Key Regulatory Topics: Weekly update 28 Sept - 4 Oct

by Allen & Overy LLP

Allen & Overy LLP


Please refer to the Insurance section for an update on LMA model clauses on Brexit and placing of risks after 1 January 2019.

Please refer to the Other Developments section for an update regarding the FCA Chair speech on cycle of deregulation, crisis and regulation.

ESMA speech on MiFID II implementation and Brexit

On 3 October, ESMA published a speech given by Stephen Maijoor, ESMA Chair, on the state of implementation of MiFID II and preparing for Brexit. Points raised in the speech on Brexit include: (i) Mr Maijoor calls for a harmonised EU regime for third-country trading venues under MiFID II and sets out the key elements that he considers should form part of that regime; (ii) ESMA is working to identify the effects on the markets of a no-deal Brexit arising from the impact of MiFID II calculations performed at the EU level, such as the DVC. It is also working to find the most efficient way to limit the impact for EU financial markets; (iii) Mr Maijoor calls for measures to ensure continued access to UK CCPs for EU clearing members and trading venues. He believes that this continued access would be in line with the proposed Regulation amending the EMIR supervisor­y regime for EU and third-country CCPs. He supports a swift conclusion to the legislative process for this Regulation, complemented by a transitional period allowing for continued access to UK-based CCPs, subject to conditions ensuring that UK CCPs continue to comply with EMIR requirements and colleges continue to monitor this compliance; and (iv) ESMA is co-ordinating preparations for MOUs between EU NCAs, as well as ESMA, and their UK counterparts necessary if there is a no-deal Brexit. ESMA plans to start negotiations with the FCA to finalise these MoUs before the end of March 2019. On MiFID II, Mr Maijoor states that ESMA intends to publish a call for evidence in the coming months on the potential use of periodic auction systems to circumvent the DVC regime. He also notes that ESMA may propose adjustments to the scope of classes of derivatives subject to the MiFID II trading obligation.

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Consumer Credit (Amendment) (EU Exit) Regulations 2018 made

On 2 October, the Consumer Credit (Amendment) (EU Exit) Regulations 2018 were published on, together with an explanatory memorandum. The purpose of the Regulations is to address deficiencies relating to consumer credit legislation arising from the UK's withdrawal from the EU. They make only minor and technical amendments and will have no substantive impact on the operation of the consumer credit regime. In particular, they amend references in the CCA, the Consumer Credit (Disclosure of Information) Regulations 2010, the Consumer Credit (Green Deal) Regulations 2012 and the Financial Services Act 2012 (Consumer Credit) Order 2013. The Regulations were laid before Parliament on 28 September and come into force on exit day. A draft of the Regulations was published in July.

Consumer Credit (Amendment) (EU Exit) Regulations 2018 (SI 2018/1038)

Explanatory Memorandum

Friendly Societies (Amendment) (EU Exit) Regulations 2018 made

On 2 October, the Friendly Societies (Amendment) (EU Exit) Regulations 2018 were published on, together with an explanatory memorandum. The Regulations amend the Friendly Societies Act 1992 and the Friendly Societies (Accounts and Related Provisions) Regulations 1994 to address failures of retained EU law to operate effectively, and other deficiencies arising from the UK's withdrawal from the EU. The Regulations were laid before Parliament on 28 September and come into force on exit day. A draft of the Regulations was published in July.

Friendly Societies (Amendment) (EU Exit) Regulations 2018 (SI 2018/1039)

Explanatory Memorandum


AFME guidance on FCA rules relating to analysts' participation in pitches

On 3 October, AFME published a guidance note relating to financial analysts' interactions with representatives of private companies and their financial advisers. The guidance relates to the FCA's explanation of the meaning of "participating in pitches for new business" in chapter 12.2 of COBS (COBS 12.2.21AG). COBS 12.2.21EU provides (among other things) that financial analysts should not engage in activities other than the preparation of investment research where engaging in such activities would be inconsistent with the maintenance of that person's objectivity. Activities that would be inconsistent with the maintenance of an analyst's objectivity include participating in "pitches" for new business or "road shows" for new issues of financial instruments; or being otherwise involved in the preparation of issuer marketing. AFME advises that the guidance should be read in conjunction with Q&A on IPO reform (dated 6 August) that it has produced after discussions with the FCA in relation to COBS 12.2.21AG.

Guidance Note

Q&A on IPO reform


Please see the Markets and Markets Infrastructure section for an update regarding restrictions on CFDs.

