Our Thinking · Regulatory & Compliance · Europe
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 […]
Our Thinking · Commercial & Corporate · Europe
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 […]
Our Thinking · Commercial & Corporate · Europe
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 […]
Our Thinking · Commercial & Corporate · Europe
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 […]
Our Thinking · Regulatory & Compliance · Europe
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 […]
Our Thinking · Private Funds · Regulatory & Compliance
After the Markets in Financial Instruments Directive II (“MiFID II”) and Packaged Retail Investment and Insurance Products (“PRIIPs”), the fund management sector will be turning its attention to the Alternative Investment Fund Manager Directive (“AIFMD”) in 2018. On 12 March 2018, the European Commission published a draft directive amending each of the AIFMD and Undertakings […]
Our Thinking · Private Funds
In recent years and, in particular, recent months, cryptocurrencies and cryptocurrency funds have exploded in terms of discussion and popularity. On Tuesday 28 November 2017, the value of a bitcoin reached $10,000 for the first time, marking an 850% increase from the start of 2017. Since then, there have been considerable fluctuations in the value […]
Our Thinking · Regulatory & Compliance · Asia Pacific
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 […]
Our Thinking · Regulatory & Compliance
The IOSCO has published a Consultation Report with the aim of proposing guidance to address the potential conflict of interest and associated conduct risks in the equity capital fundraising process. The Guidance reflects an expectation of high standards of conduct by market intermediaries and though it is not binding, IOSCO encourages its members to consider the […]
Our Thinking · Regulatory & Compliance · Europe
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 […]
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