Corporate Crime Update – Winter 2019

Welcome to the Winter 2019 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, please click on the name of the jurisdiction below. Below we provide a brief overview of what is covered in each update.

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Latest Shake-up of the Remuneration Provisions for Banks and Investment Firms Part 1: Investment Firms

Authors: Mark Ife and Paul Ellerman

Agreement has now been reached between the European Parliament, the Commission and the Council on the final texts of two Directives which will impact on the remuneration provisions which apply to banks and investment firms. The first is the Investment Firms Directive (IFD), which will introduce a new prudential regime for investment firms. The second is the Directive which contains the fourth set of amendments to the Capital Requirements Directive (which is generally being titled CRD5). The European Parliament will consider both Directives in its plenary sessions between 15 and 19 April 2019.

This briefing sets out details of the remuneration provisions contained in the IFD and the related Investment Firms Regulation (IFR). A subsequent briefing will cover the revised provisions contained in CRD5.

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EUROPEAN COMMISSION ANNOUNCES “NO DEAL” CONTINGENCY ACTION PLAN

The European Commission has announced that it has started implementing its Brexit “no deal” Contingency Action Plan given the continuing uncertainty regarding ratification of the Withdrawal Agreement in the UK. This follows the Commission’s communication of 13 November 2018 which provided details of the types of contingency measures that it intended to take in a variety of areas, as well as the 78 preparedness notices from Commission departments on how Brexit will change law and policy. Continue reading

Authorising third country insurance firms: has the Commission got it wrong?

maddockGeoff Maddock, partner

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By Geoff Maddock, corporate insurance partner

Commission view on authorisation

In July 2015 a Commission official expressed a controversial view on when third country insurance firms need authorisation. This was at a fully minuted meeting of the “Expert Group on Banking, Payments and Insurance”. The Commission said that a third-country insurance firm may only insure risks located in an EEA member State through a branch authorised by the competent supervisory authority of that member state.

I believe this opinion is wrong. If indeed it were right it would have a damaging effect on the London and probably other insurance markets. I give my reasons below. Continue reading

Junker unveils EU Commission: Lord Hill European Commissioner designate for financial stability, financial services and capital markets

The President-elect of the European Commission, Jean-Claude Junker, has unveiled his team and the new shape of the European Commission. Lord Jonathan Hill of Oareford has been designated as the Commissioner to take on the new Financial Stability, Financial Services and Capital Markets Union portfolio, Continue reading

New EU Directive: Reporting by Extractive Companies on Government Payments

The European Parliament and Council of Ministers have agreed the final form of the new EU rules for the disclosure, on a project by project basis, of payments to governments by companies operating in the extractive  industries. The EU’s agreement is part of a suite of transparency initiatives which are designed to promote good governance and improved national development outcomes for developing countries.

All large companies “active” in the oil, gas and minerals industries or the logging of primary forests will be affected and the rules will apply to both EU-incorporated companies and non-EU companies that have a listing in the EU.

We have summarised in a briefing the key aspects of the new requirements, when they will come into force and how they compare with the similar requirements being introduced in the United States under the Dodd-Frank Act.

Please email Fiona Rafla if you would like a copy of this briefing.

AIFMD: Back to basics on scope and marketing following the Commission’s Q&A and the FCA’S CP13/9

In some ways it is surprising that four years on from the first appearance of the draft of the Alternative Investment Fund Managers Directive (the “Directive”) and only weeks away from its national transposition across EU member states, we find ourselves publishing a briefing addressing those two most fundamental of questions: (i) who and what is in scope and (ii) how does the Directive affect the marketing of funds – the very same questions we asked back in April 2009.

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European Commission extends time for ESMA’s technical advice on equivalence of EMIR and third country legal/supervisory frameworks

The European Commission has written to Steven Maijoor, the Chair of the European Securities and Markets Authority (ESMA) to extend the deadline for ESMA to provide its technical advice on the equivalence between certain third country legal and supervisory frameworks and the Regulation No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR).

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EU takes steps towards easing Zimbabwe sanctions

Susannah Cogman and Jeremy Sher comment on the EU’s recent easing of the Zimbabwe sanctions regime.

On 19 February 2013, the European Union (“EU“) took a small step towards easing its sanctions regime in relation to Zimbabwe.  Twenty one individuals and one entity were removed from the EU’s list of designated persons, and the travel ban imposed on six members of the Government was suspended.  These twenty one designated persons had been subject to the EU’s asset freezing regime under Council Regulation (EC) No 314/2004.  These amendments have effect from 21 February 2013.

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EU democracy in action: European Parliament withdraws objection to EMIR technical standards

Pursuant to a compromise proposed by the European Commission on 7 February, the European Parliament has withdrawn its objection to two of the delegated acts adopted by the Commission relating to technical standards supplementing Regulation EU No 648/2012 (EMIR) on OTC derivatives, central counterparties and trade depositories. Continue reading