12/20/2021
Digital Services Act: MEPs vote for stricter rules on targeted advertising and content moderation
The Report by the Danish Social-democratic MEP, Christel Schaldemose, was adopted by 36 votes in favour, 7 against and with 2 abstentions.
Government Regulation
12/17/2021
UK restrictions on use of ‘red’ diesel from 1 April 2022
Businesses in the construction industry will no longer be able to use ‘red’ diesel from 1 April 2022 for most purposes.
12/17/2021
MSG fined £1.5 million for anti-competitive non-compete clauses
The GCRA considers that this conduct had the potential to obstruct its investigation.
12/17/2021
Financial Services and Banking News
The European Banking Authority (EBA) has published final report EBA/REP/2021/38 on a feasibility study of an integrated reporting system under article 430c CRR.
12/16/2021
Appointed Representatives reforms – ‘strengthening’ of existing regime for now but more fundamental changes likely
This is a model used by around 3,600 principals and 40,000 ARs across a wide range of financial services markets.
12/16/2021
Financial Services and Banking News
Ofcom should require internet service providers to conduct internal risk assessments
12/16/2021
Cyprus revamps temporary permissions regime for British firms
Regulator set up the scheme in December 2020
12/15/2021
Proposal to Amend the Alternative Investment Fund Managers Directive - A Closer Look
What follows is a brief overview of some of the key proposed amendments to AIFMD described in the EC Proposal.
12/15/2021
CBI Calls On Fintech Firms To Undertake Regulatory Review
The letter sets out the CBI's expectations for the Firms and outlines specific actions for each Firm to take by 31 March 2022.
12/15/2021
European Commision presents new digital strategy to modernise financial supervisory reporting
Today's strategy aims at tackling the challenges arising from the increased volume and complexity of the data required to oversee the financial system.
12/15/2021
LIBOR transition - impact for trustees
In light of the discontinuation of LIBOR, trustees should ensure that, going forwards, interest rates are no longer linked to LIBOR for any new loan relationships.
12/14/2021
NatWest fined £264.8 million for anti-money laundering failures
This is the first time the FCA has pursued criminal charges for money laundering failings.
12/14/2021
Introducing Ucits VI: Legislative Proposals To Amend Ucit Regime
The Proposals also contain changes to the UCITS Directive, as considered in this update.
12/14/2021
10 key changes under the new UAE Labour Law
This bulletin sets out 10 key changes which will be implemented under the New Law.
12/14/2021
SEC issues additional LIBOR guidance for market participants
Funds and advisers should also monitor and manage any conflicts of interest associated with the transition
12/14/2021
UAE Federal Data Protection Law 2021
Businesses will then have a grace period of six months from the date of the Regulations to bring their organisations into compliance with the DP Law meaning enforcement is likely to commence from September 2022.
12/14/2021
Cayman Islands company restructuring officer regime
The introduction of a CRO is a welcome step to further enhance the Cayman Islands as an international restructuring jurisdiction.
12/14/2021
Jersey Funds Law Series - Data Protection (Jersey) Law 2018
In some cases data subjects will need to be notified.
12/14/2021
Daily Legal Update
The objective of a corridor risk assessment is determining the money laundering (ML) and terrorist financing (TF) risks of remittances in a corridor
12/14/2021
UK Financial Conduct Authority publishes the Swift Review into the Supervisory Intervention on interest rate hedging products
The FCA will ensure that any significant decisions on redress made in the future will be transparent, with appropriate governance, and supporting evidence will be properly recorded.