CMA / FCA joint report on lessons learned about consumer facing remedies

On 1 October, the CMA published a paper prepared jointly with the FCA that sets out the lessons that have been learned from the programme of work conducted by the UK Competition Network to examine remedies in consumer markets. The paper provides an overview of the ways in which demand-side problems can lead to poor consumer outcomes in markets and discusses types of remedies that can be, and have been used, to try to address these issues and improve competition in consumer markets. The paper also highlights the importance of testing remedies whilst they are being designed and examines different methods for doing so. Finally, the paper sets out some high-level principles relating to the development of remedies (understanding the problem, being bold, letting consumers stay in control, leveraging the experience and resources of the private sector, testing, recognising that good analysis is not enough, and reviewing effectiveness). It also notes that the focus of future work in this area will be consumer diversity and vulnerability, and the opportunities and challenges presented by the digital economy. The FCA has also published a speech by Christopher Woolard, FCA Executive Director of Strategy and Competition, which discusses the FCA's approach to testing its market interventions. Mr Woolard also highlights the importance of collaboration in the design of competition remedies, as identified by the CMA/FCA joint paper.

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ESAs highlight concerns about KID requirements for PRIIPs

On 1 October, the ESAs published a letter to the EC about KIDs for PRIIPs. The ESAs explain that an approach where retail investors receive both a PRIIPs KID and a key information document under the UCITS KIID is unsatisfactory. Overlapping disclosure documents may deter investors from using them rather than facilitating informed decision making. The ESAs are also unconvinced that UCITS KIID information can be effectively articulated together with PRIIPs KID information. These documents may not provide consistent information due to technical difficulties in the methodologies used in the presentation of risks, performance and costs. For example, the PRIIPs summary risk indicator and the UCITS synthetic risk reward indicator will result in different risk indicators for a material number of PRIIPs. The ESAs suggest other solutions are needed, including legislative changes, to avoid a situation where there are duplicate information requirements from 1 January 2020. The ESAs intend to launch a public consultation in Q4 as part of a review of Commission Delegated Regulation (EU) 2017/653. Among other things, the ESAs expect to examine performance scenarios and aim to submit proposed amendments to the EC in Q1 2019.

ESAs letter to EC

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CMA receives super-complaint from Citizens Advice on excessive prices for disengaged consumers

On 28 September, the CMA announced that it has received a super-complaint from Citizens Advice asking it to investigate excessive prices for disengaged consumers. Citizens Advice has raised concerns about long term, loyal and disengaged customers paying more for goods and services, which it refers to as "the loyalty penalty". It has identified five key markets where it has concerns about the loyalty penalty, covering telecoms and financial services (mobile, broadband, savings accounts, mortgages and household insurance). Citizens Advice wants the CMA to undertake a thorough, cross-sectoral market study to consider the loyalty penalty wherever it occurs and propose recommendations and remedies that can be implemented by the CMA, sector regulators and the Government. The CMA now has 90 days to respond to the super-complaint and to identify what, if any, further action it proposes to take. The CMA has invited interested parties to provide any evidence which may be useful to its assessment by 14 October. The CMA states that it will be engaging with Ofcom and the FCA in considering the super-complaint. The FCA has stated that it has long been concerned by the issues identified by Citizens Advice and that it will work closely with the CMA. The FCA has also announced that it is intending to launch a market study looking at how general insurance firms charge their customers for home and motor insurance. At the same time, the Department for BEIS has announced the launch of a Smart Data Review to accelerate the development and use of new data-driven technologies and services to improve the consumer experience in regulated markets. The Review is intended to make it easier for consumers to get good deals on essential services and put an end to consumers paying unjustifiable loyalty penalties. The Review will report in the first half of 2019.

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Please see our bulletin regarding the SFO's ability to request overseas documents from non-UK companies.

FCA thematic review on money laundering and terrorist financing risks in e-money sector

On 3 October, the FCA published a report on its thematic review on money laundering and terrorist financing risks in the e-money sector. The FCA visited 13 EMIs, a mixture of authorised EMIs and registered small EMIs, to assess their AML and CTF controls. In particular, the FCA was concerned that EMIs' use of agents and distributors to distribute e-money might increase money laundering and terrorist financing risks. The FCA tested firms against the obligations set out in the MLRs 2017. The report sets out details of the FCA's expectations and findings, together with examples of good and poor practice, in areas including governance, culture and management information, CDD and EDD and outsourcing. The FCA did not find any cases at the EMIs where it needed to use formal supervisory tools to remediate issues. It found that the majority of EMIs visited had: (i) effective AML systems and controls, a positive culture and a low financial risk appetite; (ii) revised their policies and procedure to comply with the MLRs 2017; and (iii) carried out effective transaction monitoring, largely based on automated technological solutions. In addition, the FCA found that most EMIs with outsourced distribution of e-money and compliance to PMs had adequate governance and audit measures to manage the risk. The FCA encourages EMIs to review the report, including the examples of good and poor practice, and consider whether their AML and CTF systems and controls could be improved.

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NCA successfully resists challenge to UWO

On 3 October, in the judgment of National Crime Agency v A [2018] EWHC 2534 (Admin), there is an examination of the first successfully obtained UWOs. The court rejected a number of challenges against an UWO, including the recipient's status as a PEP and income requirements. This is a comforting decision for prosecuting authorities.

