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Recent Articles

  •  
    28/03/2024
    Luxembourg

    Third country branches regime under the CRD 6

    Discussions regarding the proposal for a Directive of the European Parliament and of the Council amending Directive 2013/36/EU (Capital requirements directive, “CRD”) as regards supervisory powers, sanctions, third-country branches (“TCBs”), and environmental, social and governance risks, and amending Directive 2014/59/EU (Bank recovery and resolution directive, “BRRD”) (the “CRD 6”) are well advanced.In this alert, we will focus on the regime applicable to entities established in a third country (i.e. outside the European Union – “EU”)...
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    28/03/2024
    United Kingdom

    Greenwashing: lessons from the CMA’s fast fashion investigation

    In January 2022, the UK competition regulator, the Competition and Markets Authority (the “CMA”), launched a review of green claims in the fashion sector. Six months following that, in July 2022, it launched an investigation into environmental claims made by three businesses, concerning fashion products (including clothing, footwear and accessories). The CMA expressed concern across the sector, but honed in on these businesses, in part, simply because of their size and visibility. Having worked with the CMA, on 27 March 2024, forward-looking commitments from the three fashion retailers...
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    28/03/2024
    United Kingdom

    FCA Publishes Finalised Guidance on Financial Promotions on Social Media

    The Financial Conduct Authority (“FCA”) has published its finalised guidance on financial promotions on social media (FG24/1) (the “Guidance”). This follows a consultation carried out by the FCA in July 2023 and replaces previous guidance (FG15/4). The Guidance clarifies the FCA’s regulatory expectations for firms and others, including influencers, regarding compliance with the UK’s financial promotions regime. Additionally, it explains how communications on social media might fall within the scope of the financial promotions regime and how the rules will function...
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  •  
    28/03/2024
    United Kingdom

    UK Cryptoasset Regulation – 2023 developments and what’s to come in 2024 (Part 2)

    In Part 1 of this two-part series, we provided an overview of the myriad developments in the regulation of cryptoasset activities in the UK in 2023 and the first two months of 2024, and looked ahead to what is still to come.In Part 2, we take a step back to assess what these developments mean in the round for cryptoasset businesses providing services in or to the UK, and how that is set to change.A. Overview of the current and future landscapeCurrent position  Key takeawaysNon-security tokens: A business currently needs to be registered...
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  •  
    28/03/2024
    England and Wales

    Margin of error crucial in defeating negligence claim against valuer

    A recent High Court judgment demonstrates the vital importance of the margin of error in claims against valuers, and the need to focus on the valuation result rather than the process.In Bratt v Jones, a landowner claimed against an independent expert valuer regarding the valuation of development land for the purposes of an option agreement. The court dismissed the claim, finding that the valuer's assessment of £4.075m, while lower than the "correct" value of £4.747m determined by the judge, still fell within the permissible 10-15% margin of error for a non-negligent valuation.The judge...
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    28/03/2024
    Bulgaria

    Bulgarian finance ministry publishes draft Introduction of Euro into the Republic of Bulgaria Act

    On 25 March 2024, the Bulgarian Ministry of Finance (MF) introduced for public consultation the long-awaited bill of Introduction of Euro into the Republic of Bulgaria Act (IERBA), which closely follows the main points under the blueprint published by the MF in late 2022.The IERBA addresses the main issues identified by the preliminary assessment of the adoption of the euro through the following:the establishment of general and specific rules in relation to rounding after conversion from BGN to EUR with the “general rule” being the converting of values at the specified rate and rounding...
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