On 28 October 2019, the High Court gave judgment in SL Claimants v Tesco Plc [2019] EWHC 2858 (Ch). This decision provides clarification on the nature of the interest in securities required to claim against an issuer in respect of the contents or timing of certain published information under section 90A / Schedule 10A Financial
On 30 October 2019, the UK Government made the European Union (Withdrawal) Act 2018 (Exit Day) (Amendment) (No. 3) Regulations 2019.
The Regulations amend the definition of “exit day” from 31 October 2019 to 31 January 2020, in order to reflect the most recent extension of the Article 50 period by up to three
On 30 October 2019, the FCA published a statement on the delay of the UK’s withdrawal from the European Union. The statement confirms that firms do not need to take further action to implement Brexit contingency plans for 31 October 2019.
As a result of the delay, the FCA will be extending the deadline for
On 29 October 2019, the Financial Services Duty of Care Bill 2019-20 (the Bill) had its first reading in the House of Lords.
If the Bill becomes law it will amend the Financial Services and Markets Act 2000 (FSMA) by inserting a new section 137CA, “FCA general rules: duty of care”. This
On 30 October 2019, the European Council published its decision (the Decision) taken in agreement with the United Kingdom to extend the Article 50 period, for the third time, by up to three months until 31 January 2020. The European Council formalised the agreement by written procedure to avoid the need for another summit.
On 30 October 2019, the European Securities and Markets Authority (ESMA) issued a press release confirming that its previous statements relating to its preparation for a no-deal Brexit will no longer apply as of 31 October 2019 (see previous blog here). This announcement follows the European Council’s decision to extend the Article
Article 19(6) of the Deposit Guarantee Schemes Directive (DGSD) requires the European Commission to submit to the European Parliament and to the Council a report on the progress towards the implementation of the DGSD. To support the Commission in meeting this obligation, the European Banking Authority (EBA) committed to drafting three
On October 24, 2019, U.S. Commodity Futures Trading Commission (“CFTC”) Chairman Heath P. Tarbert announced that LabCFTC would become its own independent office within the agency, reporting directly to him. LabCFTC was established in 2017 within the Office of General Counsel to promote financial technology (“FinTech”) innovation and was designed to be a hub for
FINTRAC to publicly name violators of anti-money laundering rules
Recently, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published certain changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) requiring FINTRAC to make public all administrative monetary penalties (AMPs) imposed. These changes are
On 29 October 2019, the FCA published a speech (delivered on 28 October) by Nausicaa Delfas, FCA Executive Director of International, on the future of financial services regulation in the UK.
Ms Delfas begins her speech discussing preparations for Brexit, noting that the FCA has undertaken extensive preparations geared towards a no-deal exit, and has