International Trade Insurance General Business

Read need-to-know updates, commentary, and analysis on International Trade issues written by leading professionals.
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Ground-breaking referral: Are arbitration clauses in BITs between EU Member States void?

In recent years, the number and economic relevance of bilateral investment treaties (“BITs”) has significantly increased. BITs are international treaties which provide for assurances in favour of investors from the...more

Outsourced claims handling services attract VAT

The CJEU has confirmed in the Polish referred case of Minister Finansów v Aspiro SA1 that a third party acting on behalf of an insurer in the handling and settlement of claims cannot benefit from the exemption for insurance...more

Taking Rights over Third Party Insurances

Following the publication of our client alert dated 20th January 2016, we have been asked to consider a series of issues relating to insurance arrangements designed to maximise the benefit of cover for the interests of a...more

UK Financial Regulatory Developments - May 2016 #7

MAS updates business plan - MAS has published an updated business plan for 2016-2017. The changes reflect criticism that MAS was spending too much time and money building its own brand and developing its own website. It...more

UK Financial Regulatory Developments - May 2016 #3

FCA extends COBS 13 and 14 modification by consent - FCA has published a revised direction to extend the modification by consent of its Conduct of Business Sourcebook (COBS) in relation to pension schemes. The...more

UK Financial Regulatory Developments - May 2016 #1

LSE prepares AIM for EU MAR - LSE has published an “Inside AIM” newsletter outlining the preparation underway for the implementation of EU MAR. It sets out information to support nominated advisers as they work with...more

No Closure Yet on the Issue of Aggregation of Claims Against Solicitors

The Court of Appeal in AIG Europe Ltd v OC320301 LLP (formerly The International Law Partnership LLP) has ordered a retrial of the question of whether actions brought by 214 investors in two failed holiday property schemes in...more

Insurer Antitrust Exemption in Europe in Jeopardy

In the United States, the McCarran Ferguson Act provides insurers with an exemption from the federal antitrust laws. Enacted in 1945, the Act provides that conduct that constitutes the "business of insurance" is outside the...more

UK Financial Regulatory Developments - April 2016 #23

PSR reviews competition in the payments sector - Carole Begent, PSR Head of Legal, has given a review of competition in the payments sector. She discussed the three ways in which concurrency can be approached, namely the...more

UK Financial Regulatory Developments - April 2016 #22

TCFD consults on forthcoming work - TCFD has launched a questionnaire seeking views to inform its thinking throughout the year whilst its recommendations are still under development. The consultation asks questions on...more

UK Financial Regulatory Developments - April 2016 #21

EIOPA consults on infrastructure corporates - EIOPA is consulting on the Commission’s request for technical advice on the identification and calibration of “other infrastructure investment risk” categories. The...more

Insurance Europe Raises Concerns over Misunderstanding of Ultimate Forward Rate

On April 21, 2016, Insurance Europe, the European insurance and reinsurance federation, released a press release raising concerns over how Solvency II liabilities are currently calculated, including discount rates. This press...more

OFAC Provides Helpful New Guidance for Cuba

The Office of Foreign Assets Control (OFAC) updated its FAQs for Cuba on April 21, 2016 with substantive guidance that addresses U-turn transactions, export policy, insurance, educational and humanitarian activities and...more

UK Financial Regulatory Developments - April 2016 #16

Payments UK launches Standards Collaboration Framework - Payments UK has launched a new Standards Collaboration Framework to help the industry better access and implement the standards it relies on. Payments UK also...more

UK Financial Regulatory Developments - April 2016 #14

LCR corrigendum published in OJEU - A Corrigendum to amend implementing technical standards (ITS) under the capital requirements regime on the supervisory reporting of institutions of the liquidity coverage requirement...more

UK Financial Regulatory Developments - April 2016 #12

Basel Committee reports on adoption of the Basel framework - The Basel Committee has published its tenth progress report on adoption of the Basel III regulatory framework as part of the Committee’s regulatory consistency...more

Orrick's Financial Industry Week in Review

Senators Introduce SAFE Lending Act - On April 7, 2016, several Democratic Senators introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act, SAFE 2016, which is designed to change the manner in which...more

UK Financial Regulatory Developments - April 2016 #11

LSE updates AIM company rules to reflect EU MAR - LSE is consulting on an updated version of its Alternative Investment Market (AIM) rules for companies. These changes predominantly incorporate references to the incoming...more

Joint Committee of ESAs Final RTS on Key Information Documents for PRIIPs

The Joint Committee of the European Supervisory Authorities (ESAs) published its final draft regulatory technical standards (RTS) on key information documents (KIDs) for packaged retail and insurance-based investment products...more

UK Financial Regulatory Developments - April 2016 #9

ESRB extends deadline for recommendations on funding credit institutions - ESRB has published a Recommendation which it adopted concerning changes to the set of recommendations on the funding of credit institutions. EBA...more

UK Financial Regulatory Developments - April 2016 #8

OFSI publishes updated Financial Sanctions Guidance - OFSI has published an updated version of Treasury’s Financial Sanctions Guidance. It provides a guide to the approach OFSI will take when issuing licences and...more

UK Financial Regulatory Developments - April 2016 #7

PRA seeks views on equity release mortgages - PRA has issued a discussion paper seeking views on equity release mortgage valuation, capital treatment, risk management and associated matters. It is to consolidate views...more

Your daily dose of financial news The Brief – 4.8.16

The Deal Professor looks back on a wild week of “deal busting” that saw the government [often in the form of Treasury Secretary Jack Lew] put the hurt on Pfizer/Allergan and Halliburton/Baker Hughes alike –...more

Blog: FCA Publishes 5 Case Studies, As Ban On Opt-Out Selling Comes Into Force

The FCA’s ban on opt-out selling across financial services, and its guidance on supporting informed decision making by add-on product buyers, came into force on 1 April 2016. The FCA has published 5 short case studies to...more

Blog: Court Of Appeal Approves Third Party Costs Order Against An Insurer

In Legg & Ors v Sterte Garage Ltd and Aviva UK Limited [2016] EWCA Civ 97, the Court of Appeal upheld the first instance decision that a third party costs order made against the defendant insurer was justified in...more

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