HM Treasury has launched a consultation, the Financial Services Future Regulatory Framework Review: Proposals for Reform. The consultation paper presents the government's response to the feedback received to the October 2020...more
The Biden Administration this quarter announced fewer targeted sanctions, but issued several “whole of government” advisories regarding sanctions risks associated with China-related business dealings, as well as virtual...more
10/29/2021
/ Banking Sector ,
Banks ,
Cryptocurrency ,
Customs ,
Economic Sanctions ,
Enforcement Actions ,
Export Controls ,
Exports ,
Financial Institutions ,
Office of Foreign Assets Control (OFAC) ,
Sanctions
On September 24, 2020 the European Commission (EC) launched proposals for a new EU-wide regime to regulate crypto-assets and distributed ledger technology (DLT) in the financial sector through a Digital Finance Package. Key...more
This quarter, the U.S. announced new sanctions and trade restrictions on China in response to its perceived intrusions on Hong Kong’s autonomy and reported human rights abuses in Xinjiang. The Trump Administration acted...more
The European Union’s financial regulatory regime for third-country access in many sectors relies on a framework of “equivalence,” whereby institutions based in approved non-EU countries with similar standards may have varying...more
10/22/2020
/ EIOPA ,
EMIR ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
FinTech ,
MiFID II ,
MiFIR ,
UK ,
UK Brexit
In this newsletter, we provide a snapshot of the principal European, U.S., U.K. and selected international governance and securities law developments of interest to European corporates.
...more
This quarter, the U.S. announced new sanctions and trade restrictions on China in response to its recent encroachments on Hong Kong and its reported mistreatment of ethnic minorities. OFAC continued to target shipping...more
On 26 June 2020, the Corporate Insolvency and Governance Act 2020 (the “Act”) introduced the biggest reforms in a generation of U.K. insolvency law. It also implemented several temporary changes to both insolvency and company...more
COVID-19 has acted as an accelerator, bringing into play scenarios which were previously only contingencies and making contingencies of (and requiring planning for) situations which were previously barely imaginable. The debt...more
On 27 May 2020, Abu Dhabi Global Market’s (ADGM) founding law, Abu Dhabi Law No (4) of 2013 (the “Founding Law”), was amended in a number of important respects to bring greater certainty to the scope of jurisdiction of the...more
Financial institutions operating across multiple jurisdictions face a myriad of regulatory challenges, including those arising from differences between regulators in: (a) the substance of their laws, regulations and...more
European banks operating across multiple jurisdictions face a set of specific regulatory challenges, including...more
The U.K. Government has announced a £1.25 billion funding package for high-growth businesses driving innovation and development in the U.K. The package will be launched in May, with some payments expected to be made by...more
The COVID-19 crisis threatens to stress test the world’s financial institutions in new ways. Firms are far more robust than before the 2007-8 financial crisis as a result of strong management action and global coordination...more
U.S. sanctions authorities remained active in the first quarter of 2020, even as international focus turned toward combatting the COVID-19 pandemic. OFAC and the U.S. State Department imposed secondary sanctions on firms in...more
For the first time since the last financial crisis started in August 2007, issues of systemic financial risk have come to the fore. Legal analysis, and an assessment of legal rights, obligations and liabilities, is vital for...more
The COVID-19 pandemic has resulted in unprecedented disruption to worldwide markets and personal livelihoods, affecting global companies, small companies and main street businesses alike. As business owners struggle to...more
On 28 March 2020, the Secretary of State for Business, Energy and Industrial Strategy (BEIS) announced key measures to protect companies and businesses facing major funding and operational difficulties in the current COVID-19...more
The European Union’s financial regulatory regime for third-country access in many sectors relies on a framework of “equivalence,” whereby institutions based in approved non-EU countries with similar standards may have varying...more
The FCA has published a series of measures and regulatory guidance on how financial services firms should deal with the coronavirus (COVID-19) pandemic. In our previous client notes, “Planning in a Time of Pandemic:...more
4/1/2020
/ Banking Sector ,
Consultation ,
Coronavirus/COVID-19 ,
EU ,
European Commission ,
Financial Institutions ,
Financial Planning ,
Financial Services Industry ,
Payment Systems ,
Relief Measures ,
Short Sales ,
telephone-recording ,
UK ,
UK Payment Systems Regulator
The Bank of England (BOE) has announced a series of policy measures designed to help U.K. financial market participants deal with the effects of the coronavirus (COVID-19) pandemic. The latest measures, announced on 20 March...more
The economic and operational stresses caused by the Novel Coronavirus (COVID-19) are highlighting the need for regulated financial institutions to formulate responses to address significant business disruptions (SBDs) and to...more
The European Securities and Markets Authority (ESMA) has announced regulatory forbearance for banks and investment firms subject to the upcoming reporting obligation under the Securities Financing Transaction Regulation...more
European Securities and Markets Authority Takes Steps to Improve Transparency in Light of Disruption to EU Financial Markets Arising from COVID-19 Pandemic -
Effective 16 March 2020, all holders of net short positions in...more
This is the first edition of U.K. Business Crime Review— an annual publication focused on the outcomes, trends and developments over the past 12 months that are likely to be of interest to businesses operating in the United...more