Rules due to come into force in March 2016
Yesterday HM Treasury announced the commencement date for the new FCA and PRA Senior Managers and Certification Regime. Relatively limited information has been released, but...more
On 18 December 2014, HM Treasury published a final report following the review that it has undertaken of enforcement decision-making processes at the FCA and the PRA.
Originally published in Practical Law on February...more
On December 10, 2014, the House approved a bill to reauthorize the Terrorism Risk Insurance Act (TRIA) for six years. The vote was 417-7. The compromise legislation, worked out between Senator Charles Schumer (D-NY) and...more
On November 3, the UK Treasury issued a call for information on digital currencies, including Bitcoin. Views are being solicited from the public, the financial services industry, regulators, and law enforcement agencies....more
Effective July 2, 2014, newly issued Treasury Regulations define a new type of investment vehicle: the Qualified Longevity Annuity Contract (QLAC). A QLAC is basically a deferred fixed income annuity purchased in an...more
In December 2013, HM Treasury announced that the transitional period allowing existing U.K. alternative investment fund managers (AIFMs) to continue managing their alternative investment funds (AIFs) without receiving...more
The late, great Ken Wolstenholme, if asked about the House of Commons Treasury Committee Report on Private Finance 21, could well say the same for PF2. Just as Costa Rica's Bryan Ruiz hammered home the final nail in the...more
The Department of Treasury has released its submission to the Financial Systems Inquiry. The 90 page submission concludes that the financial system has performed well since the Wallis inquiry but there is room for the system...more
In recent months, the Australian federal Treasury has come under intense pressure from local retailers and state treasures to extend the Australian goods and services tax (GST) to overseas-purchased goods and services. On 27...more
On October 9, the UK Treasury (HM Treasury) published its response to feedback on its March 2013 consultation paper on opening up UK payments, announcing the details of the new Payment Systems Regulator.
With the Alternative Investment Fund Managers Directive (the “AIFMD”) implementation deadline of July 22, 2013 fast approaching, the UK Financial Conduct Authority (the “FCA”) and UK’s HM Treasury have been ramping up their...more
A key provision of the Affordable Care Act has been delayed: The U.S. Department of Treasury announced on Tuesday that employers will have an additional year (until 2015) to comply with the requirement to provide health...more
On December 21, 2012, the Department of Treasury and Internal Revenue Service issued final and temporary regulations regarding the requirements to qualify as a Type III supporting organization, which is one that is operated...more
In This Issue:
Leading the Past Week; Legislative Branch; Executive Branch; Miscellaneous; and International.
Excerpt from Leading the Past Week -
As was widely anticipated, President Obama announced that he...more
Five federal agencies have collectively proposed regulations to implement elements of the Affordable Care Act ("ACA") healthcare reform legislation designed to encourage employers to sponsor employee wellness programs. The...more
Political debate for the past two years has focused on the future of the Patient Protection and Affordable Care Act, more recently called “Obamacare,” and the taxes enacted by Congress to help pay for it. With the national...more
The U.S. Department of Treasury (Treasury) recently issued a report that reviewed the implementation of Treasury guidelines for streamlining distressed homeowners’ communications with mortgage lenders. The Treasury...more
On November 16, 2012, the Department of the Treasury issued a final determination exempting both foreign exchange swaps ("FX swaps") and foreign exchange forwards ("FX forwards") from regulation as "swaps" under the Commodity...more
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