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MAR: ESMA updated Q&A

On 1 October, ESMA published an updated version of its Q&A on the Market Abuse Regulation. ESMA has added three new questions and answers relating to the delay of disclosure of inside information by a credit or financial institution to preserve financial stability under Article 17(5): (i) where a credit/financial institution, as issuer, intends to resort to the financial stability delay, it should provide evidence to the NCA that the conditions under Article 17(5) are met. Assessment of the conditions should be as complete as possible to the best of its knowledge. Where the NCA consents to the delay further to its own assessment, the issuer must share subsequent relevant information. Disclosure must entail a risk of undermining the financial stability of both the issuer and financial system. For disclosure to entail a risk of undermining the stability of the financial system, it will likely pertain to and be performed by an institution of relevance, in terms of impact and interconnection. When assessing whether the delay is in the public interest, the issuer should identify potentially affected entities and groups whose interests may be understood as public interest. It should consider direct economic and other non-financial interests of the public in the round. The issuer should assess divergent public interests on a case-by-case basis and weigh these against each other. The issuer should also provide information on how confidentiality can be ensured (both at notification and during any delay period). This should include the procedures and measures in place. Insider lists should be drawn up pending the NCA's decision as the information is already delayed; (ii) the credit/financial institution notifying the NCA of its intention to resort to the financial stability delay should provide its assessment on the expected length of the delay and details of expected trigger events. Likewise, if the NCA consents to the delay further to its own assessment, the issuer should update the NCA when it becomes aware of new elements or events that may affect the duration of the delay; (iii) where the conditions under Article 17(5) are not met and the NCA does not consent to the delay, the credit/financial institution must disclose the inside information immediately as provided in Article 17(6). It cannot resort to the delay of disclosure under Article 17(4).

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Please see the Markets and Markets Infrastructure section for an update on stress testing rules for money market funds.

Please see the Consumer/Retail section for an update on UCITS KIID and ESAs concerns about KID requirements for PRIIPs.

Please refer to the Prudential Regulation section for an update regarding the ECON report on revised EU prudential frameworks for investment firms.

ESMA updates Q&As on application of AIFMD

On 4 October, ESMA published a press release announcing that it had updated its Q&As on the application of the AIFMD. ESMA has added a new Q&A clarifying the application of the AIFMD notification requirements to AIFMs managing umbrella AIFs on a cross-border basis. ESMA last updated the AIFMD Q&As in July.

Press Release


Council of EU non-objection to Delegated Regulations on depositaries' safe-keeping obligations under AIFMD and UCITS IV

On 2 October, the Council of the EU published the minutes of a meeting held in its configuration as ECOFIN. In the minutes, the Council confirms that it has decided not to object to: (i) the EC Delegated Regulation amending Commission Delegated Regulation (EU) 231/2013 as regards safe-keeping duties of depositaries, which supplements AIFMD; and (ii) the EC Delegated Regulation amending Commission Delegated Regulation (EU) 2016/438 as regards safe-keeping duties of depositaries, which supplements UCITS IV. The EC adopted the amending Delegated Regulations in July. The next step is for the EP to consider the amending Delegated Regulations and decide whether to object to them. If the Parliament does not object, the amending Delegated Regulations will be published in the OJ. They will enter into force 20 days after their publication in the OJ and apply 18 months from that date.

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ECON revised draft report on proposed Directive on cross-border distribution of collective investment funds

On 2 October, ECON published a draft report on the proposal for a Directive on the cross-border distribution of collective investment funds. The draft report, which has been produced by rapporteur Wolf Klinz, is a revised version of the draft report on the proposed Directive published in September. ECON has not indicated what amendments have been made to the first version of the report. The EC adopted the proposed Directive, together with the proposed Regulation on facilitating cross-border distribution of collective investment funds in March.

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ESMA consults on stress testing rules for money market funds

On 28 September, ESMA published a consultation paper on draft guidelines on stress test scenarios under the MMF Regulation. Under the MMF Regulation, MMF managers are required to conduct regular stress tests as part of their risk management and regulatory disclosure. MMFs must put in place sound stress testing processes, including identifying stress events, or future changes in economic conditions, and assess the impacts these different scenarios may have on the MMF. The guidelines are developed under Article 28 of the MMF Regulation. The consultation paper proposes common parameters and scenarios that consider hypothetical risk factors. These include the following: (i) liquidity changes of the assets held in the portfolio of the MMF; (ii) credit risk, including credit events and rating events; and (iii) changes in interest and exchange rates. Official translations of ESMA's 2017 guidelines were published in March. The final report on the guidelines published in November 2017. These will be updated following the consultation so that managers of MMFs have the information needed to fill-in the required fields in the reporting template. The guidelines need to be updated at least every year to take into account the latest market developments. Stakeholder's views are especially sought on the methodology, including the methodology itself, risks factors, data and the calculation of the impact. Although the calibration of the stress test scenarios is not part of the consultation, any input from stakeholders on the way to calibrate the scenarios is welcome. Comments can be made on the consultation until 1 December. ESMA intends to finalise the guidelines in Q1 2019.

