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  • The Law Commission’s consultation paper on digital assets (corporate law aspects) – Part 2

    29/09/2022
    In July 2022, the Law Commission for England and Wales launched its consultation proposals inviting comments and recognition for protection of digital assets (such as crypto-tokens, cryptoassets and non-fungible tokens (NFTs)). In Part 1 of this article we covered (1) the suggested creation of a third category of personal property, ...
  • Directors’ responsibility for identifying inside information - Lessons to be learnt from the FCA’s decision in relation to Sir Christopher Gent

    21/09/2022
    This article considers the decision of the Financial Conduct Authority (FCA) to fine Sir Christopher Gent the sum of £80,000 for the unlawful disclosure of inside information. The article discusses certain points arising from the decision and suggests some practical steps for boards and issuers to take. For a full ...
  • Bonus Cap to be Scrapped?

    21/09/2022
    According to press reports last week, the Chancellor, Kwasi Kwarteng, is considering scrapping the cap on variable remuneration that applies to dual-regulated firms’ material risk takers. The cap was introduced in 2014 as part of a suite of EU rules aimed at deterring excessive risk taking by more closely aligning ...
  • Critical Third Parties to the financial services sector discussion paper published

    01/09/2022
    Background Following a recent RegZone article on this topic which focused on HMT’s confirmation that it will legislate to permit financial regulators to directly oversee and supervise (previously unregulated) “critical” third parties (“CTPs”) that provide services to the finance sector, the Bank of England, PRA and FCA (together, “the regulators”) ...
  • Executive Remuneration and ESG

    31/08/2022
    Environmental, social and governance (ESG) considerations are top of the agenda for many companies today. While ESG seeps into all aspects of business, executive remuneration is one of the areas that is beginning to address ESG concerns. Recent research found that three in five FTSE 100 executive bonus plans now ...
  • Does the Financial Services and Markets Bill 2022 secure the UK’s green finance agenda?

    12/08/2022
    The UK was described as “the best place in the world for green finance” by Rishi Sunak, the former UK Chancellor of the Exchequer, in his Mansion House speech last year. In helping to secure the UK as a world leading net zero financial centre, the Financial Services and Markets ...
  • Cryptoassets held by individuals: What amounts to a disposal for capital gains tax purposes

    09/08/2022
    HM Revenue & Customs (“HMRC”) continues to update and expand its guidance on the taxation of cryptoassets held by individuals. In this series, we will explore various tax topics relevant to individuals buying, holding and disposing of cryptoassets. This third article in the series considers what amounts to a “disposal” ...
  • FCA final rules challenge financial promotions of high-risk investments

    04/08/2022
    On 1 August 2022, in a bid to tackle misleading adverts that encourage investment in high-risk products, the FCA published stronger rules relating to the financial promotions of high-risk investments (HRIs). The finalised rules aim to enhance consumer protection by reducing and preventing harm from such investments that do not ...
  • Oversight of Appointed Representatives

    04/08/2022
    The Financial Conduct Authority (“FCA”) has published new rules to improve oversight over appointed representatives (“ARs”), which will take effect on 8 December 2022. These new rules are intended to address shortcomings and potential sources of harm identified by FCA in the operation of the current regime, and will mean ...
  • Cryptoassets held by individuals: What constitutes “trading” for tax purposes

    04/08/2022
    HM Revenue & Customs (“HMRC”) continues to update and expand its guidance on the taxation of cryptoassets held by individuals. In this series, we will explore various tax topics relevant to individuals buying, holding and disposing of cryptoassets. This second article in the series considers what constitutes a “trade” for ...