’s conduct: The Financial Reporting Council Ltd … Continue reading

Leave a Comment

Filed under Announcements, Regulatory Reform, Sector Updates by Herbert Smith Freehills, UK Regulations

Interpretation of MiFID I: ECJ preliminary ruling confirms information given to supervisory authorities by authorised firms can lose its confidential status after 5 years

Judgment by the European Court of Justice (ECJ) in the case of Bundesanstalt für Finanzdienstleistungsaufsicht v Baumeister (Case C-15/16) (19 June 2018)  has confirmed that not all information held in the file of a financial supervision authority (competent authority (CA)) … Continue reading

Leave a Comment

Filed under Announcements, EU, Sector Updates by Herbert Smith Freehills, UK Regulations

FEMR Progress Report / Speech by Mark Carney, Governor of the BoE

FEMR Progress Report: The HM Treasury, the Bank of England (BoE) and FCA have today published the 2018 Progress Report on the Fair and Effective Markets Review (FEMR). 

Leave a Comment

Filed under Bank of England, FCA, Sector Updates by Herbert Smith Freehills, UK, UK Regulations

FCA Report: Algorithmic trading compliance in wholesale markets

Relevant to both solo- and dual-regulated firms, the report reflects the findings of both firm-specific and cross-firm reviews into algo trading undertaken in the run-up to MiFID II implementation. Within the introduction, the FCA lists relevant MiFID II requirements, noting … Continue reading

Leave a Comment

Filed under Announcements, FCA, PRA, UK, UK Regulations

FCA orders listed company to compensate investors following market abuse

The Financial Conduct Authority (FCA) has ordered that Tesco plc and Tesco Stores Limited (together, Tesco) pay compensation to certain Tesco shareholders and bondholders following the FCA's finding that they committed market abuse in relation to a trading update published … Continue reading

Leave a Comment

Filed under UK, UK Regulations

#MAR_bitesize

New Market Abuse powers for the FCA   The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 On 29 June 2016, the Government adopted the Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (the "regulations").  This left … Continue reading

Leave a Comment

Filed under Estonia, EU, Europe, European Regulation, FCA, France, Germany, Italy, Liechtenstein, UK Regulations, Uncategorized

The UK’s risk-based approach to the “Politically Exposed Persons” regime – section 30 of the Bank of England and Financial Services Act 2016

The Bank of England and Financial Services Act 2016 (the "Act") paves the way for a more risk-based approach to the Politically Exposed Persons ("PEPs") regime in the UK, in response to what the House of Lords has identified as … Continue reading

Leave a Comment

Filed under Bank of England, FCA, Sanctions and Money Laundering, UK Regulations

Financial firms: protecting customer personal data

A recent case provides a rare example of the criminal prosecution of an individual (in this case the former employee of an insurer) for breach of the Data Protection Act 1988 (DPA).  David Barlow Lewis was a former employee of … Continue reading

Leave a Comment

Filed under Europe, European Regulation, FSA, FSA Rules, Insurance, Sector Updates by Herbert Smith Freehills, UK, UK Legislation, UK Regulations, Uncategorized

UK: New FCA and PRA whistleblowing rules

The FCA and the PRA have both published policy statements on their new rules on whistleblowing as part of their series of policy changes focused on strengthening individual accountability within the banking and insurance sectors: FCA policy statement (PS15/24) entitled … Continue reading

Leave a Comment

Filed under FCA, PRA, UK, UK Regulations

UK Ofgem’s open letter on REMIT market abuse prohibition: a prelude to enforcement

The Office of Gas and Electricity Markets (Ofgem) issued an open letter to draw to the attention of wholesale market participants its views on: behaviour that it has observed in the UK market which may constitute market manipulation; issues in relation to … Continue reading

Leave a Comment

Filed under UK, UK Regulations, Uncategorized