The Supreme Court has today handed down judgment in the Covid-19 Business Interruption insurance test case of The Financial Conduct Authority v Arch and Others. Herbert Smith Freehills acted for the FCA who advanced the claim for policyholders. Continue reading
Tag: FCA
Climate-related disclosures for issuers: FCA publishes final rules
The Financial Conduct Authority (FCA) has published a Policy Statement (PS20/17) and final rules and guidance in relation to climate-related financial disclosures for UK premium listed companies.
January 2021: 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 which are expected for January 2021. Continue reading
FCA publishes first consultation paper on Investment Firm Prudential Regime
Following the publication of DP20/2: Prudential Requirements for MiFID Investment Firms in June 2020 (see our blog post), the FCA has now published its consultation on the new UK prudential regime for MiFID investment firms (IFPR) (CP20/24). Continue reading
FCA criminal prosecution for destruction of documents – lessons for firms
The Financial Conduct Authority (“FCA”) has been unsuccessful in its attempted prosecution of a former banker, Konstantin Vishnyak, for destroying documents relevant to an FCA investigation brought against him for suspected insider dealing offences. This marks the first time the FCA has exercised its powers in connection with a destruction of documents offence under section 177(3)(a) of the Financial Services and Markets Act 2000 (“FSMA”). Despite the outcome, it illustrates the risks for firms and individuals in using messaging systems such as WhatsApp. Continue reading
ESMA confirms EU’s hardline stance to MiFIR Derivatives Trading Obligation post-Brexit
In a frustrating twist to the dangerously slow-moving narrative on cross-border financial market access post- Brexit, ESMA yesterday (25 November) issued a public statement confirming the EU’s hardline stance to the derivatives trading obligation (DTO) under MiFIR. The DTO requires EU investment firms to trade certain classes of derivatives only on EU-authorised trading venues – or third country trading venues certified by the European Commission as equivalent. No such equivalence decision has been made or signalled by the EU for purposes of the DTO – and ESMA’s latest statement declines to offer any forbearance or similar relief to EU firms currently using UK venues for this purpose.
FCA prohibitions highlight increasing focus on non-financial misconduct
On 3 November, the FCA prohibited three individuals from working in the financial services industry following findings that they are not fit and proper. The three individuals were all approved persons at the time that they were convicted of serious indictable offences. These Final Notices confirm a trend we identified in our recent Top 10 Global Trends Regarding Investigations Involving Individuals: an increasing focus on non-financial misconduct. Continue reading
November 2020: 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 which are expected for November 2020. Continue reading
Climate-related disclosures: the new frontier?
Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on the Financial Conduct Authority (FCA)’s proposals for regulating climate-related disclosures and the litigation risks which may arise for issuers from such proposals. Continue reading
October 2020: 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 which are expected for October 2020. Continue reading