News & Analysis as of

United Kingdom

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

Key terms in UK and US M&A deals

by DLA Piper on

Over the past ten years, it’s not been uncommon for the UK to report a trade surplus with the US, and simultaneously, the US to report a trade surplus with the UK....more

Draft UK Legislation Confirms Regulatory Position of Borrowers on Peer-to-Peer Lending Platforms

by Shearman & Sterling LLP on

HM Treasury has published draft legislation to amend the Financial Services and Markets Act 2000 (Carrying on Regulated Activities By Way of Business) Order 2001 (S.I. 2001/1177), to clarify the position of borrowers who...more

A Sexual Harassment Sea Change for Employers?

Social media supercharges the potential for sexual harassment allegations involving work colleagues and could lead to consequences for employers who fail to act quickly and appropriately. Recent events herald a change in...more

UK Builds on Gender Pay Gap Regulations with Enforcement Proposal

On 19 December 2017, the Equality and Human Rights Commission (EHRC) proposed a draft plan for enforcement action in relation to The Equality Act 2010 (Gender Pay Gap Information) Regulations 2017. Consultation on the...more

How will Brexit impact UK and EU influence over international economic regulation?

by Hogan Lovells on

With the EU and the UK having made "sufficient progress" on the terms of the UK's withdrawal from the EU during phase one of the Brexit negotiations, attention has shifted to the framework for the future relationship between...more

UK charities seeking opinions on their equivalency to US tax-exempt charities

by DLA Piper on

On 2 October 2017, the IRS provided guidance to US tax advisers for issuing opinions to the effect that a non-US charity is equivalent to an analogous tax-exempt US charity (Rev. Proc. 2017-53, 2017-40 IRB 263). Few non-US...more

Employment News - January 2018 #2

by Hogan Lovells on

Weekly newsletter on employment matters. In this weeks issue: - Don't break it – rest periods have to be uninterrupted... - Is that relevant? Disclosure of documents between employee and union...more

First Drone Passenger Flight Set for 2018 in London

The first drone passenger flight (test flight that is) is set for 2018 in London. These passenger drones (also known as vertical take-off and landing aircraft—VTOLs) could cut the travel time from the Charing Cross train...more

Financial Services Quarterly Report - Fourth Quarter 2017: UK Asset Managers, Brexit Planning and Supervisory Convergence

by Dechert LLP on

Following the UK’s decision to leave the EU, asset management firms of all types and sizes will need to conduct a thorough analysis to understand the potential impact of Brexit. To date, this has been something of a difficult...more

Brexit Update: Negotiations Move To The Next Phase After Joint Report

by King & Spalding on

On December 8, 2017, the UK and the EU issued a Joint Report on the first phase of negotiations covering Brexit. This document included three significant provisions...more

UK Financial Conduct Authority Publishes Near-Final Rules for Implementation of the EU Benchmarks Regulation

by Shearman & Sterling LLP on

The UK Financial Conduct Authority has published a Policy Statement setting out responses to its earlier consultation in June 2017 on proposed Handbook changes to ensure that the Handbook is consistent with the provisions of...more

Residential leasehold: will good intentions lead to good law?

by Dentons on

In 2017 the Department for Communities and Local Government launched a consultation on "tackling unfair practices in the leasehold market" (see our related update). The government has now issued its response to the feedback...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Robert Jackson and Hester Peirce were sworn in as Commissioners yesterday by Chairman Clayton. Mr. Jackson joined the agency from NYU School of law where he was a professor....more

UK Real Estate Tax Changes: How are Commercial Property Lenders Affected?

by Ropes & Gray LLP on

A significant amount has been written about the proposals made in the November 2017 Budget by the Chancellor of the Exchequer in relation to the taxation of the UK commercial property sector. The bulk of this commentary has...more

Key Regulatory Topics: Weekly Update - 22 December 2017 – 4 January 2018

by Allen & Overy LLP on

BREXIT - FMLC paper on Brexit and impact of WTO rules on financial services - On 22 December 2017, the FMLC published a paper on the potential impact of Brexit and WTO rules on financial services. The paper focuses on...more

A Last Hurrah - David Green CB QC’s Final Appearance Before the Justice Committee

by WilmerHale on

On 13 December 2017, the Justice Committee held an evidence session on the work of the Serious Fraud Office (“SFO”). In his last scheduled appearance before the Justice Committee, David Green CB QC—Director of the...more

Property in 2018: all change

by Dentons on

Who says that property law doesn't move with the times? 2018 kicks off with talk of a register of beneficial ownership, consultations on topics as diverse as electronic signatures and chancel repair liability, plus proposals...more

UK Prudential Regulation Authority Issues Updates to its Pillar 2A Capital Framework

by Shearman & Sterling LLP on

The UK Prudential Regulation Authority has published a policy statement setting out final amendments to its supervisory statements on "The Internal Capital Adequacy Assessment Process (ICAAP) and the Supervisory Review and...more

Final UK Domestic Legislation Published Implementing the Revised Markets in Financial Instruments Directive

by Shearman & Sterling LLP on

The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No. 2) Regulations 2017 have been published, and will take effect mainly from January 3, 2018. Some technical provisions will come into force a...more

Asset Management Regulatory Roundup - January 2018 - Issue 1

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 the matters to be considered by users of financial benchmarks when selecting an...more

EU and UK Sanctions and Export Controls Update – Winter 2017

by K&L Gates LLP on

The EU and UK sanctions regimes have seen significant change during the last few months. Discussions are ongoing regarding the UK's plans for its post-Brexit sanctions policy but uncertainty and division dominates the...more

UK Regulators Consult Further on Extension of Individual Accountability Regime to All Financial Services Firms

by Shearman & Sterling LLP on

The UK Financial Conduct Authority and Prudential Regulation Authority have issued further consultations on aspects of the extension of the Senior Managers and Certification Regime to all firms authorized under the Financial...more

Preparing Borrowers For The LIBOR Phase-Out: Some Practical Advice

by Cole Schotz on

As a result of the well-publicized scandals involving LIBOR rate manipulation, British regulators announced plans in July 2017 to phase-out LIBOR by 2021 and replace it with a more reliable benchmark. In addition to other...more

Blog: High Court rules on the application of suspensive warranty provisions in insurance contracts

by Cooley LLP on

In Bluebon Limited (in liquidation) v (1) Ageas (UK) Limited (formerly Fortis Insurance Limited) (2) Aviva Insurance Limited (3) Towergate Underwriting Group Limited [2017] EWHC 3301 (Comm), Mr Justice Bryan held that an...more

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