A new profits tax exemption ordinance (Bill)1 became effective on 1 April 2019. The Bill introduces a Private Funds Exemption, which has significant implications for the private funds industry. Benefits include: fund managers...more
In this week’s newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
HM Treasury has published explanatory guidance on potential changes to the U.K.'s laws on ring-fencing in preparation for a "no deal" scenario in which the U.K. leaves the EU on March 29, 2019. The draft Ring-Fenced Bodies...more
2017 in the UK and the rest of Europe seems to have been primarily a year devoted to implementation – both of political decisions already made and of legislation that had already been enacted. On the political front, Brexit...more
In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more
Charting New and Dangerous Waters - Lloyd George and Epictetus may be long gone but their words have much resonance with the events of 2016. The political fallout from the UK’s vote to leave the European Union (“EU”)...more
The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 was published. The Amendment Order amends the Financial Services and Markets Act...more
Legal & Regulatory - BRRD: FCA publishes modification by consent for Article 55 rules - Article 55 of the EU Bank Recovery and Resolution Directive 2014/59 (BRRD) requires European Economic Area (EEA) firms and...more
2016 will mark the eighth anniversary of the collapse of Lehman Brothers and the raft of regulatory reforms introduced in the aftermath of that event and the wider financial crisis will continue to be implemented during the...more
On January 13, 2015, the Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) Regulations 2015 were published. The Regulations amend the Capital Requirements (Capital Buffers and Macro-prudential...more
The U.K. Government recently published the Financial Services (Banking) Reform Bill (the “Bill”) which implements the key recommendations of the U.K.’s Independent Commission on Banking (the “ICB”). The ICB was established in...more
In This Issue: *RMBS Litigation - Assured Wins $90 Million in Damages in RMBS Breach of Contract Trial - DOJ Brings Civil Fraud Action Against S&P - S&P Seeks Declaration That Credit Ratings Are Immune...more
On February 5, the Financial Markets Law Committee published a paper highlighting uncertainties identified in relation to the ring-fencing provisions contained in the draft Financial Services (Banking Reform) Bill 2012 –...more