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Please see the Consumer/Retail section for an update on ESAs concerns about KID requirements for PRIIPs.

LMA model clauses on Brexit and placing of risks after 1 January 2019

On 2 October, LMA published a bulletin with links to model clauses relating to Brexit and the placing of EEA and non-EEA risks after 1 January 2019. The model clauses relate to the following issues: (i) the consequences for contracts of the decision to establish a new Lloyd's insurance company based in Brussels to underwrite non-life insurance and facultative reinsurance risks located in EEA countries with effect from 1 January 2019; (ii) the clarification for policies affected by Brexit that any automatic coverages provided by the terms and conditions of the policy for entities acquired or established by the insured should not apply, to the extent that, after Brexit, the insurer is not permitted by applicable law or regulation to provide this coverage; and (iii) the clarification of the treatment of the reinsurance of Lloyd's Brussels business (that is, underwritten on behalf of Lloyd's Brussels, on or after 1 January 2019, and simultaneously reinsured back to a syndicate) that is ceded by the syndicate. The LMA states that these clauses are purely illustrative and established and distributed for the guidance of Lloyd's members, who are free to agree to different conditions.

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New EIOPA webpage to help identify registered insurance intermediaries

On 28 September, EIOPA published a new webpage to help establish whether an insurance intermediary is registered. Under the IDD, insurance intermediaries must be registered. Article 3(4) of the IDD requires EIOPA to establish, and keep up-to-date, a single electronic register containing records of insurance, reinsurance and ancillary insurance intermediaries that have notified their intention to carry on cross-border business. The webpage provides a provisional database of hyperlinks to national registers, or single information points, and is published in accordance with Article 3(4) of the IDD. EIOPA is currently assessing the most adequate long-term approach towards an online register. The implementation deadline for the IDD was 1 October.

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FCA launches market study into how firms charge customers for home and motor insurance

On 28 September, the FCA published a statement on the super-complaint from Citizens Advice to the CMA on excessive prices for disengaged consumers. The FCA welcomes the super-complaint as it has been concerned about the issue of long-standing customers being charged more for some financial products than new customers for some time. In addition, the FCA has announced the launch of a market study into how general insurance firms charge their customers for home and motor insurance. The terms of reference for the market study will be published in a few weeks' time. The FCA previously referred to looking at the pricing practices of general insurance firms in its 2018/2019 business plan.

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Please refer to the Other Developments section for an update on ESMA's work programme for 2019.

Please refer to the Prudential Regulation section for an update regarding the ECON report on revised EU prudential frameworks for investment firms, which propose to amend equivalence provisions of MiFIR.

Please refer to the Brexit section for ESMA's speech on MiFID II implementation and Brexit.

ESMA updates MiFID II Q&As on transparency and market structures

On 4 October, ESMA published: (i) an updated version of its Q&As on transparency topics under MiFID II and MiFIR. Two new questions have been added to section 4 (non-equity transparency); and (ii) an updated version of its Q&As on market structures topics under the MiFID II and MiFIR. Three new Q&As have been added to section 3 (DEA and algorithmic trading), and three Q&As have been added to section 5 (Multilateral and bilateral systems). ESMA last updated the Q&As on market structures in May and last updated its Q&As on transparency topics in July.

Q&As on transparency topics

Q&As on market structures topics

ESMA updates MiFID II Q&As on investor protection and intermediaries topics

On 3 October, ESMA published an updated version of its Q&As on investor protection and intermediaries topics under MiFID II and MiFIR. ESMA has added new Q&As or updated existing Q&As relating to the following topics: (i) best execution; and (ii) investment advice on an independent basis. ESMA previously updated the Q&As in July.

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ESMA withdraws MiFID guidelines on systems and controls for highly automated trading

On 3 October, ESMA published a decision of its board of supervisors (dated 26 September) announcing the withdrawal of its guidelines on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities. The guidelines, which were finalised in December 2011, were intended to provide clarity for trading platforms and investment firms about the expectations of competent authorities concerning organisational requirements in a highly-automated trading environment under MiFID. ESMA has decided to withdraw the guidelines on the grounds that the clarifications set out in the guidelines have been incorporated in MiFID II and MAR.

