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Proposed Directive to amend the Fourth Money Laundering Directive ((EU) 2015/849) (MLD4). The proposed Directive is known as the Fifth Money Laundering Directive (MLD5). The legislative proposal takes the form of a minimum harmonising Directive, which means that member states can adopt or retain measures that are more stringent than those in the proposed Directive.

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  • UK and EU flags

    This week put Brexit preparations on the back-burner as the Article 50 exit date was put back and the ratification of the revised Withdrawal Agreement (“WA”) by the UK Parliament was abandoned in favour of a general election. We will therefore be pausing our weekly email commentary until the New Year. The Article 50 extension (see Document 5 below) delays the UK's exit until 11.00 pm GMT on 31st...

  • man and euros

    Commentary This week saw the publication, and start of the UK’s legislative process for, the long-awaited bill to ratify and implement the EU/UK Withdrawal Agreement (“WA”). The revised WA was published on 19th October (for our commentary and links to publications about the revised WA package – see below. The WA is very largely unchanged from the version negotiated by Mrs. May except for the Protocol...

  • EU sales image

    FCA: Temporary transitional powers Further to the directions made on 28 March 2019, FCA has updated and published draft directions and updated its explanatory note providing guidance on the use of the TTP.

  • City, London

    The importance the financial regulators place on effective oversight and management of outsourcing arrangements has been highlighted by both the PRA and the FCA in the fines they have imposed totalling £1,887,252 on R.Raphael & Sons plc (the “Bank”) for failing to manage its outsourcing arrangements properly. Effective management of ...

  • City, London

    In outline: On 11th April the EU published the text of the decision of the European Council in response to the UK’s request for a further extension of the Article 50 notice period (see Document 1 below and the UK acceptance at Document 2 below). The decision provides a second ...

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