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Showing 31 - 40 of 1186 matches filtered by 'Banking and finance'

  • Consumer Credit Act to be reformed

    The Government has announced that it is committing to reform the Consumer Credit Act 1974 (“CCA”), which regulates lending, including credit cards and personal loans. This reform is part of a drive to modernise legislation in this area, cutting costs for businesses and simplify rules for consumers. What is the ...
  • Spain: CNMV circular concerning notification forms for significant shareholdings

    On 8 June 2022 the Spanish National Securities Market Commission (“CNMV”) published a Circular in the Official State Gazette (“BOE”), approving the notification forms concerning significant shareholdings, treasury stock transactions and market makers (the “Circular”). This Circular replaces the one issued on 22 December 2015 (“Circular 8/2015”) in order to ...
  • English High Court treats Non-Fungible Tokens as legal property in fraud case

    In an important ruling, the High Court of England and Wales recognised that there was at least a realistically arguable case that non-fungible tokens (“NFTs”) were to be treated as legal property for the purposes of granting an injunction against persons unknown and a Bankers Trust Disclosure Order against Ozone ...
  • ESAs provide further guidance on application of SFDR

    1. Background In her speech given on 31 May 2022, Verena Ross – Chair of the European Securities and Markets Authority (“ESMA”) – warned on the danger of greenwashing, as disclosures requirement under the Sustainable Finance Disclosure Regulation (“SFDR”) are too often used as product classification for marketing purposes. She ...
  • Critical Third Parties to the financial services sector: the dawn of a new era

    Background HMT has confirmed that it will legislate to permit UK financial regulators to directly oversee and supervise (previously unregulated) “critical” third parties (“CTPs”) that provide services to the finance sector. Financial services firms have become increasingly reliant upon cloud and other third-party providers in recent years, coming to rely ...
  • The ESAs have submitted further SFDR queries to the Commission

    I. Background While Level 1 of the Sustainable Finance Disclosure Regulation (“SFDR”) has been applicable for over a year, the investment funds managers have been facing uncertainties with regards to the timing and interpretation of the SFDR Level 2 requirements, set out as regulatory technical standards (“RTS”). On 14 July ...
  • Draft report on the Commission’s proposal to amend the AIFMD: key changes

    1. Background On 16 May 2022, the draft report on the proposal for a directive of the European Parliament and of the Council amending Directives 2011/61/EU on alternative investment fund managers (the AIFMD) and Directive 2009/65/EC on undertakings for collective investment in transferable securities (the UCITSD) as regards delegation arrangements, ...
  • Securities litigation – cometh the hour!

    We now have the long-awaited decision of Mr Justice Hildyard in Autonomy & ors v Michael Richard Lynch & anr [2022] EWHC 1178 (Ch). The judgment is long and deals with a multitude of issues. This article is focussed on issues pertinent to s.90A/Sch 10A of the Financial Services and ...
  • APP Fraud - claim in unjust enrichment against bank fails

    In the matter of Tecnimont Arabia Limited (“Tecnimont”) v National Westminster Bank plc (“Bank”) [2022] EWHC 1172 (Comm), the High Court has held that the Bank was not unjustly enriched at the expense of Tecnimont. This is the latest in an ever-increasing body of caselaw which involves the victims of ...
  • FCA Rules on Diversity and Inclusion

    On 20 April 2022, the FCA published PS22/3, setting out its policy statement and final rules on diversity and inclusion on company boards and executive management (Policy Statement) building on the proposals in Consultation Paper 21/24 (CP21/24). The Policy Statement introduces new Listing Rules (Listing Rules) and amendments to the ...