News & Analysis as of

HM Treasury

UK Financial Conduct Authority New Chair - Charles Randell CBE

by Shearman & Sterling LLP on

HM Treasury has announced that Charles Randell CBE will become chair of the Financial Conduct Authority...more

UK Joint Money Laundering Steering Group Publishes Final Revised Guidance for Financial Services

by Shearman & Sterling LLP on

The Joint Money Laundering Steering Group has published final revised guidance on anti-money laundering and counterterrorist financing for the financial services sector...more

Pensions Round-Up November 2017

by DLA Piper on

Welcome to the latest edition of Pensions Round-Up which provides an overview of developments in pension legislation and regulatory guidance. In this edition we look at key developments from November 2017 including the...more

UK Government Makes Orders De-recognising CHAPS and Amending Designation of Cheque & Credit

by Shearman & Sterling LLP on

HM Treasury has made two Orders which take effect from December 20, 2017. The first Order amends the designation Order in force since April 2015 designating Cheque & Credit as a regulated payment system...more

UK Financial Conduct Authority Publishes Measures to Improve the UK Financial Advice Market

by Shearman & Sterling LLP on

The Financial Conduct Authority has published a Policy Statement setting out new Handbook rules and guidance to implement some of the recommendations arising from the Financial Advice Market Review launched by the FCA jointly...more

HM Treasury Amends the Regulated Activities Order to Account for the MiFID II Ancillary Exemption for Commodity Traders

by Reed Smith on

HM Treasury has published a statutory instrument revising the Regulated Activities Order to clarify what will happen in the event that a commodity derivatives trading firm cannot perform the necessary calculations to...more

UK Government's Strategy for the UK's Asset Management Industry

by Shearman & Sterling LLP on

HM Treasury has published the second UK Investment Management Strategy which sets out the UK Government's long-term strategy for ensuring that the UK remains a globally competitive location for asset management. The...more

HMT Unveils Strategy for Future of UK's Asset Management Industry

by Dechert LLP on

HM Treasury recently published its Investment Management Strategy II Report. Building on its 2013 strategy report ? which mainly focused on how to improve the UK as a fund domicile ? this report sets out the UK government’s...more

UK Central Securities Depositaries Regulations 2017 Published

by Shearman & Sterling LLP on

HM Treasury has published the Central Securities Depositories Regulations 2017, together with an explanatory memorandum. The Regulations implement, in part, certain Articles of the EU Central Securities Depositaries...more

A UK Version of OFAC?

The Office of Financial Sanctions Implementation ramps up enforcement activities in London - A new UK sanctions enforcement body with added civil enforcement tools is ramping up activities. ...more

Criminal justice: How best to stop economic crime

by WilmerHale on

Speaking at the 35th annual Cambridge International Symposium on Economic Crime, Robert Buckland QC MP, the Solicitor General for England and Wales, and David Green QC, Director of the SFO, addressed the question, “Preventing...more

Key Regulatory Topics: Weekly Update - 4 August - 10 August 2017

by Allen & Overy LLP on

Brexit - Brexit – PRA letter to HoC Treasury Committee on firms' contingency planning - On 9 August, the HoC Treasury Committee published a letter (dated 2 August) from Sam Woods, BoE Deputy Governor, Prudential...more

Extension to UK sanctions reporting requirements

by DLA Piper on

On 8 August 2017 new regulations will come into effect in the UK imposing enhanced sanctions reporting obligations on professional service providers. There are some variations across the regimes, but in general the...more

Extending the SMCR to FCA-only authorised firms: Our insights

by Allen & Overy LLP on

On 26 July 2017, the FCA published its much-anticipated consultation paper on the extension of the Senior Managers and Certification Regime (SMCR) to FCA-only authorised firms. We have set out below our initial thoughts on...more

A New Sleuth in Britain: The UK Quietly Empowers a Sanctions Enforcement Office

On April 3, 2017, the UK Treasury’s Office of Financial Sanctions Implementation (OFSI) announced new penalties for economic sanctions violations of £1 Million or 50% of the value of the transaction, whichever is higher. As a...more

Investment Funds Updatea: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

HM Treasury Finalises Private Fund Changes to Limited Partnerships Act 1907 - As previously reported, HM Treasury published on 16 January 2017, a draft Legislative Reform (Private Fund Limited Partnerships) Order 2016...more

UK HM Treasury Publishes Updated Special Resolution Regime Code of Practice

by Shearman & Sterling LLP on

HM Treasury has published a revised"Banking Act 2009 Special Resolution Regime Code of Practice". The Code aims to encourage financial stability by resolving institutions such as banks, building societies and certain...more

"UK Tracks OFAC Model in Issuing Guidance on Monetary Penalties for Breaches of Financial Sanctions"

As previously reported, the Policing and Crime Act 2017 (the Act) introduced a series of major changes to the U.K. financial sanctions regime. The changes, which came into force on April 1, 2017, included the creation of new...more

UK: Implementation of UN Financial Sanctions Resolution under the Policing and Crime Act 2017

by Hogan Lovells on

The Policing and Crime Act 2017 (the “2017 Act“) has introduced measures to strengthen the effectiveness of the UK’s financial sanctions regime. The delay in the implementation of UN sanctions as a result of EU processes is...more

New monetary penalty regime for breach of financial sanctions

by Allen & Overy LLP on

A new regime in the UK for punishing individuals or businesses that breach financial sanctions came into force on 1 April 2017. In March 2016 the Office of Financial Sanctions Implementation (OFSI) was formed, as part of...more

Anti-money laundering bulletin - Spring 2017

by DLA Piper on

DLA Piper’s Financial Services Regulatory team welcomes you to the Spring 2017 edition of our Anti-Money Laundering (AML) Bulletin. In this issue, we provide updates on AML developments and enforcement actions in the UK and...more

Regulation Round Up - March 2017

by Proskauer Rose LLP on

Key developments in March 2017: 1 March - The FCA published its Consultation Paper on "Reforming the availability of information in the UK equity IPO process" (CP17/5). The CP proposes a package of policy measures...more

New monetary penalty regime for breach of financial sanctions

by Allen & Overy LLP on

A new regime in place in the UK for punishing individuals or businesses that breach financial sanctions comes into force from 1 April. In March 2016 the Office of Financial Sanctions Implementation (OFSI) was formed, as part...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

UK Supreme Court Rules UK Parliament Must Approve Brexit Notice to EU - Under Article 50 of the EU Treaty, the process for the UK to leave the EU is commenced by service of a notice on the European Council, which starts...more

UK Definition of "Financial Advice" Set to Change from 2018

by Shearman & Sterling LLP on

HM Treasury published its response to its late 2016 consultation on amending the definition of regulated advice under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to bring it in line with the...more

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