Financial Services and Markets Act

News & Analysis as of

Blog: Personal Touch Financial Services -v- Simplysure: an initial fact find is an FCA-regulated activity

The Court of Appeal has handed down its decision in Personal Touch Financial Services Limited -v- Simplysure Limited and another. Section 19 of the Financial Services and Markets Act 2000 (“The General Prohibition“)...more

Failure to Prevent Economic Crime: a Crime in the Making?

If a new corporate offence of failing to prevent economic crime is introduced in the UK, it will represent a huge expansion in corporate criminal liability and impose a very significant compliance burden on companies,...more

Blog: UK Supreme Court Decision In Asset Land Investment Plc -V- The FCA: The Meaning Of “Collective Investment Scheme”

The UK’s Supreme Court has handed down its judgment in Asset Land Investment Plc -v- the FCA. The judgment, which upholds the decisions of the lower Courts, is consistent with the FCA’s long-held position on the meaning and...more

Blog: UK Supreme Court Decision In Asset Land Investment Plc -V- The FCA: The Meaning Of “Collective Investment Scheme”

The UK’s Supreme Court has confirmed that it will hand down its judgment in Asset Land Investment Plc -v- the FCA tomorrow morning....more

Enforcement Of Mortgage Charge: Valid Defence Was Too Late

Failing to diligently assert a defence to enforcement of a charge over property may preclude a borrower from relying on that defence. The Court of Appeal in Dickinson & anr v UK Acorn Finance Ltd [2015] EWCA Civ 1194, 25...more

FCA Issues Consultation Paper on Proposed Changes to the Senior Managers and Certification Regime

The FCA has launched a consultation paper setting out a number of technical rule changes to the Senior Managers and Certification Regime (SM&CR). The changes are being made as a result of HM Treasury’s announcement in October...more

Treasury makes ELTIF Regulations

Treasury has made the European Long Term Investment Funds (ELTIF) Regulations, which come into force on 3 December. The Regulations amend...more

Treasury makes Transparency Regulations

Treasury has made the Transparency Regulations 2015, which amend the Financial Services and Markets Act 2000 (FSMA) in line with the Transparency Directive. The Regulations make changes in respect of...more

UK Partnerships – Proposed Collective Investment Scheme Legislation Amendments

On July 23, as part of the proposals announced in the Summer Budget by the Right Honourable George Osborne MP, UK Chancellor of the Exchequer, Her Majesty’s Treasury published a paper (Consultation Paper) in which certain...more

ICAP – one fine too many?

On 4 February 2015, the European Commission (Commission) fined cash broker ICAP plc (ICAP) €14.9 million for its involvement in the Japanese Yen (JPY) LIBOR cartel. Unlike the other participants in the alleged cartel, ICAP...more

Orrick's Financial Industry Week in Review

FHFA Updates Requirements for Freddie and Fannie Sales of Non-Performing Loans - On March 2, FHFA announced changes to requirements for sales of non-performing loans (NPLs) by Freddie and Fannie to reduce the number of...more

UK Prospectus Regulations 2013

On May 14, the UK Prospectus Regulations 2013 and an accompanying explanatory memorandum were published. These regulations amend sections of the Financial Services and Markets Act 2000 (FSMA) as part of the implementation of...more

The Financial Services Act 2012 – Misleading Statements, Impressions and Financial Promotions

Background - In our previous DechertOnPoints, The Draft Financial Services Bill in the Contextof the Proposed New UK Financial Regulatory Structure and Draft UK Financial Services Bill and the New UK Financial...more

Consultation on Draft Secondary Legislation to Regulate LIBOR

On November 28, HM Treasury published a consultation paper on draft secondary legislation to regulate LIBOR and make its manipulation a criminal offence....more

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