April 2017

The April 2016 “Panama Papers” leak highlighted the attraction for transnational actors of the confidentiality available in certain offshore financial centres. Some of these jurisdictions have laws that make it a criminal offence for banks to disclose information about their clients, providing powerful protection for individuals and corporations who wish to keep their financial affairs

The PRA has published Policy Statement 10/17: Ensuring operational continuity in resolution – reporting requirements (PS10/17).

In PS10/17 the PRA provides feedback to responses to Consultation Paper 28/16: Ensuring operational continuity in resolution – reporting requirements (CP28/16). In CP28/16 the PRA set out proposals for the data the PRA intends to

The PRA has published PRA Rulebook: Administration Instrument (No.2) 2017.

The Instrument makes certain corrections to the PRA Rulebook that are not substantive and are not intended to change the regulator’s policy. Corrections are made to the following part of the PRA’s Rulebook:

  • Regulatory Reporting;
  • Fitness and Propriety;
  • Group Supervision;
  • Conditions Governing Business;
  • Insurance

Our global blockchain team has published a global legal and regulatory guide titled ‘Unlocking the blockchain’.


Interest in blockchain technologies has grown dramatically over the last twelve months.

This has triggered growth in investment in businesses operating in this area and marked engagement from all industry sectors (and financial institutions in particular) in blockchain

On 10 March, 2017, the China Banking Regulatory Commission (CBRC) issued the Circular of the General Office of CBRC on Matters Concerning the Operation of Certain Businesses by Foreign-invested Banks (the Circular) which took immediate effect. The Circular removed certain restrictions and clarified uncertainties concerning the business operation of foreign-invested banks (FI Banks, which include foreign-invested legal entity banks and onshore branches of foreign banks) in China and presented promising business opportunities to FI Banks.

We summarise in this short note the major changes introduced by the Circular.

The Basel Committee on Banking Supervision (Basel Committee) has published details of its work programme for 2017 and 2018. The work programme is structured around four themes:

  1. finalise existing policy initiatives and initiate targeted policy development. The Basel Committee will work to finalise existing policy initiatives. This includes: (i) the Basel III reforms;

The Bank of England has published the UK Money Markets Code (the Code). The Code is voluntary and sets out the standards and best practices expected from participants in deposit, repro and securities lending markets. The Code is underpinned by the key principle that participants should always act in a manner to promote

The PRA has published Policy Statement 8/17: Whistleblowing in non-EEA UK branches (PS8/17). In PS8/17 the PRA provides feedback to responses to its earlier consultation and sets out final rules on whistleblowing in non-EEA UK branches.

The PRA reports in PS8/17 that there was broad support for the proposals set out in its

There are four new dates for our MiFID II Academy webinars:

  • Update on algorithmic trading, DEA and third country issues: 11.00am – 11.45am (GMT), 18 May 2017
  • Update on commodity derivatives: 11.00am – 11.45am (GMT), 15 June 2017
  • Update on conduct issues: 11.00am – 11.45am (GMT), 13 July 2017
  • Update on EU implementation (insight