Welcome to Banking Bites! This is our short summary flagging some key developments in your sector that we hope will inform your activities in your market....more
10/21/2022
/ Anti-Money Laundering ,
Bank of England ,
Climate Change ,
Economic Sanctions ,
EU ,
FDIC ,
Financial Services Industry ,
Foreign Investment ,
NY Supreme Court ,
Pending Legislation ,
Risk Mitigation ,
Russia ,
UK
New High Court case considers nature and scope of the Quincecare duty -
In June, the Court of Appeal expanded the scope of a bank’s duty of care to protect its customers from fraud to encompass instructions by those other...more
6/21/2022
/ Bank of England ,
Banks ,
Civil Monetary Penalty ,
Climate Change ,
Criminal Liability ,
Duty of Care ,
Economic Sanctions ,
EU ,
European Commission ,
Financial Accounting ,
Fraud ,
Insurance Industry ,
Member State ,
Money Laundering ,
Office of Financial Sanctions Implementation (OFSI) ,
Payment Systems Regulator (PSR) ,
Prudential Regulation Authority (PRA) ,
Risk Factors ,
Russia ,
Third-Party Service Provider ,
UK ,
UK Regulatory Reforms
On 11 May 2022, the keenly awaited Procurement Bill (announced in the Queen’s Speech) was formally introduced to the House of Lords and received its first reading.
Running to 122 pages (and comprising 116 sections...more
Welcome to Banking Bites! This is our short summary flagging key developments in the UK that we hope will inform your activities in your market....more
5/17/2022
/ Anti-Money Laundering ,
Antitrust Violations ,
Banking Sector ,
Corporate Governance ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Economic Sanctions ,
Ethnicity ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
FTSE ,
Modern Slavery Act ,
Retail Banks ,
Russia ,
UK ,
UK Competition and Markets Authority (CMA) ,
Ukraine
As you will know, an unprecedented sanctions regime has been imposed by the UK, EU and US in response to Russia’s actions concerning Ukraine. But what issues could arise for your contracts with Russian or Ukrainian parties or...more
3/16/2022
/ Commercial General Liability Policies ,
Contract Terms ,
Economic Sanctions ,
EU ,
Force Majeure Clause ,
Frustration of a Common Purpose ,
Military Conflict ,
Russia ,
Supply Chain ,
UK ,
Ukraine
On 10 February 2022 the UK published the much anticipated amendments to the current sanctions measures applicable to Russia. The Russia (Sanctions) (EU Exit) (Amendment) Regulations 2022 (“Amending Regulations 2022”) are...more
The UK Government has announced a revised timetable for the introduction of border controls and checks for goods arriving from the EU, just two weeks ahead of the expected introduction of new rules for imports. Under the...more
9/21/2021
/ Corporate Counsel ,
Customs ,
EU ,
Importers ,
Imports ,
Logistics ,
New Regulations ,
Reporting Requirements ,
Supply Chain ,
UK ,
UK Brexit
On July 13, 2021, the US Department of State, US Department of the Treasury, US Department of Commerce, US Department of Homeland Security, Office of the United States Trade Representative, and US Department of Labor issued...more
8/13/2021
/ China ,
Department of Homeland Security (DHS) ,
Department of Labor (DOL) ,
Due Diligence ,
Economic Sanctions ,
EU ,
European Commission ,
Forced Labor ,
Guidance Update ,
Human Rights ,
New Guidance ,
Supply Chain ,
Surveillance ,
U.S. Commerce Department ,
U.S. Treasury ,
US State Departments ,
USTR
The European Commission’s June 2020 White Paper outlined its initial plans for a subsidies regime. The Commission has now developed these plans in its proposals for a new regulation....more
On 11 November, the UK Government introduced to Parliament the long-awaited National Security and Investment Bill. The Bill, which is expected to be enacted in Spring 2021, is a transformative event for investors in UK...more
11/16/2020
/ Acquisitions ,
BEIS ,
Critical Infrastructure Sectors ,
EU ,
Foreign Investment ,
Merger Controls ,
Mergers ,
National Security ,
Notice Requirements ,
Proposed Legislation ,
Regulatory Agencies ,
Regulatory Oversight ,
UK ,
UK Competition and Markets Authority (CMA)
After three years of dominating the news (in the UK at least), Brexit has been extremely quiet for much of the year. This is hardly a surprise given that we have been in the thick of a global pandemic that has changed so much...more
10/12/2020
/ Corporate Counsel ,
Cross-Border Transactions ,
Customs ,
Customs Unions ,
EU ,
European Commission ,
General Data Protection Regulation (GDPR) ,
Member State ,
No-Deal Brexit ,
Northern Ireland ,
State Aid ,
Trade Relations ,
Transitional Arrangements ,
UK ,
UK Brexit ,
Withdrawal Agreement
On 29 September 2020, the UK Government laid before Parliament draft legislation which effectively revokes the EU state aid rules in the UK from the end of the Brexit transition period. The draft Regulations do not put in...more
The global COVID-19 pandemic is placing an unprecedented strain on healthcare systems around the world. At the same time, the knock on effects of the pandemic are hitting businesses and public authorities hard....more
Getting Brexit Done...?
On 31 January 2020 at 11pm local time, the UK formally left the EU under the terms of the EU-UK Withdrawal Agreement. So, what has changed?
On a political and historical level, the change is...more
How should we approach competing sanctions risks?
Among the numerous regulatory compliance risks faced by financial institutions, economic and trade sanctions risks commonly receive a great deal of attention....more
4/8/2019
/ Blocking Statutes ,
CAATSA ,
Criminal Liability ,
Criminal Prosecution ,
Cuba ,
Economic Sanctions ,
Enforcement Actions ,
EU ,
Financial Institutions ,
Foreign Financial Institutions (FFI) ,
Joint Comprehensive Plan of Action (JCPOA) ,
Office of Foreign Assets Control (OFAC) ,
SDN List
Pursuant to the President’s May 8, 2018, memorandum announcing the United States’ withdrawal from the Joint Comprehensive Plan of Action (JCPOA), the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC)...more
1/3/2019
/ Blocking Statutes ,
Cuba ,
EU ,
Export-Import Bank of the US ,
Iran ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Office of Foreign Assets Control (OFAC) ,
SDN List ,
Trump Administration ,
U.S. Treasury ,
US Trade Policies
The recent decision by the US Government to pull out of the Joint Committee Plan of Action (JCPOA) and to re-impose sanctions against Iran poses a difficult question for companies in Europe (including subsidiaries of US...more