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ECON draft report on Regulation amending BMR on low carbon benchmarks and positive carbon impact benchmarks

On 2 October, ECON published its draft report (dated 27 September) on the proposed Regulation amending BMR on low carbon benchmarks and positive carbon impact benchmarks. The draft report, which was prepared by Rapporteur Neena Gill, contains the proposed text of a EP legislative resolution which sets out suggested amendments to the Regulation. The explanatory memorandum to the report highlights the key proposed amendments, including: (i) the EC is mandated to adopt a delegated act setting out the methodology for measuring the social and governance impact of financial benchmarks; (ii) the EC is mandated to adopt a delegated act on a standardised methodology intended to ensure that by 2022 all the benchmarks provided and published by benchmarks providers are aligned with the Paris Agreement commitments; (iii) benchmark providers must be required to describe precisely in a standardised way in all benchmark statements what the climate impact is of the benchmarks used and how these are to be aligned with the Paris Agreement commitments; and (iv) the EC is mandated to adopt a delegated act, which should be based on an ESMA report, outlining criteria to ensure fees charged by benchmark providers to their clients for the provision of benchmarks are totally transparent, impartial and based on actual costs. The EC published its legislative proposal for the Regulation in May.

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ESMA updates MiFID II and MiFIR commodity derivatives Q&As

On 2 October, ESMA published an updated version of its Q&As on commodity derivatives topics under MiFID II and MiFIR. The update includes new answers relating to position limits (section 2) and position reporting (section 4), as well as modified and deleted answers relating to ancillary activity (section 3). ESMA last updated these Q&As in March.

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ESMA opinion on calculating market size of ancillary activity under MiFID II

On 2 October, ESMA published an opinion on ancillary activity calculations. Article 2(1)(j) of MiFID II provides an exemption from persons dealing on own account or providing investment services in specific areas, provided that their activity is an ancillary activity to their main business. Commission Delegated Regulation (EU) 2017/592 specifies the criteria for establishing when an activity is to be considered as ancillary for this purpose. In particular, it lays down rules for calculating the overall market trading activity, which ultimately determines whether an activity is ancillary. NCAs and market participants have asked ESMA to provide guidance for the determination of the market size figures to ensure the correct application of the Delegated Regulation. In the opinion, ESMA provides the estimation of the market size of various commodity derivatives, including metals, oil and coal, as well as emission allowances. It has prepared those estimations based on data collected from trading venues and data reported to trade repositories under EMIR. The opinion is an updated version of the opinion on ancillary activity calculations that ESMA first published in June 2017 and subsequently updated in December 2017. ESMA has expanded the opinion to include estimates for 2017 and the whole of 2016.

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ESMA binary options product intervention decision published in OJ

On 1 October, ESMA Decision (EU) 2018/1466 of 21 September was published in the OJ. The Decision renews and amends ESMA Decision (EU) 2018/795, which was published in June. It relates to the renewal of the prohibition of the marketing, distribution or sale of binary options to retail clients. ESMA announced in August 2018 that it would be renewing its previous Decision for a further three-month period. The Decision has been adopted under Article 40 of MiFIR. It applies from 2 October until 1 January 2019.

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ESMA letter to EC on MiFID II and MiFIR third-country regimes

On 1 October, ESMA published a letter (dated 26 September), from Steven Maijoor, ESMA Chair, to Valdis Dombrovskis, EC Vice President, on issues relating to third-country firms concerning some of the requirements under MiFID II and MiFIR on investor protection and intermediaries. The letter highlights four issues. These relate to: (i) concerns regarding the MiFIR regime for third-country firms providing investment services and activities to eligible counterparties and per se professional clients; (ii) concerns regarding the MiFID II regime for third-country firms providing investment services and activities to retail and professional clients on request; (iii) third-country firms providing investment services and activities at the exclusive initiative of EU clients (reverse solicitation); and (iv) investment firms outsourcing critical or important functions other than those related to portfolio management to third-country providers. Although the above issues were initially identified in the context of the discussion on the risks arising from Brexit, Mr Maijoor explains that the issues seem more general and apply beyond Brexit, and so it is important to address them. The letter is a follow-up to an ESMA letter (dated 20 November 2017) to the EC relating to concerns regarding the MiFID II and MiFIR third-country regime, third-country trading venues and the placing of trading screens in the EU, and the lack of a temporary suspension regime for the trading obligation for derivatives.

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ESMA updates MiFID II Q&As on temporary product intervention measures

On 28 September, ESMA published an updated version of its Q&As on temporary product intervention measures on the marketing, distribution or sale of CFDs and binary options to retail clients under Article 40 of MiFIR. The updated Q&As provide clarification on the application of the temporary product intervention measures in relation to rolling spot forex. The previous version was published in July.

