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  • Tokenised Funds Series: Paper 5 – Operational & Cyber Resilience Implications

    21/10/2022
    CMS has published a series of papers in collaboration with the IA. These papers explore the basics of tokenised funds, the regulatory considerations, and prospectus disclosures that may be necessary. This is the fifth paper in which we explore the implications for firms running tokenised funds from an operational and ...
  • ESMA Guidelines on suitability updated to take into account sustainability factors, risks and preferences of the clients

    14/10/2022
    On 23 September 2022, ESMA released an updated version of its Guidelines on certain aspects of the suitability requirements as provided for under Directive 2014/65 on Markets in Financial Instruments (“MiFID II”) (the “Guidelines”). These Guidelines aim to ensure a common, uniform and consistent implementation of the MiFID II requirements ...
  • 1 and 6 month synthetic sterling LIBOR settings to cease after 31 March 2023

    10/10/2022
    In our article at the end of July we discussed the market consultation of the Financial Conduct Authority (the “FCA”) on the cessation of synthetic sterling LIBOR settings and the potential publication of synthetic US Dollar settings (the “Consultation”). See our previous article here. The Consultation closed in August. In ...
  • 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” ...