The month ahead in financial services regulatory developments…

In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation for June 2019.

3 Jun
5 Jun
8-9 Jun
  • G20 ministerial meetings:
    • finance ministers and central bank governors (Fukuoka, Japan)
    • trade and digital economy (Tsubuka, Japan)
10 Jun
11 Jun
12 Jun
13-14 Jun
14 Jun
15-16 Jun
19-20 Jun
20-21 Jun
21 Jun
26 Jun
27 Jun
28-29 Jun
29 Jun
  • Deadline for responses to the European Securities and Markets Authority (ESMA) CP on ELTIF RTS
By 30 Jun
End Jun
Jun
Jun/Jul
Jun-Aug

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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