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ESMA renews restriction on CFDs for further three months

On 28 September, ESMA announced that it is renewing the restriction on the marketing, distribution or sale of CFDs to retail clients, in effect since 1 August, from 1 November for a further three-month period. ESMA published a decision notice on the prohibition in June, which has been in effect since 1 August. ESMA has agreed to renew the restriction as it considers that a significant investor protection concern related to the offer of CFDs to retail clients continues to exist. The renewal includes: (i) certain leverage limits on the opening of a position by a retail client; (ii) a margin close out rule on a per account basis; (iii) negative balance protection on a per account basis; (iv) a restriction on the incentives offered to trade CFDs; and (v) a standardised risk warning, including the percentage of losses on a CFD provider's retail investor accounts. During its review of the intervention measure, ESMA obtained information that, in certain cases, CFD providers experienced technical difficulties in using the risk warnings due to the character limitations imposed by third party marketing providers. Therefore, it has agreed to introduce in the renewal an additional reduced character risk warning. ESMA will adopt the renewal measure in the official languages of the EU in the coming weeks, following which it will publish an official notice on its website. The measure will then be published in the OJ.

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GFXC Survey on FX Global Code

On 28 September, the GFXC launched a survey that will aim to measure awareness and adoption of the FX global code among market participants. The data collected from the survey will aid the GFXC in promoting, maintaining and updating the Code. The GFXC is also providing an update on the working groups it created to focus on four priority areas: (i) "cover and deal" trading activity; (ii) disclosures; (iii) buy-side outreach; and (iv) integration of the Code in the FX market. The GFXC will consider the results of the survey at its next meeting which is due to take place on 29-30 November.

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Please refer to the Financial Crime section regarding the FCA's thematic review on money laundering and terrorist financing risks in e-money sector.

ECJ ruling on interpretation of payment account under PSD

On 4 October, the ECJ handed down its judgment in Bundeskammer für Arbeiter und Angestellte v ING-DiBa Direktbank Austria Niederlassung der ING-DiBa AG. The judgment is in response to a request from the Austrian Supreme Court for a preliminary ruling concerning the interpretation of "payment account" under the PSD. An opinion on the request was handed down in June. The ECJ held that Article 4(14) of the PSD must be interpreted as meaning that a savings account, which allows for sums deposited without notice and from which payment and withdrawal transactions may be made solely by means of a current account, does not come within the concept of payment account. Points of interest in the judgment include the following: (i) the wording of relevant provisions in the PSD does not make it possible to determine if the notion of payment account includes accounts for which an intermediate step, involving the transfer of funds between the savings account and the user's current account, is necessary to carry out a payment transaction. Therefore, it is necessary to analyse the legislative context of the PSD. In particular, it is important to consider the PAD, which applies to all payment service providers; (ii) while savings accounts do not, in principle, fall within the definition of the concept of payment account, such an exclusion is not absolute; (iii) naming an account a savings account is insufficient to exclude the categorisation of payment account. The determining criterion for the purposes of categorisation lies in the ability to perform daily payment transactions from an account; (iv) the possibility of making payment transactions to a third party from an account, or of benefiting from such transactions carried out by a third party, is a defining feature of the concept of a payment account; and (v) an account from which such payment transactions cannot be made directly, but for which use of an intermediary account is necessary, cannot be regarded as being a payment account within the meaning of the PAD and, consequently, within the meaning of the PSD.

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Consultation on industry code for reimbursement of victims of authorised push payment scams

On 28 September, the APP Scams Steering Group published a consultation paper on a voluntary industry code for the reimbursement of victims of APP scams, together with the draft code. The code has been developed by representatives from the banking industry, other PSPs and consumer groups. Under the draft code, each bank and PSP would take measures to tackle APP scams, such as: (i) detecting APP scams through measures including analytics and employee training; (ii) preventing APP scams from taking place by taking steps to provide customers with effective warnings that they are at risk; and (iii) responding to APP scams. For example, by delaying a payment while an investigation is conducted and, if necessary, carrying out timely reimbursement. In addition, the steering group has agreed proposals for a set of reimbursement principles depending on whether the relevant parties have met their expected levels of care. It proposes that where a consumer has met their requisite level of care, they should be reimbursed. Comments can be made on the draft code until 15 November. The aim is for the code to be implemented in early 2019. The PSR has published a statement welcoming the draft code. In the statement, it also confirms its plans to consult, by December, on using its regulatory powers to give a general direction to banks and PSPs to implement confirmation of payee. The proposed direction would require banks and PSPs that are participants in the faster payments system to be capable of receiving and responding to confirmation of payee requests from other PSPs by 1 April 2019. They must also send confirmation of payee requests and present responses to their customers by 1 July 2019. The PSR set out the initiatives that it is working on to increase consumer protection from APP scams in June.

