In July 2018, the United Nations’ intergovernmental working group on business and human rights released the first official draft of a proposed binding international treaty on business and human rights (the Treaty).
The key provisions of the Treaty are as follows:
On 30 January 2019, the FCA published a speech by Edwin Schooling Latter, Director of Markets and Wholesale Policy at the FCA, on LIBOR transition and contractual fallbacks. Key points to note from the speech include:
On 30 January 2019, the FCA published Consultation Paper 19/7 (CP19/7) on proposals to improve shareholder engagement. CP19/7 sets out how parts of the revised Shareholder Rights Directive (SRD II) will be implemented in the UK.
SRD II aims to promote effective stewardship and long-term investment decision making. CP19/7 relates to the implementation of those
On 30 January 2019, the FCA published Discussion Paper 19/1 (DP19/1) on building a regulatory framework for effective stewardship. DP19/1 calls for input on how to encourage the institutional investment community to engage more actively in stewardship of the assets in which they invest.
Key points of discussion within DP19/1 include:
On 30 January 2019, the Banking Standards Board (BSB) published a consultation paper (the Consultation) on its proposed good practice guidance regarding the Senior Managers & Certification Regime (SM&CR). The guidance has also been published.
The purpose of a regulatory reference is to provide firms recruiting people into certified roles, senior management functions or notified
On 30 January 2019, ESMA published an updated version of Q&As on the Central Securities Depositories Regulation (CSDR). Two new Q&As have been inserted under Part III of the Q&As (settlement discipline). The new Q&As concern the calculation of cash penalties, and the scope of cash penalties.
On 30 January 2019, ESMA published an updated version of its Q&As on the Benchmarks Regulation (BMR). The updated Q&A includes a new Q&A at 4.5, on the scope of application of the Commission Delegated Regulations adopted under the BMR. The question asks if the scope of application of the Commission Delegated Regulations adopted pursuant
On 29 January 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a final Q&A which provides clarification as to whether warranties typically included in purchase agreements can be considered a non-life insurance (schadeverzekering) policy.
According to DNB, a warranty in a purchase agreement in principle does not qualify as
On 29 January 2019, there was published on legislation.gov.uk a draft of The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019, together with an explanatory memorandum. The draft statutory instrument has been laid before Parliament and was first published on 19 December 2018 (our blog is here).
On 29 January 2019, there was published on legislation.gov.uk a draft version of the Financial Regulators’ Powers (Technical Standards etc) and Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2019, together with an explanatory memorandum. The draft statutory instrument has been laid before Parliament.
The draft statutory instrument is being made in order