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Key Regulatory Topics: Weekly Update - 9 February 2018 - 15 February 2018

by Allen & Overy LLP on

Insurance Europe publishes papers on avoiding Brexit cliff-edge risks - On 9 February, Insurance Europe published a paper calling for an agreement between the UK and the EU on the transitional arrangements that should...more

ECB Speech on European Retail Payments Developments

On February 15, 2018, the European Central Bank (“ECB“) published a speech by Yves Mersch, ECB executive board member, on European retail payments markets developments. In the speech, Mr. Mersch calls on the payment...more

LATIN AMERICA & THE CARIBBEAN: A Legal Guide for Business Investment and Expansion - Argentina

1. What role does the government of Argentina play in approving and regulating foreign direct investment? Argentina’s government has issued general regulations regarding foreign investment, and has, in general, allowed the...more

Asset Management Regulatory Roundup - February 2018 - Issue 4

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of an FCA report on algorithmic trading; the publication of the FSMA (Benchmarks)...more

The European Securitisation Regulation: The Countdown has Begun....

by Jones Day on

Draft Technical Standards Published for Consultation by the European Supervisory Authorities—An Update and Overview - Regulation (EU) 2017/2402, which is known as the "Securitisation Regulation" and lays down a general...more

Show Me The Money! Unexplained Wealth Orders in the UK

by Morrison & Foerster LLP on

Following the Criminal Finances Act 2017’s entry into force on 31 January 2018, the UK enforcement authorities added a new weapon to their arsenal in their fight against corruption. The Act introduced a new investigatory...more

Institutions Beware - recent decisions indicate that aiding and abetting theory of liability may assume more importance under the...

Financial institutions have been increasingly subjected to actions seeking to hold them responsible for acts of international terrorism under Section 2333 of the Anti-Terrorism Act (ATA). However, recent decisions from the US...more

Everything Compliance-Episode 25, the One Year Wrap Up Edition

by Thomas Fox on

The top compliance roundtable podcast is back with a wrap up of the first year of the Trump Administration. Stayed tuned to the end for rants in this edition. 1. Is Jay Clayton who we thought he was? Matt Kelly takes a...more

US CFTC and UK FCA Sign Arrangement to Collaborate on FinTech Innovation

On February 19, The US Commodity Futures Trading Commission (“CFTC“) and the UK’s Financial Conduct Authority (“FCA“) signed an arrangement that commits the regulators to collaborating and supporting innovative firms through...more

Global Ambitions for the FCA’s Sandbox

by Latham & Watkins LLP on

The FCA seeks industry feedback to capitalise on global regulatory sandbox trend. The regulatory sandbox was pioneered by the Financial Conduct Authority (FCA) back in November 2015 — a “safe space” in which businesses can...more

US Bancorp Pays $613 Million And Joins The Ranks Of AML Violators

by Michael Volkov on

Prosecutors and regulators are targeting global banks.  The beginning of 2018 has seen dominated by enforcement actions of financial institutions – the Federal Reserve’s unprecedented enforcement action against Wells Fargo;...more

Central Bank of Ireland to Liberate Regulated Loan Origination Funds from Certain Asset Mixing Constraints

by Dechert LLP on

In a recent release, the Central Bank of Ireland (CBI) announced its intention to amend, with effect from 7 March 2018, the AIF Rulebook in relation to Loan Originating Qualifying Investor Alternative Investment Funds...more

Banks’ obligations to give foreign insolvency officeholders access to information and assets – a clear distinction

by Allen & Overy LLP on

Speed read - On 7 February 2018, the Court of First Instance (CFI) published reasons for its decision in China Lumena New Materials Corp. Justice Harris reaffirmed his earlier decision and held that where foreign...more

ESMA Launches Interactive Single Rulebook

On February 14, 2018, the European Securities and Markets Authority (“ESMA“) launched a new interactive single rulebook to help facilitate the consistent application of the EU single rulebook in the securities markets...more

Swiss FINMA Publishes ICO Guidelines

In guidelines published on February 16, the Swiss Financial Market Supervisory Authority (“FINMA“) sets out how it intends to apply financial market legislation in handling enquiries from initial coin offering (ICO)...more

Countdown to GDPR-Episode 1, Introduction to GDPR

by Thomas Fox on

Whether you are ready or not, the EU General Data Protection Regulation (GDPR) goes live on May 25, 2018. It will impact companies doing business in London as much as any other EU legislation. To help US companies prepare,...more

FinCEN Imposes Section 311 Fifth Special Measure on Latvian Bank ABLV

by Ballard Spahr LLP on

Alleged Illicit Activity Included Transactions Promoting North Korea’s Missile Program and an Institutional Commitment to Laundering Money - On February 13, 2018, FinCEN announced that it had proposed a special measure...more

Africa Focus: Spring 2018: Exiting African PE investments - While IPOs remain scarce, other promising exit strategies are gaining...

by White & Case LLP on

Historically, one of the key concerns of LPs regarding African private equity has been the number and quality of available exit routes. Illiquid domestic exchanges as well as political and foreign exchange risk have all...more

EU Delegated Regulation on Materiality Thresholds for Credit Obligations Past Due

by Shearman & Sterling LLP on

A Commission Delegated Regulation on Regulatory Technical Standards for the materiality threshold for credit obligations past due has been published in the Official Journal of the European Union. The Delegated Regulation...more

Corporate and Financial Weekly Digest, Featuring Topics on SEC/Corporate, Broker/Dealer, CFTC and UK/EU Developments

SEC/CORPORATE - SEC Proposes Budget for Fiscal Year 2019 - On February 12, the Securities and Exchange Commission issued a press release announcing its budget request for fiscal year 2019, which represents a 3.5 percent...more

European Securities and Markets Authority Outlines 2018 Plans for EU Supervisory Convergence

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published its Supervisory Convergence Work Programme for 2018. It highlights a total of five key priorities for its work on supervisory convergence in 2018, comprised of three...more

CFIUS: Evolution Yields to Revolution

by Jones Day on

While 2017 was an evolutionary year for the Committee on Foreign Investment in the United States ("CFIUS"), 2018 portends to be a revolutionary year. A number of factors, including a new President, growing concerns over...more

European Securities and Markets Authority Issues Final Guidelines on CCP Conflicts Management

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published a Final Report setting out Guidelines for compliance, by central counterparties authorized under the European Market Infrastructure Regulation, with their...more

Final Draft EU Standards on Cooperation of National Regulators and the European Securities and Markets Authority with other EU...

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published a final report and final draft Implementing Technical Standards on forms and procedures for cooperation of National Regulators and ESMA with other EU Authorities...more

Bank of England Confirms its Commitment to Wholesale Market Conduct Codes

by Shearman & Sterling LLP on

The Bank of England has published statements of commitment to the FX Global Code, the UK Money Markets Code and the Global Precious Metal Code. By issuing the statements, the BoE is demonstrating that it will abide by the...more

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