On 23 May 2019, there was published on InfoCuria (Case-law of the Court of Justice) the opinion of Advocate General Hogan as regards the interpretation of Article 16(1) of the Consumer Credit Directive which concerns the entitlement of a consumer to a reduction in the cost of credit where he or she has fully or
Starting June 13, 2019, private companies that are incorporated under the Canada Business Corporations Act (the “CBCA”) will have to establish a securities register detailing all “individuals with significant control” over the corporation (the “ISC Register”) in accordance with Bill C 86, the Budget Implementation Act, 2018, No. 2. The
On 22 May 2019, the Prudential Regulation Authority (PRA) published a report outlining a framework for practitioners to use to assess the financial impact to the liability side of the firm’s balance sheet caused by future climate change. The framework was developed by a cross-industry working group and is aimed at practitioners working with, or at, general insurance firms who are assessing the impact of climate change.
On 24 May 2019, Theresa May MP announced that she will resign as Prime Minister on 7 June; a Conservative Party leadership contest is due to take place the following week. Mrs May said she had done “everything I can” to convince MPs to support the withdrawal deal she had negotiated with the EU but
On 24 May 2019, the FCA confirmed the deadline for notifications for the temporary permissions regime (TPR) will be extended to the end of October 2019. The TPR allows EEA-based firms passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK for this limited
The German Federal Ministry of Finance (“BMF”) has prepared and circulated to certain interest groups a first draft bill on the national implementation of the Fifth Anti-Money Laundering Directive (Directive (EU) 2018/843 – “5MLD”).
The draft bill provides for various changes to German regulatory acts such as the German Money Laundering Act (Geldwäschegesetz –
On 23 May 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Benchmarks Regulation (BMR). The updated Q&As provide the following new questions:
On 23 May 2019, the European Securities and Markets Authority (ESMA) published a press release announcing it has established a Coordination Network on Sustainability (CNS). The CNS is intended to foster the coordination of Member State national competent authorities’ (NCAs) work on sustainability. It will be responsible for the development of policy in this area
On 23 May 2019, the Financial Stability Board (FSB) launched an evaluation into the G20 post-financial crisis too-big-to-fail reforms. The summary terms of reference have also been published.
The objectives of the evaluation are twofold to:
On 22 May 2019, Prime Minister Theresa May MP delivered a statement to the House of Commons on her new Brexit deal.
The statement repeats the points made in her Brexit speech on Tuesday (our blog is here) although the following points are made: