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by Emma Cleveland|26 July 2018|Industry News
On 27 June 2018 the Bank of England (the “BofE”) issued its approach (the “Approach”) to financial services legislation in preparation for Brexit. The Approach was released alongside a statement by the FCA in response to HM Treasury’s approach to financial services legislation under the European Union (Withdrawal) Act (the “Act”). The Approach sets out […]
Read moreby Emma Cleveland|26 July 2018|Industry News
On 27 June 2018 the FCA issued a statement (the “Statement”) about its role in preparing for Brexit. The Statement is in response to the announcement from HM Treasury on its approach to amending financial services legislation under the European Union (Withdrawal) Act (the “Act”), which can be found here. The Statement provides stakeholders with […]
Read moreby Emma Cleveland|18 July 2018|Industry News
The Supreme Court recently confirmed in Rock Advertising (“Rock”) v MWB Business Exchange (“MWB”) that a contract containing a clause requiring amendments to be made in writing (otherwise known as a “no oral variations clause”) can validly prohibit any subsequent oral variations, restoring the previous County Court judgement which had been overruled by the Court […]
Read moreby Emma Cleveland|4 July 2018|Industry News
The High Court has held that a supplier under a contract was not able to claim for loss of profits that arose when the other party to the contract repudiated it by refusing to carry on its obligations.[1]The claim arose out of outstanding invoices owed by the defendant (“FCAA”) to the claimant (“Motortrak”) under a […]
Read moreby Emma Cleveland|26 June 2018|Industry News
In the recent case of AMT Futures (the “claimants”) v Boural & Ors[1]and others (the “defendants”), the High Court has given clarification on the continuing nature of obligations under an exclusive jurisdiction clause and the limitation period applicable in respect of claims for breach of such obligations. This is considered to be the first judgement giving […]
Read moreby Emma Cleveland|7 June 2018|Industry News
Earlier this year, the FCA set out its ‘Approach to Supervision’ and ‘Approach to Enforcement’ (the “Documents”) to provide more clarity and detail around the FCA’s approach to regulating authorised firms. The Documents are part of a series planned by the FCA following on from the launch of their new mission statement in November 2016, in […]
Read moreby Emma Cleveland|23 May 2018|Industry News
Australian and UK governments have signed an enhanced cooperation agreement (the “Enhanced Agreement”) on FinTech innovation. Under the new Enhanced Agreement the Australian Securities & Investment Commission (“ASIC”) and the Financial Conduct Authority (“FCA”) will continue to refer innovative FinTech businesses to each other for advice and support via their respective Innovation Hubs. The Innovation […]
Read moreby Emma Cleveland|17 May 2018|Industry News
In August 2017, the FCA published consultation paper CP17/28 (the “Consultation Paper”) which sets out several proposals designed to support the retail investment advice sector. These included amendments to the FCA’s Perimeter Guidance Manual (“PERG”) on what amounts to a personal recommendation in order to meet the Financial Advice Market Review (“FAMR”) recommendation to produce […]
Read moreby Emma Cleveland|15 May 2018|Industry News
On 12 March 2018, the FCA published its Discussion Paper: Transforming Culture in Financial Services (DP18/2) (the “Discussion Paper”), that presents a series of views from academics and industry thought leaders. The intention behind the Discussion Paper is to provide a basis for all those interested in financial services to consider the issues and engage […]
Read moreby Emma Cleveland|1 May 2018|Industry News
On 12 March 2018, the European Commission (the “Commission”) published draft proposals aimed at removing certain regulatory and administrative barriers to the cross-border distribution of alternative investment funds (“AIFs”) and undertakings for collective investment in transferable securities (“UCITS”). The changes are an attempt to remove overly complex and burdensome requirements, improve transparency and harmonise divergent […]
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