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  • FCA enforcement against PDMR

    In the first such action to be made fully public, the FCA has fined a managing director of a listed company £45,000 for failing to notify share trades in the listed company as required under the Market Abuse Regulation (MAR). The case is notable, not just for being the first ...
  • A new EU operational resilience framework for cyber security?

    Our recent RegZone article discussed the FCA, PRA and Bank of England consultations on improving financial stability in the UK markets through operational resilience. Continuing this theme, but now from the EU perspective, the EBA and EIOPA have published Guidelines to address increasing concern about the changing operational risks posed ...
  • European Commission consults on regulatory framework for cryptoassets

    On 19 December 2019, the European Commission (the Commission) published a consultation document seeking views on the EU regulatory framework for cryptoassets. Other topical areas discussed include the promotion of digital finance and blockchain, and the development of a relatively new subset of cryptoassets: stablecoins. Given that there is no ...
  • Switzerland proposes key amendments to laws on blockchain and DLT technology

    The Swiss legislation initiative to accommodate blockchain and distributed ledger technology (DLT) is well underway. After the consultation phase initiated this spring (see our earlier report), the Swiss Federal Council has now adopted the dispatch (Botschaft) on the amendments of various federal laws to further improve the legal framework for ...
  • Consumer protection also applies to sophisticated investors

    In the context of determining the competent jurisdiction in respect of a consumer contract, Article 18 of Regulation (EU) No 1215/2012 (the “Brussels Ia Regulation”) states that a consumer may either sue the other party to a contract (i) in the courts of the Member State where that party is domiciled or (ii) in the courts where the consumer is domiciled.
  • Brexit update for financial services firms- from 30 November 2019 to 13 December 2019

    The UK general election produced a large Conservative majority which is expected to lead to the UK's formal exit from the EU at the end of January next year. The transitional period of the Withdrawal Agreement (WA) will then come into force which will effectively maintain UK membership of the single market and the application of EU law in the UK.  Attention will now focus on the timetable for the new...
  • Regulators consult on Operational Resilience: A paradigm shift in the regulation of financial stability

    Background On 5 December 2019, the FCA, PRA and Bank of England (the “Regulators”) all published their joint and coordinated Consultation Papers (“CPs” the CPs are available here, here and here) on new requirements to strengthen operational resilience in the financial services sector. They are a response to the Treasury Select Committee’s investigation into IT failures within the financial services...
  • FinSA and FinIA enter into effect on 1 January 2020 - But a lot of provisions do not apply immediately

    On 6 November 2019, the Swiss Federal Council decided that the Swiss Financial Services Act and the Swiss Financial Institutions Act will enter into effect on 1 January 2020. The implementing provisions of these acts are contained in the recently published final versions of the Financial Services Ordinance, the Financial Institutions Ordinance and the Supervisory Organisation Ordinance. However, as...
  • Central Securities Depositories Regulation: 10 things you need to know

    In an article originally published in the Compliance and Risk Journal, Sam Robinson, Susann Altkemper and Yasmin Johal explain ten important issues relating to the Central Securities Depositories Regulation. ("CSDR"). 
  • Brexit news report for financial services firms - from 16 November 2019 to 29 November 2019

    1.       FCA: Response to key comments from the independent panels' annual reports for 2018-19 FCA has published its response to key comments from the annual reports of FSCP, FCA PP, FCA SBPP and FCA MPP. Specific areas covered include: Brexit; FCA’s priorities; operational and cyber resilience; crypto assets; Mortgage Markets Study; duty of care; fair pricing; consumer credit; Retirement Outcomes...