The Standard Formula Podcast | Developments on the Horizon for the UK Change-in-Control Regulatory Regime
Brexit & Financial Services: Preparing for the End of the Transition Period
Compliance with UK MAR depends on effective systems - The UK Market Abuse Regulation (UK MAR) requires firms to identify and report instances of potential market abuse. Their ability to do this depends on the effectiveness...more
Sanctions and the systems and controls companies have in place to comply with them seem to be back in the spotlight. In addition to guidance recently published by the UK Financial Conduct Authority, a number of recent...more
Three decisions in recent weeks have demonstrated the breadth of the UK Government’s sanctions-related powers and underline a push by the UK to demonstrate the robustness of its sanctions and a focus on their enforcement....more
Both the EU and the UK are taking steps to enhance the rules in the financial services sector to add a new layer of direct regulation for key technology providers to banks and other regulated financial services institutions –...more
Privy Council rules against extension of the Quincecare duty - Does a bank owe a duty of care to a person who is the beneficial owner of funds held in the account of a customer of the bank and who has been defrauded by...more
Several EU Technical Standards supplementing the EU Securitization Regulation have been published in the Official Journal of the European Union. The Securitization Regulation has applied directly across the EU since January...more
On 23 July 2019, the FCA published a Dear CEO letter on its wealth management and stockbroking supervision strategy, which began in April 2019. The strategy includes work to identify, diagnose, and remedy the harm that wealth...more
While the payments industry scrambles to meet new standards for APIs, the FCA grants an extension for SCA compliance. In an effort to evaluate the readiness of banks to comply with the revised EU Payment Services Directive...more
On 8 November 2018, the Joint Committee of the European Supervisory Authorities (ESAs) published a Consultation Paper concerning amendments to the PRIIPs KID. This follows a letter sent by the ESAs to the European Commission...more
An international bank settled an enforcement action brought by the Commodity Futures Trading Commission for spoofing. However, in the process, the CFTC went out of its way to laud the bank for self-reporting the incident, as...more
Late last week, the Financial Conduct Authority (“FCA”), the United Kingdom’s financial services regulator, imposed a $1.2 million (896,100 pound) fine on the UK division of India’s Canara Bank, an Indian state-owned bank,...more
On October 4, 2017, Skadden presented the seminar “Government Enforcement Investigations – What You Need to Know in 2018.” Skadden partners Ryan Junck and Elizabeth Robertson, both based in London, moderated the panel...more
The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more
This special report provides a summary of some of the significant changes and developments that occurred in the past year in the private equity and hedge funds space, as well as certain recommended practices that investment...more
The FCA has fined Towergate Underwriting Group Limited £2,632,000; and Timothy Duncan Philip, a former director of, and the client money officer for, TUGL, £60,000. It has also prohibited Mr Philip from having any direct...more