Consultation Paper

Draft Code

PSR Statement


FCA policy statement on improving quality of pension transfer advice

On 4 October, the FCA published a policy statement (PS18/20) on improving the quality of pension transfer advice. In PS18/20, the FCA sets out feedback to its March consultation paper. Since respondents largely agreed with the FCA's proposals, it is proceeding on the basis on which it consulted, except for its proposal to amend the pension transfer definition. The FCA has decided not to proceed with these proposed changes at this time since the issues raised during the consultation showed that it had not achieved the simplification and clarity it had intended. The FCA will also carry out further work on the different charging structures used in pension transfer advice, and in particular contingent charging, as a result of the responses it has received to its consultation and because of the significance of the issues. If it concludes that changes are needed, it will consult further on any new proposals in the first half of 2019. In the meantime, the FCA encourages firms to check that they meet its current requirements on disclosing charges and managing conflicts of interest. The final rules are set out in Conduct of Business Sourcebook (Pension Transfers) (No 2) Instrument 2018, the text of which is included in Appendix 1 to PS18/20. This instrument was made by the board on 27 September. The guidance on two advisers working together and assessing attitude to transfer risk, and the requirement to prepare a suitability report in all circumstances come into force on 4 October. The perimeter guidance on the advice boundary when providing triage services to prospective clients comes into force on 1 January 2019. Changes to the pension increase assumptions come into force on 6 April 2019. The remaining changes will come into force on 1 October 2020.

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EBA reports on Basel III monitoring exercise as of 31 December 2017

On 4 October, the EBA published a report and an accompanying press release, which summarise the results of the latest EU Basel III monitoring exercise, using data as of 31 December 2017. The exercise monitors the impact of the EU legislation that implemented the Basel III reforms: CRD IV and CRR. The report contains analysis relating to matters including: (i) capital ratios and capital shortfalls; (ii) credit risk and operational risk; (iii) output floor; (iv) revised leverage ratio; and (v) NSFR.

EBA Report on Basel III monitoring exercise

EBA report on liquidity measures under Article 509(1) of the CRR

Press Release

BCBS report on Basel III monitoring exercise as of 31 December 2017

On 4 October, BCBS published a report and an accompanying press release, which summarise the aggregate results of the latest Basel III monitoring exercise, using data as of 31 December 2017. The report covers analysis relating to matters including the following: (i) capital ratios, capital shortfalls and composition of capital; (ii) leverage ratio; (iii) TLAC requirements for G-SIBs; (iv) LCR; and (v) NSFR.

206 banks took part in the study, comprising 111 Group 1 banks and 95 Group 2 banks.


Press Release

ECON reports on revised EU prudential framework for investment firms

On 28 September, ECON published the following reports (both dated 27 September) that it has adopted: (i) a report on the EC's proposal for a Regulation on the prudential supervision of investment firms (Investment Firms Regulation (IFR)); and (ii) a report on the EC's proposal for a Directive on the prudential supervision of investment firms, which amends CRD IV and MiFID II (Investment Firms Directive (IFD)). The reports, which were prepared by Rapporteur Markus Ferber, contain legislative resolutions, the text of which set out suggested amendments to the proposed IFR and IFD. ECON voted to adopt the reports on 24 September. ECON agreed in its plenary on 3 October to enter into interinstitutional negotiations.

Report on the proposal for IFR

Report on the proposal for IFD 

PRA Q&As on Pillar 2 regulatory reporting

On 28 September, the PRA updated its banking sector regulatory reporting webpage with details about interim reporting of PRA110 and Pillar 2 liquidity. Following publication of the PRA's February policy statement on Pillar 2 liquidity, the PRA has received questions from firms regarding the template and reporting instructions. In response, the PRA has published Q&As on the PRA110 reporting template and instructions. They cover responses on questions related to monetisation rows.

Firms are encouraged to contact the PRA with questions. New Q­­&As and updates will be published periodically. The PRA has also confirmed that firms should only submit on an all-currency basis and for USD, where this USD is a material currency. The Pillar 2 reporting schedule has also been updated.

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ESMA work programme for 2019

On 2 October, ESMA published its work programme for 2019 (dated 26 September) (ESMA20-95-933). The work programme describes ESMA's objectives for 2019 and its expected results and main outputs, grouped under ESMA's four strategic priorities: promoting supervisory convergence; assessing risks to investors, markets and financial stability; completing a single rulebook for EU financial markets; and directly supervising specific financial entities. Key priorities for ESMA in 2019 include the following: (i) ensuring effective supervisory convergence relating to regulation including MiFID II, MiFIR, and the SFTR; (ii) analysing and managing data requirements under MiFID II and MiFIR; (iii) supporting a smooth and resilient withdrawal of the UK from the EU. ESMA will continue its preparedness planning based on all scenarios, including a no-deal scenario, and will seek to ensure appropriate regulatory and supervisory coverage of third-country entities; (iv) fulfilling its responsibilities stemming from the initiatives of the CMU; and (v) ongoing supervision of credit ratings agencies and trade repositories under the Securitisation Regulation and the SFTR. The work programme also refers to the EC's legislative proposals relating to amending EMIR, and its review of the ESAs. If the relevant legislation is approved in 2018, this will significantly affect ESMA's planning environment for 2019.

