In our latest Regulation Tomorrow Plus podcast, Senior Knowledge Lawyer Catherine Pluck is joined by London Financial Services partners Jonathan Herbst and Katie Stephen, who discuss some recent regulatory developments in relation to culture, as well as some practical steps that firms can be taking in this area. The podcast can be found here.
The UK Parliament is in the process of debating the Economic Crime and Corporate Transparency Bill (the Bill), which is expected to be finalised by the end of the year and come into force during 2024.
There has been much discussion of the new failure to prevent fraud offence (for more detail see our
Updated Friday 8 September 2023
The UK Government intends to introduce a new “failure to prevent fraud” offence as an amendment to its Economic Crime and Corporate Transparency Bill (the Bill). On 11 April 2023, the Home Office published a fact sheet (which was updated on 20 June 2023) and tabled an amendment to
On 26 October 2022, the Bank of England (the Bank) provided an update on the Data Standards Review, which has been commissioned by the Transforming Data Collection joint transformation programme being led by the Bank of England and FCA with industry. The joint transformation programme’s vision is that ‘The Bank of England and the
On 26 October 2022, the Bank of England updated its webpage on waivers and modification of rules.
The webpage has updated its section on available waivers and modifications by consent to include the following:
On 26 October 2022, the European Commission adopted a legislative proposal to make instant payments in euro available to all citizens and businesses holding a bank account in the EU and EEA countries. The proposal aims to ensure that instant payments in euro are affordable, secure, and processed without hindrance across the EU.
The proposal
On 23 September 2022, the Chancellor of the Exchequer, Kwasi Kwarteng, unveiled the new ‘Growth Plan’.
Key takeaways for the financial services sector announced within the plan include:
In this post, we summarise emerging litigation and investigations trends and their practical implications for financial institutions (FIs).
Litigation
Litigation trends are largely dependent on social and political changes and we continue to see the impact of the global pandemic and the related financial downturn on emerging litigation trends.
Civil fraud claims
2022 has seen
The Economic Crime (Transparency and Enforcement) Act 2022 (the Act), which came into force in March 2022, aimed amongst other things, to give UK sanctions authorities greater power to take enforcement action and impose penalties on persons that breach sanctions restrictions, through the introduction of a “strict liability” test. These new powers of the UK’s
Ahead of the anticipated FCA policy statement and final rules on the changes to the Appointed Representatives regime, which were expected to be published in H1 2022, in this briefing paper we consider some of the steps that firms should be taking to prepare for the anticipated changes in the FCA’s final policy.