A key outcome of the UK’s Financial Conduct Authority’s (“FCA”) ESG strategy is the promotion of integrity within the ESG-labelled securities market, supported by the growth of effective service providers. To that end, in...more
Artificial intelligence (AI) and algorithmic models are used extensively in the financial services sector across a broad range of business areas. Two-thirds of respondents to a survey conducted jointly by the UK’s Prudential...more
7/6/2022
/ Algorithms ,
Artificial Intelligence ,
Bias ,
Data Integrity ,
Data Management ,
Duty of Care ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Information Reports ,
Prudential Regulation Authority (PRA) ,
Risk Mitigation ,
SMCR ,
Surveys ,
Transparency ,
UK
A key plank to the Government’s regulatory ESG agenda is simple: investment in sustainable projects and companies will assist the UK in meeting its environmental targets. Consumer interest appears to be aligned: there is a...more
4/14/2022
/ Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Greenwashing ,
Publicly-Traded Companies ,
Sustainability ,
Sustainable Business Practices ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
Alternative data is big business. Globally, buy-side firms spent $1.71 billion on it during 20201, over half of all hedge funds use it to make investment decisions, and it is increasingly used to validate the sustainability...more
Crypto businesses clearly remain high on the Regulator’s agenda. Two developments are of note...more
During July the FCA made two announcements which demonstrate its continued focus on culture and diversity and their intersection with governance. In a Consultation Paper, it announced proposed changes to Listing Rules which...more
8/30/2021
/ Consultation ,
Corporate Governance ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Listing Rules ,
Prudential Regulation Authority (PRA) ,
Publicly-Traded Companies ,
SMCR ,
UK
On 22 June the FCA published two Consultation Papers setting out its proposals for climate-related disclosure obligations on the regulated sector. The first paper proposed extending the application of an existing Listing Rule...more
In its May 2021 edition of Market Watch, the FCA described actions it took to address the impact which a firm’s trading algorithm was having in the market. Its concerns had been raised after the Regulator’s own internal...more
Five years ago, on 7 March 2016, the Senior Managers and Certification Regime (SMCR) came into force. At first it applied only to dual-regulated banks, those which are regulated both by the FCA and PRA.
Originally...more
On Friday 18 September the FCA issued a statement, setting out its approach to assessing applications for listing made by cannabis-related businesses. The statement is short and will be followed in due course by a...more
On 11 March 2020 the FCA published new research on cyber security. The research is the product of its Cyber Coordination Groups (CCGs) which were created through an FCA initiative in 2017. The CCGs bring together over 185...more
In a Final Notice dated 1 October 2018, the FCA sanctioned Tesco Personal Finance Plc for failings connected with a cyber attack it suffered in November 2016. The attack originated from Brazil and attackers managed to...more
11/8/2018
/ Banking Sector ,
Corporate Counsel ,
Cyber Attacks ,
Cybersecurity ,
Data Protection ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Popular ,
Risk Management ,
Tesco ,
UK
On 5 September the Court of Appeal handed down its judgment in the long-awaited, and much discussed, case of SFO v ENRC. Justice Andrews’ ruling in the lower court, which rejected ENRC’s claim to litigation privilege, had...more
On 1 April this year the FCA turned five years old. Born from and in reaction to the financial crisis, its principal purpose was to protect consumers, through more effective supervision and more aggressive enforcement.
...more
On 11 December 2017 the Government announced the creation of the National Economic Crime Centre (NECC). The NECC will be based within the National Crime Agency (NCA) and will act as a multi-agency organisation, tasked with...more
This case, from the U.S. Federal Appeals Court, considers the applicability of the Fifth Amendment’s privilege against self-incrimination in relation to testimony compelled by a foreign government, on the present facts the...more
8/3/2017
/ Appeals ,
Compelled Testimony ,
Criminal Convictions ,
Cross-Border ,
Enforcement Actions ,
Fifth Amendment ,
Financial Conduct Authority (FCA) ,
Foreign Jurisdictions ,
Government Investigations ,
Indictments ,
Libor ,
Rabobank ,
UK
An expectation that regulated financial services firms be ‘cyber-resilient’ should not cause any surprise. Cyber-crime and data breaches represent major risks for business generally. Comparatively, that risk is not mitigated...more
The Supreme Court handed down judgment in Financial Conduct Authority v. Macris [2017] UKSC 19 on Wednesday 22 March 2017. The central issue in the appeal was whether Mr. Macris had been "identified" in a public notice. ...more
On Feb. 13, 2017, John Griffith-Jones, chairman of the U.K. Financial Conduct Authority, delivered a speech to the Cambridge Judge Business School at the University of Cambridge entitled "What makes good conduct...more
The Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority ("PRA") (collectively referred to as "the Regulators") published a joint policy statement ("the Statement") on 1 February 2017. The Statement...more
Last month the Financial Conduct Authority (“FCA”) released a report (“the Report”) detailing the findings of its thematic review into the use of UK equity market dark pools (“the Review”). To date, the use of dark pools, and...more
The circumstances of the prosecution of Anthony Allen and Anthony Conti exemplify how cross-border cooperation and parallel investigations can give rise to novel issues in a subsequent criminal trial. Allen and Conti were...more
The judgment in The Financial Conduct Authority v. Da Vinci Invest Limited [2015] EWHC 2401 (Ch) was published on 12 August 2015, following a trial in front of Mr Justice Snowden. The case concerned allegations that the...more