Securities Finance & Banking Insurance

Read need-to-know updates, commentary, and analysis on Securities issues written by leading professionals.
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Warranty and indemnity insurance gaining traction in ASEAN

While the use of warranty and indemnity (W&I) insurance has become relatively commonplace in the U.S. and European M&A markets over the last decade or so, it has struggled to gain a meaningful foothold in ASEAN during the...more

Regulatory decisions

Senior managers regime, certification regime and conduct rules - Crucially, this period has seen the start of implementation of the new regime for individual accountability, although it will take a further year for it to...more

The Regulation on Key Investor Documents for Packaged Retail and Insurance-Based Investment Products – Key Points for EU and...

In addition to the challenges of MiFID II, asset managers must also prepare for a new key information document regime for retail products. The Regulation on key information documents for packaged retail and insurance-based...more

2015 Annual Reports

The following bodies have released their 2015 annual reports in the past week: - EIOPA (European Insurance and Occupational Pensions Authority) - ESMA (European Securities and Markets Authority) - EBA (European...more

UK Financial Regulatory Developments - June 2016 #14

IAIS consults on mutuals’ role in insurance markets - IAIS has published a consultation paper looking at how mutuals, community organisations and co-operatives operate and the role they play in the insurance marketplace....more

Orrick's Financial Industry Week in Review

FHFA Releases 2015 Report to Congress - On June 15, 2016, the Federal Housing Finance Agency's "Report to Congress" for 2015 was released. The document, required under federal law, analyzes Fannie Mae, Freddie Mac and...more

UK Financial Regulatory Developments - June 2016 #11

BRRD ITS on form and content of support agreements published in OJEU - The Implementing Regulation laying down ITS under the Bank Recovery and Resolution Directive (BRRD) on the form and content of the description of...more

UK Financial Regulatory Developments - June 2016 #9

OCC upholds complaint about misinformation for third party insurer complaints - OCC has published a decision partially upholding a complaint relating to FCA’s rules for third party insurers. The complaint highlighted...more

UK Financial Regulatory Developments - June 2016 #8

ESMA updates EMIR Q&A - ESMA has updated its Q&A on EMIR. The new questions address: - the clearing obligation, specifically about the self-categorisation needed to establish which counterparties belong to which...more

UK Financial Regulatory Developments - June 2016 #7

Treasury updates sanctions - Treasury has updated the sanctions lists in respect of North Korea, to reflect new prohibitions on dealing with any person in the country. It has also updated the guidance from the Office of...more

UK Financial Regulatory Developments - June 2016 #4

ESMA publishes EU MAR Q&A - ESMA has published a Q&A document relating to practical issues surrounding the implementation of the Market Abuse Regulation (EU MAR). It clarifies the scope of firms subject to the EU MAR...more

UK Financial Regulatory Developments - June 2016 #1

Insurance Europe reiterates PRIIPSs concerns - Insurance Europe has published a paper articulating its detailed concerns over the RTS produced by the European Supervisory Authorities in support of the Key Information...more

UK Financial Regulatory Developments - May 2016 #19

EBA finalises guidelines for DGS stress test - EBA has published the finalised guidelines on stress tests for deposit guarantee schemes (DGSs) under the recast Deposit Guarantee Schemes Directive (DGSD).... ...more

UK Financial Regulatory Developments - May 2016 #16

Lloyd’s updates requirements for performance management - Lloyd’s has published a market bulletin to update its “Performance Management – Supplemental Requirements and Guidance”. It consolidates a number of existing...more

UK Financial Regulatory Developments - May 2016 #15

ESAs publish ECAI opinion - The European Supervisory Authorities (ESAs – EBA, ESMA and EIOPA) have published their opinion on the Commission’s intention to amend the draft Implementing Technical Standards (ITS) on the...more

IRS Offers Tax Guidance Relating to Money Market Fund Rules

The IRS recently provided relief from the RIC distribution requirement for money market funds that receive contributions in connection with the transition to a floating NAV, enabling RICs to top up their NAVs without having...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 #8

FCA announces insider dealing convictions - FCA has announced two convictions in the case it brought as part of Operation Tabernula. Martyn Dodgson, an investment banker, and Andrew Hind, a property developer and...more

Portfolio Company Litigation: Some Practical Considerations for Board-Designees of Private Funds

Individuals affiliated with private fund managers are increasingly being named as defendants in lawsuits involving fund portfolio companies, particularly where the fund controls one or more seats on the portfolio company’s...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

Beyond Bitcoin: Blockchain - The Essential Building Block in Designing the Future

Bitcoin relies on its peer-to-peer network to do two things: maintain the authoritative ledger of transactions and issue new currency. The application of the blockchain is anticipated to extend far beyond financial services...more

IRS Notice Offers Relief to Issuers of Variable Insurance Products in Response to Pending Money Market Fund Reforms

On May 5, 2016, the IRS issued Notice 2016-32, 2016-21 I.R.B. 1, which affords relief with respect to the application of the diversification requirements of IRC § 817(h) to variable life insurance and annuity contracts...more

FINRA Issues Largest Fine Regarding Variable Annuities Contracts

On May 3, 2016, the Financial Industry Regulatory Authority announced that MetLife Securities, Inc. agreed to pay $25 million to settle allegations that the company misled its customers in tens of thousands of variable...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

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

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