Has the Financial Conduct Authority (“FCA”) in the UK started as it means to go on? The FCA recently fined a UK subsidiary of a private Swiss Bank for failing to establish and maintain effective anti-money laundering controls...more
On May 1, the FCA published a press release stating that it expects firms to review their regulatory status disclosures as a priority and ensure that they are up to date and accurate following the creation of the FCA and PRA...more
Second Circuit Rejects Edge Act Jurisdiction in AIG RMBS Case -
On April 19, the Second Circuit ruled that a lawsuit brought by American International Group (AIG) against several Bank of America entities involving...more
Long-heralded reform of the UK financial services regulation architecture impacts the listed company regime.
On 1 April, a new financial regulation architecture became operative in the UK through the Financial...more
The Financial Conduct Authority and the Prudential Regulation Authority begin work as the two new regulators in the wake of the long-heralded abolition of the Financial Services Authority....more
The UK’s Financial Services Act 2012 (the Act) will come into force on 1 April 2013. On implementation, the Act will amend many of the UK’s existing financial services legislative measures and give effect to several of the...more
The U.K. Government recently published the Financial Services (Banking) Reform Bill (the “Bill”) which implements the key recommendations of the U.K.’s Independent Commission on Banking (the “ICB”). The ICB was established in...more
Andrew Bailey, Head of the UK Prudential Regulation Authority, told Parliament’s Treasury Select Committee that some banks need more capital. Reuters reports that some of Britian’s largest banks need more cpaital, but the...more
Handbooks for Financial Conduct Authority and Prudential Regulation Authority will replace FSA Handbook on 1 April.
On 8 March, the UK Financial Services Authority (FSA) published draft handbooksfor the two new...more
On February 19, the UK Financial Services Authority (FSA) published an updated “one-minute guide” summarizing the changes to the FSA Handbook that will come into effect when the FSA’s two successor regulatory bodies, the...more
In the aftermath of the 2008 financial crisis, all of the major political parties in the UK proposed significant change to the system of financial regulation. On election in 2010, the coalition government set out its belief...more
On October 3, the FSA published consultation paper 12/26 ‘Regulatory reform: the PRA and FCA regimes for Approved Persons’ (CP12/26). As part of the reform of the supervisory structure of financial services in the UK, the...more
On September 12, in advance of expected legislation that will restructure the United Kingdom’s financial services regulatory framework, the Financial Services Authority (FSA) published the first in a series of Consultation...more
On September 12, the UK Financial Services Authority (FSA) published a consultation paper (CP12/24- Regulatory Reform) regarding changes to the existing FSA Handbook on aspects of the regulatory regime which will apply after...more
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