On 25 September 2019, the Council Permanent Representatives Committee (COREPER II) endorsed the draft compromise text for the European Commission proposal on the Sustainable Finance Taxonomy. At the same time, EU Member States requested the Finnish presidency to commence trilogue negotiations with the European Parliament. The Sustainable Finance Taxonomy is considered a cornerstone of the
On 24 September 2019, the UK Supreme Court ruled that the Government’s suspension of Parliament was unlawful. The UK Supreme Court judgment can be found here.
Key points in the judgment include:
We are pleased to be sponsoring The Association for Financial Markets in Europe’s (AFME) 3rd Annual Compliance and Legal Conference, “The future of regulation in a changing world”, which is taking place in Paris from 2-4 October.
Our European financial services team will be participating in the event, including speaking on a panel discussion looking
The Singapore International Commercial Court has published its first cryptocurrency judgment. In this briefing note we discuss the key novel points arising from the case (B2C2 Ltd v Quoine Pte Ltd [2019] SGHC(l) 3) and consider the implications for digital assets, smart contracts and artificial intelligence.
On 23 September 2019, during the annual United Nations General Assembly the Principles for Responsible Banking (the Principles) were launched.
The Principles have been designed by a core group of 30 ‘founding banks’ together with the UN Environment Programme’s Finance Initiative. They are intended to provide a framework for a sustainable banking system that responds
On 23 September 2019, the European Banking Authority (EBA) announced that it was launching its latest EU wide transparency exercise. In November, the EBA will release data points on about 130 EU banks. The data will cover capital positions, financial assets, risk exposure amounts, sovereign exposures and asset quality. As with previous transparency exercises, this
In recent years China has accelerated its opening up to foreign investment. In June, China rolled out revised Negative Lists for foreign investment market access, allowing foreign investors to run majority-share-controlling or wholly-owned businesses in various sectors.
We have published a China Foreign Investment Expert Q&A series, to keep clients and contacts apprised of developments
On 20 September 2019, the FCA announced that it had appointed Sheree Howard as its Executive Director of Risk and Compliance Oversight.
On 20 September 2019, a large group of financial industry associations co-published a letter raising concerns to the European Commission regarding the current application timeline for the new EU disclosure rules for sustainable investments and sustainability risks.
Whilst supporting the Commission’s objectives of financing a more sustainable economy, the industry associations’ argue that the Regulation
Earlier this year we reported on PRA Policy Statement 11/19: Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change (PS11/19). In PS11/19 the PRA provided feedback to the responses to its earlier consultation on banks’ and insurers’ approaches to managing financial risks from climate change and set out its final supervisory