On 27 June 2018, the Council of the EU published its latest revised proposal (dated 26 June 2018) for a consolidated Presidency compromise text on the proposed Regulation amending the Regulation establishing the European Securities and Markets Authority and the European Markets Infrastructure Regulation with regard to the procedures authorities involved for the authorisation of
On June 25, 2018, the US Supreme Court issued an opinion holding that credit-card company American Express did not violate federal antitrust law by requiring merchants to contractually agree to “antisteering provisions.” These antisteering provisions prohibit merchants from “steering” cardholders at the point of purchase away from using their American Express card in favor of
On June 21, 2018, the US Supreme Court issued an opinion holding that the Securities and Exchange Commission (SEC) failed to follow the appropriate constitutional processes for appointing its administrative law judges. You can find here a detailed analysis of the decision and its ramifications not only for the SEC but for administrative law judges
On 26 June 2018, the FCA published Consultation Paper 18/16: Authorised push payment fraud – extending the jurisdiction of the Financial Ombudsman Service (CP18/16).
In CP18/16 the FCA sets out proposed changes to its complaints handling rules to reduce the harm experienced by victims of Authorised Push Payment (APP) fraud. In particular, the FCA proposes
On 26 June 2018, there was published on the legislation.gov.uk website a draft of The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) (Amendment) Order 2018.
The draft Order resolves the otherwise conflicting requirements between the ring-fencing regime and financial sanctions regimes by amending the Financial Services and Markets Act 2000
On 26 June 2018, the European Union (Withdrawal) Bill received Royal Assent becoming the European Union (Withdrawal) Act 2018. The Department for Exiting the EU has also issued a statement advising that in the coming weeks it will start to lay the relevant secondary legislation in Parliament. In total it is expected that around
On 25 June 2018, a group of industry associations (AFME, ICMA, ISDA, SIFMA and SIMFA AMG) published a new report that assesses the issues involved with benchmark reform, and makes recommendations on steps firms can take to prepare for the transition from interbank offered rates (IBORs) to alternative risk-free rates (RFRs).
The report, which is
On 25 June 2018, the European Commission published the speaking points from Commissioner Jourova’s (in charge of justice, consumers and gender equality) speech in front of the Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance.
In her speaking points Commissioner Jourova states that the transposition by Member States of the 4th Anti-Money
The Law Commissions of England and Wales and of Scotland have published a new draft of the Insurable Interest Bill.
This most recent draft takes into account feedback received on an earlier draft, published in April 2016. The Bill forms part of the wide-ranging review of insurance contract law that has resulted in the Consumer Insurance (Disclosure and Representations) Act 2012 and the Insurance Act 2015.
On 25 June 2018, the FCA published a new web page concerning periodic auctions. The FCA explains on the web page what periodic auctions are and their interaction with MiFID II.
The FCA concludes on the web page that: