May 2019

On 30 May 2019, the London Stock Exchange (the Exchange) announced a public censure and £300,000 fine for a PLC in relation to breaches of a number of AIM Rules for Companies (AIM Rules) arising from a variety of failings including misleading announcements, non-disclosure of related party transactions and inadequate board level challenge.  The fine

On 29 May 2019 ESMA released a statement clarifying its position on the share trading obligation in a hard Brexit scenario. In its view, all EU27 shares, i.e. ISINs starting with a country code corresponding to an EU27 Member State and, in addition, shares with an ISIN from Iceland, Liechtenstein and Norway are within the

On 8 April 2019, the UK Supreme Court granted KBR Inc. leave to appeal against a decision that allows the SFO to compel certain foreign companies to hand over documents held overseas. The Supreme Court’s decision was published on 23 May 2019 (see here).

KBR Inc. is appealing the judgment in R (on the

On 28 May 2019 the International Organization for Securities Commission (IOSCO) published a consultation paper on Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms. Prepared by IOSCO’s Committee 2 on the Regulation of Secondary Markets, the consultation paper seeks stakeholder views in order to help IOSCO members evaluate the issues and risks relating

On 23 May 2019, the FCA published a Notice of Undertaking against the debt management firm, stating that it was concerned that:

  • two of the terms in the firm’s standard form contracts had the potential to give the firm discretion to charge consumers unspecified amounts should a consumer cancel the contract, which could lead to

On 28 May 2018, the Financial Stability Board (FSB) published a thematic review report on the implementation of the Legal Entity Identifier (LEI). The report is divided into the following sections: jurisdictions’ approaches and strategies to implement the LEI; LEI coverage; achievements and benefits; obstacles to adoption and implementation; and advancing LEI adoption. Key points

On 27 May 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the implementation of the European Markets Infrastructure Regulation (EMIR). The updated Q&As contain:

  • an amended Q&A on the procedure for financial counterparties and non-financial counterparties to notify that they exceed or no longer exceed clearing thresholds;

On 27 May 2019, the European Securities and Markets Authority (ESMA) published an updated opinion on calculating market size of ancillary activity under MiFID II.

The opinion, targeted at Member State national competent authorities, relates to Article 2(3) of Delegated Regulation 2017/592 which lays down the rules for calculating the overall market trading activity. The