US lawmakers seek push out details.
US Senators Elizabeth Warren and Elijah Cummings sent a letter to the country’s banking regulators asking for information concerning the effect of an amendment to the Dodd-Frank act...more
Many non-EU alternative investment fund managers (AIFMs) raising non-EU alternative investment funds (AIFs) will accept a European investor on a "reverse solicitation" basis; but they won't "market" into Europe. This is...more
UK regulators extend the new regulatory framework that governs individual accountability to banking and insurance.
The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published their...more
FCA and PRA Finalise New Remuneration Code for “Dual-Regulated” Firms -
The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published a joint policy statement (FCA PS15/16 and PRA PS12/15)...more
The Financial Policy Committee (FPC) of the Bank of England (BoE) has recently published its latest Financial Stability Report (Report). The format of the Report is that the FPC assesses the outlook for financial stability by...more
Overall, the Final Report sets out some important proposed changes for FICC markets, such as creating a new statutory civil and criminal market abuse regime for spot FX, lengthening the maximum sentence for criminal market...more
EU Capital Markets Union: FCA Responds to European Commission Green Paper -
The FCA published its response to the European Commission's green paper on 27 May 2015 on building a capital markets union (CMU).
On 2 July 2015, the UK’s financial regulator, the Financial Conduct Authority (FCA), published its annual report and accounts 2014/15.
Overview The annual report highlighted a number of areas in which the FCA has been...more
Regulatory Requirements -
For businesses that operate within the financially regulated sector, there are invariably detailed and often prescriptive rules that apply to outsourcing arrangements. These rules aim to ensure...more
The new UK senior managers regime, which will come into force on 7 March 2016, is part of a major overhaul of the accountability regime for individuals working in UK banks and investment firms (firms).
UK Regulators Implement Tougher Pay Rules for Banking Institutions’ Senior Managers: The United Kingdom Prudential Regulation Authority and Financial Conduct Authority have adopted new rules regarding the remuneration of...more
In this issue:
- Delaware Amends Its Corporate Law to Prohibit Fee-Shifting, Approve Exclusive Forum Provisions and Facilitate At-The-Market Offerings
- SEC Division of Corporation Finance Issues New C&DIs Relating...more
Financial service companies in the UK may soon face the prospect of remodelling their whistleblowing procedures and nominating whistleblowing champions.
The Public Interest Disclosure Act 1998 (PIDA) currently protects...more
On 10 June 2015, the Bank of England (“BoE”), HM Treasury (“HMT”) and the Financial Conduct Authority (“FCA”) published the final report on the “Fair and Effective Markets Review” which had been launched one year ago with the...more
FRB will extend high-quality liquid asset status to some state and municipal bonds.
The FRB has proposed a rule that would recognize certain general obligation state and municipal bonds meeting the same liquidity...more
Previous articles in our MiFID 2 series have considered the effects of MiFID 2 on dealings with customers, and on transparency. This third article, by Christina Pope and Emma Radmore, looks at how MiFID 2 will affect how...more
In This Issue:
- What is worth remembering from the first half of 2015?
- Judgments - so far this year…
..Jurisdiction for claims in relation to bearer bonds
..Exercise of contractual rights by...more
At the annual Mansion House speech to the City on Wednesday, 10 June, Bank of England (BoE) Governor Mark Carney announced an end to “the age of irresponsibility”.
Shortly before the Mansion House speeches began, the...more
On 10 June 2015 the Final Report of the UK’s Fair and Effective Markets Review (FEMR) was published setting out the conclusions of the review and recommendations as to how to improve the wholesale fixed income, currency and...more
In December 2014, the tribunal handed down a decision that partly upheld the FCA's findings in respect of Ms Burns in connection with her conduct as a non-executive director (CF2) of two mutual societies. The tribunal found...more
Enforcement – FCA Fines £13.2 Million for Transaction Reporting Failures -
The FCA fined Merrill Lynch International (MLI) £13.2 million on 22 April 2015 for incorrectly reporting 35,034,810 transactions and failing to...more
As part of its policy of credible deterrence, the UK Financial Conduct Authority (FCA) has frequently sought to include specific examples of individuals’ behaviour in its enforcement notices in order to highlight the failings...more
In This Issue:
* UK News & Enforcement Action:
- HMRC releases AML and CTF supervision report 2013 – 2014
- HM Treasury High Risk Money Laundering List Updated
- FCA Thematic Review Into AML And Sanctions...more
OFAC FINES PAYMENT PROCESSING COMPANY FOR PROVIDING SERVICES TO A DESIGNATED NARCOTICS TRAFFICKER -
On April 15, OFAC entered into a $23,336 settlement with an Atlanta-based payment processing company for its role in...more
Discussion and Analysis -
Securities and investment advisory services offered through . . .
That phrase is ubiquitous among small and “independent” financial services firms, regularly appearing in 6-point or...more
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