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European Commision Replies On SDFR Priority Issues

The European Commission's confirmation that SFDR does apply to these Non-EU AIFMs cannot come as a surprise

Special purpose acquisition companies: FCA confirms more flexible approach to listing

The consultation followed the UK Listing Review, which had noted that this presumption of suspension is a significant deterrent to the growth of the SPAC market in the UK.

FCA’s regulatory decision-making proposals – faster and less costly, but at what price?

As is the case with statutory notices currently made under Executive Procedures, the FCA will permit (and not disclose to the subject of the notice) communications between staff recommending that action be taken,

China's crackdown: a credit perspective

We believe that it is important to acknowledge that China’s version of capitalism and opening up of capital markets will look very different to the models in the West.

UK: Green light for appeal of abuse of process ruling in mass tort claim

The rule’s parameters are fully discussed in the Court of Appeal’s judgment

National Security and Investment Act to take effect on 4 January 2022

It has also published additional draft implementing legislation and additional guidance notes to help businesses prepare.

English privacy notice leads to Dutch data protection fine

The AP’s fine comes after it concluded an investigation into the measures TikTok has in place to protect the privacy of children.

FCA proposing changes to streamline decision-making

This will give greater responsibility for decisions to senior members of FCA staff close to the matters.

Ireland Update: Imposing Pay Cuts without Employee Consultation or Consent

This may be due the general level of acceptance by staff that pay cuts were unavoidable given the unprecedented circumstances.

Implications of the BVI Data Protection Act for Investment Funds

The remainder of this note focuses on the specific effect of the Act on investment funds.

HM Treasury Initiates Post-Brexit Review of the UK’s AML and CTF Regime

The planned amendments to the MLRs 2017 by virtue of the SI are either “time-sensitive” or “relatively minor” and were proposals for change that were already in development.

Ireland Update – Publication of initial draft legislation on the Individual Accountability Framework

As this bill progresses through the Irish legislative process, we will provide further updates on any developments in relation to this individual accountability framework.

ESMA’s report on marketing requirements and communications under the regulation on cross-border distribution of funds

Interestingly, the rules relating to marketing by third country AIFMs and registered AIFMs are also included in some of the responses.

FCA Business Plan 2021/22: A new era of assertiveness for the UK regulator

Newgate Compliance (an Ocorian owned company) Managing Director, Traci Pham and Senior Consultant, Jay Pyne summarise the key points and what firms can do to plan ahead.

The Bank of England’s new resolution publications

The former will be of particular interest to mid-sized firms forecasting total assets in excess of £15bn

Hong Kong Proposes Climate Risk Management Guidelines for Banks

In this Legal Update, we highlight key aspects of the Draft Guidelines and takeaways for AIs considering how to approach these new proposals in Hong Kong.

Financial Regulation: Daily Update

The European Union Agency for the Cooperation of Energy Regulators (ACER) has published the 6th edition of its guidance on the application of the Regulation on wholesale energy market integrity

The International Stock Exchange - new Listing Rules

In order to increase TISEA's competitive position in respect of bonds issued under programmes, lifetime fees will be charged which will vary according to specific circumstances.

Central Bank of Ireland Issues Revised AML and CFT Guidelines: Key Changes

The CBI has made a number of key changes to Chapter 6 on 'Governance', placing the main focus on the board's responsibility in ensuring effective governance and AML / CFT compliance.

Consumer protection: UK proposals point to increased enforcement risk

The proposals form part of a broader package of reforms, which include a number of planned changes to the UK’s competition law regime.

Government Regulation