News & Analysis as of

Financial Services and Markets Act

Modernisation of UK limited partnership legislation: private investment funds

by Dentons on

A new form of limited partnership, the private fund limited partnership (PFLP), has been introduced in the UK from 6 April 2017. This follows industry lobbying to modernise UK limited partnership law and preserve the UK...more

January 2017 - Responding to a Section 166 notice - All is Not Lost...

Section 166 of the UK Financial Services and Markets Act 2000 empowers the Regulator to require that an authorised firm appoints a ‘skilled person’ to report on specific matters of concern or requiring verification. The...more

Belgian FSMA's position on unfair terms in financial instruments

by White & Case LLP on

The Belgian Financial Services and Markets Authority (FSMA) published a communication regarding the application of the unfair terms legislation in the context of the offering of securities to consumers (the...more

Directors’ Duties in the UK (England and Wales)

by Reed Smith on

A director who breaches the obligations and duties imposed on him by his office may be liable to compensate the company for breach of duty, may incur personal liability for the company’s debts, may also face criminal or civil...more

MAR for AIM Companies

by White & Case LLP on

The Market Abuse Regulation (MAR) has direct effect as law in the United Kingdom from 3 July 2016. MAR extends the market abuse framework and its disclosure obligations to AIM companies. The key obligations relate to inside...more

Five Charged by UK Regulator for Alleged Investment Fraud

by Shearman & Sterling LLP on

Following investigation by the Financial Conduct Authority, five persons appeared in a UK court charged with conspiracy to defraud, together with offences under the Financial Services and Markets Act 2000 and the Fraud Act...more

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

by Cooley LLP on

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?

by DLA Piper on

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”

by Cooley LLP on

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”

by Cooley LLP on

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

by Allen & Overy LLP on

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

by Dentons on

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

by Dentons on

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?

by Dentons on

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

by Dechert LLP on

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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