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FCA Chair speech on cycle of deregulation, crisis and regulation

On 2 October, the FCA published a speech by Charles Randell, FCA Chair, on the cycle of deregulation, crisis and regulation. The speech provides an overview of FCA initiatives intended to avoid the damages caused by this cycle. Points of interest include: (i) the FCA will take forward its review of its Handbook "when the time is right", once the post-Brexit landscape is clear and the FCA and firms have absorbed any changes resulting from leaving the EU; (ii) the FCA has committed to publishing an annual statement on perimeter issues, intended to highlight gaps in protection that may require legislation. This follows oral evidence given by Mr Randell and Andrew Bailey, FCA Chief Executive, to the Treasury Committee in June, in which Mr Bailey highlighted the impact of the regulatory perimeter on the FCA's power to intervene in areas such as commercial lending, funeral plans and cryptoassets; (iii) Mr Randell was sceptical about the merits of the FCA being given a statutory competitiveness objective intended to ensure that the UK financial services industry can be internationally competitive. He suggested that this could imply that UK regulation would be set to a lesser extent than today by the public interest and to a greater extent by the interests of the financial services industry or decisions taken by policymakers in other jurisdictions. It may also lead to difficult trade-offs with the FCA's other statutory objectives such as the need to ensure consumer protection and market integrity; and (iv) Mr Randell emphasised that the FCA does not see Brexit as an opportunity to join a race to the bottom in regulatory standards. He stated that the FCA would seek to continue to influence global standards of financial regulation. His view is that strong global standards dampen the cycle of deregulation, crisis and regulation as they reduce the opportunity for individual jurisdictions to race to the bottom and for firms to engage in regulatory arbitrage.

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SFO decline to appeal in litigation privilege case

On 2 October, the SFO confirmed that it will not appeal the landmark judgement in SFO v ENRC [2018] EWCA Civ 2006. In the case, ENRC successfully argued that documents prepared during the internal investigation, both by its lawyers and a firm of forensic accountants, are protected by litigation privilege. At the time of the judgment, the SFO stated that the facts of the case were complex and that it was exploring whether to seek a further appeal at the Supreme Court. However, Lisa Osofsky, SFO director, has decided to drop the case. The agency stated that it would continue to assess the merits of all privilege claims and "remains prepared to challenge those it considers to be ill-founded".

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PRA consults on changes to notification and application forms

On 1 October, the PRA published a consultation paper on regulatory transactions and changes to notification and application forms (CP21/18). CP21/18 is relevant to all PRA-authorised firms, as well as firms that have a qualifying holding, or which intend to acquire a qualifying holding in a PRA-authorised firm. The PRA proposes to: (i) update the branch notification form and the cross-border notification form to collect passporting data required by EIOPA, to update references to the IDD, and to correct an administrative error in the PRA's February consultation on the IDD commencement date; (ii) update the forms in the Change in Control Part of the PRA Rulebook to improve their usability and to collect information that is otherwise requested separately. This does not represent a change in PRA policy; (iii) update the passporting forms, passporting declaration, controllers forms, MISPV assumption of new risk notification form, group of cells notification form, and the standing data form to provide a link to a privacy notice; and (iv) amend the Change in Control Part of the PRA Rulebook to remove the controllers forms from the PRA Rulebook. This means that when the PRA needs to make administrative or non-material changes to its forms, it will not have to follow the consultation process for rule changes. The forms will be available on the BoE website with other regulatory transaction forms. The consultation closes on 1 November. The proposals are expected to have effect immediately after the publication of final policy.

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FCA Handbook Notice 58

On 28 September, the FCA published Handbook Notice 58, which sets out changes made to the FCA Handbook under instruments made by the FCA board on 26 July and 27 September. The Handbook Notice reflects changes made to the Handbook by the following instruments: (i) Consumer Credit (Creditworthiness) Instrument 2018 (FCA 2018/44); (ii) Individual Accountability (Dual-Regulated Firms) Instrument 2018 (FCA 2018/45); (iii) Fees (Miscellaneous Amendments) (No 12) Instrument 2018 (FCA 2018/46); and (iv) Supervision Manual (Reporting No 9) Instrument 2018 (FCA 2018/48).

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BoE first annual whistleblowing disclosures report

On 28 September, the BoE published its first annual report under the Prescribed Persons (Reports on Disclosures of Information) Regulations 2017. The report covers the period 1 April 2017 to 31 March and summarises the whistleblowing disclosures received by the BoE and the PRA. Both the BoE and the PRA are prescribed persons under the Public Interest Disclosure (Prescribed Persons) Order 2014. The BoE and PRA have received 141 disclosures, of which 116 were qualifying disclosures. These disclosures have been the subject of supervisory consideration. Seven cases have been referred to the BoE's enforcement litigation division, 28 cases have been referred to the FCA, and one case has been referred to the NCA. The report suggests that 15 disclosures were of "significant value" and contributed to the discharge of regulatory activity.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at:

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit
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  • Google Analytics - For more information on Google Analytics cookies, visit To opt-out of being tracked by Google Analytics across all websites visit This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at:

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