News & Analysis as of

HM Treasury

Key Regulatory Topics: Weekly Update - 4 August - 10 August 2017

by Allen & Overy LLP on

Brexit - Brexit – PRA letter to HoC Treasury Committee on firms' contingency planning - On 9 August, the HoC Treasury Committee published a letter (dated 2 August) from Sam Woods, BoE Deputy Governor, Prudential...more

Extension to UK sanctions reporting requirements

by DLA Piper on

On 8 August 2017 new regulations will come into effect in the UK imposing enhanced sanctions reporting obligations on professional service providers. There are some variations across the regimes, but in general the...more

Extending the SMCR to FCA-only authorised firms: Our insights

by Allen & Overy LLP on

On 26 July 2017, the FCA published its much-anticipated consultation paper on the extension of the Senior Managers and Certification Regime (SMCR) to FCA-only authorised firms. We have set out below our initial thoughts on...more

A New Sleuth in Britain: The UK Quietly Empowers a Sanctions Enforcement Office

On April 3, 2017, the UK Treasury’s Office of Financial Sanctions Implementation (OFSI) announced new penalties for economic sanctions violations of £1 Million or 50% of the value of the transaction, whichever is higher. As a...more

Investment Funds Updatea: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

HM Treasury Finalises Private Fund Changes to Limited Partnerships Act 1907 - As previously reported, HM Treasury published on 16 January 2017, a draft Legislative Reform (Private Fund Limited Partnerships) Order 2016...more

UK HM Treasury Publishes Updated Special Resolution Regime Code of Practice

by Shearman & Sterling LLP on

HM Treasury has published a revised"Banking Act 2009 Special Resolution Regime Code of Practice". The Code aims to encourage financial stability by resolving institutions such as banks, building societies and certain...more

"UK Tracks OFAC Model in Issuing Guidance on Monetary Penalties for Breaches of Financial Sanctions"

As previously reported, the Policing and Crime Act 2017 (the Act) introduced a series of major changes to the U.K. financial sanctions regime. The changes, which came into force on April 1, 2017, included the creation of new...more

UK: Implementation of UN Financial Sanctions Resolution under the Policing and Crime Act 2017

by Hogan Lovells on

The Policing and Crime Act 2017 (the “2017 Act“) has introduced measures to strengthen the effectiveness of the UK’s financial sanctions regime. The delay in the implementation of UN sanctions as a result of EU processes is...more

New monetary penalty regime for breach of financial sanctions

by Allen & Overy LLP on

A new regime in the UK for punishing individuals or businesses that breach financial sanctions came into force on 1 April 2017. In March 2016 the Office of Financial Sanctions Implementation (OFSI) was formed, as part of...more

Anti-money laundering bulletin - Spring 2017

by DLA Piper on

DLA Piper’s Financial Services Regulatory team welcomes you to the Spring 2017 edition of our Anti-Money Laundering (AML) Bulletin. In this issue, we provide updates on AML developments and enforcement actions in the UK and...more

Regulation Round Up - March 2017

by Proskauer Rose LLP on

Key developments in March 2017: 1 March - The FCA published its Consultation Paper on "Reforming the availability of information in the UK equity IPO process" (CP17/5). The CP proposes a package of policy measures...more

New monetary penalty regime for breach of financial sanctions

by Allen & Overy LLP on

A new regime in place in the UK for punishing individuals or businesses that breach financial sanctions comes into force from 1 April. In March 2016 the Office of Financial Sanctions Implementation (OFSI) was formed, as part...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

UK Supreme Court Rules UK Parliament Must Approve Brexit Notice to EU - Under Article 50 of the EU Treaty, the process for the UK to leave the EU is commenced by service of a notice on the European Council, which starts...more

UK Definition of "Financial Advice" Set to Change from 2018

by Shearman & Sterling LLP on

HM Treasury published its response to its late 2016 consultation on amending the definition of regulated advice under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to bring it in line with the...more

The Policing and Crime Act 2017: Changes to the UK Financial Sanctions Regime

The policing and crime bill received royal assent on 31 January 2017. The new Policing and Crime Act 2017 (the Act) introduces changes to a wide cross-section of the criminal justice system, including policing powers and...more

UK Government Publishes Final Policy on Transposing MiFID II 

by Shearman & Sterling LLP on

HM Treasury published a paper summarizing responses to its consultation on the transposition of the revised Markets in Financial Instruments Directive and three draft statutory instruments to facilitate transposition. Member...more

HM Treasury consults on the implementation of PSD2

by DLA Piper on

On 2 February 2017, HM Treasury published a consultation paper on the implementation of PSD2 explaining the scope and key changes compared to PSD. The consultation outlines the Government's proposed approach to implementation...more

UK Regulators Finalize Changes to Enhance Their Enforcement Decision-Making Processes

by Shearman & Sterling LLP on

The Financial Conduct Authority and Prudential Regulation Authority published a joint Policy Statement on changes to their enforcement decision-making processes. The changes are in response to the recommendations set out in...more

HM Treasury reminds stakeholders of reporting obligations on operational PPP projects

by DLA Piper on

The voluntary code of conduct for PPPs, first published in July 2013 to encourage efficiencies in operational PPP projects, was amended in December 2016. HM Treasury released a number of forms designed to assist private...more

UK Government Consults on Imposing Financial Penalties for Breach of Financial Sanctions

by Shearman & Sterling LLP on

The Office of Financial Sanctions Implementation (OFSI), which is a part of HM Treasury, published the UK Government's proposed approach to imposing financial penalties for breach of financial sanctions. OFSI was established...more

Further Reforms to the ‘Persons With Significant Control’ Regime

by McGuireWoods LLP on

On 6 April 2016, changes to the Companies Act 2006 introduced the regime relating to the disclosure of persons with significant control (PSC regime). In brief, the new regime requires unlisted UK companies to take reasonable...more

Global Financial Markets Insight - Issue 11, 2016

by DLA Piper on

As we come to the end of 2016 we re ect on a year characterised by events that have sent political shockwaves through the world’s major markets and consider what this may mean for the coming year. The surprise may be...more

OFSI to impose higher fines for UK sanctions breaches

by White & Case LLP on

In a statement published on 1 December 2016, HM Treasury's Office of Financial Sanctions Implementation ("OFSI") has confirmed that it will be able to impose higher monetary penalties for breaches of financial sanctions in...more

Blog: UK Government & Regulators consult on new ILS regime for the UK

by Cooley LLP on

The Chancellor of the Exchequer only mentioned insurance twice, when he delivered his Autumn Statement to Parliament on 23 November 2016...more

FCA to Impose Remedies in Asset Management Sector including Further Investigation into Investment Consulting

by K&L Gates LLP on

On 18 November 2016 the Financial Conduct Authority (“FCA”) published its highly anticipated interim report into competition in the asset management industry. The report finds that price competition is weak in a number of...more

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