January 2020

The largest ever (€991m) UK Deferred Prosecution Agreement (DPA) has been approved today (31 January 2020). Airbus has also reached a €2,083,137,455 settlement with the French Parquet National Financier and a €525,655,000 DPA with the US Department of Justice and US Department of State. The UK DPA and judgment have not yet been

On 30 January 2020, the International Organization of Securities Commissions (IOSCO) published its annual work programme for 2020. The IOSCO Board has identified, amongst other things, five priority issues for 2020, namely:

  • cryptoassets: In February 2020, IOSCO will publish its final report on issues, risks and regulatory considerations relating to crypto-asset. IOSCO

On 30 January 2020, the European Securities and Markets Authority (ESMA) announced that it is launching a Common Supervisory Action (CSA) with national competent authorities (NCAs) on the supervision of UCITS’ managers liquidity risk management across the European Union. The CSA will be carried out during 2020.

To support

On 29 January 2020, the European Commission published its 2020 Work Programme . In the introductory note, the Commission acknowledges “unprecedented challenges” that lay ahead for this year and beyond, including negotiation of a new partnership agreement with the UK – “a country that will remain a partner, ally and friend outside our Union”. As

On 17 January 2020 the Serious Fraud Office (SFO) issued guidance on “Evaluating a Compliance Programme” (the Guidance).

The Guidance provides a helpful summary of the points at which a compliance programme will be assessed by the SFO and by what means it will be assessed (including document requests and

Recently, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) shared observations from “thousands” of examinations on industry practices and approaches to managing and combating cybersecurity risk and the maintenance and enhancement of operational resiliency (the “Report”).

The Report organizes its observations under seven categories consisting of:

  • governance and risk

On 28 January 2020, there was published on the legislation.gov.uk website, the Financial Services (Consequential Amendments) Regulations 2020 (the Regulations), together with an explanatory memorandum.

The Regulations are being made under the European Union (Withdrawal Agreement) Act 2020 (Act 2020) to delay the application of a number of financial services temporary