Our Thinking

Publication of the UK secondary capital raising review

by Victoria Smith|10 October 2022|Our Thinking

background Following Lord Hill’s UK Listings Review Report in March 2021 on the proposed reforms for the UK equity capital markets, on 19 July 2022, the UK Secondary Capital Raising Review (“SCRR”) was published. The aim of the SCRR is to increase the efficiency of the capital raising process and facilitate companies raising money to […]

The Law Commission of England and Wales publishes new proposals to reform the law relating to digital assets

by Victoria Smith|4 October 2022|Our Thinking

On 28 July 2022, the Law Commission of England and Wales (the “Commission”) published a consultation paper (the “Paper”) on Digital Assets where it considers property rights issues, and specifically, private personal property law, in relation to digital assets (“Digital Assets”). The Commission acknowledges the importance of Digital Assets in a modern society and discusses […]

ASIC v MobiSuper: The Court’s reminder that fund promotions must be done lawfully

by Victoria Smith|28 September 2022|Our Thinking

On 26 August 2022, the Federal Court of Australia (the ‘‘Court’’) ordered ZIB Financial Pty Limited (“ZIB”) and its corporate authorised representative MobiSuper Pty Limited (“MobiSuper”) to pay combined penalties of $250,000 for breaching superannuation advice laws as a result of MobiSuper promoting the Tidswell Master Superannuation Plan, which is also known as the MobiSuper […]

DD Classics Ltd v Chen: High Court’s judgment on what is a reasonable time period to exercise a contractual termination right

by Victoria Smith|27 September 2022|Our Thinking

On 20 May 2022, the English High Court (the ‘‘High Court’’) made a remarkable judgment under DD Classics Ltd v Chen [2022] on what constitutes a reasonable time period to exercise the contractual right to terminate an agreement due to repudiatory breach before losing such right. The Court’s decision emphasised its initial judgment dated 29 […]

PRA introduces changes to Unvested Pay, Material Risk Takers and Public Appointments

by Victoria Smith|21 September 2022|Our Thinking

On 15 July 2022, the Prudential Regulation Authority (the “PRA”) published the Consultation Paper 8/22 (the “CP8/22”) proposing its expectations in relation to the instruments or claims which relate to unvested deferred sums awarded to Material Risk Takers (the “MRTs”) as a part of their variable pay. Particularly, the PRA considers cases whereby a change […]

ASIC priorities for 2022-26: Corporate plan

by Victoria Smith|7 September 2022|Our Thinking

The Australian Securities and Investments Commission (“ASIC”), Australia’s corporate, markets, financial services, and consumer credit regulator, has released its Corporate Plan 2022-26 with a focus on the period of 2022-23 (“Corporate Plan 2022-26”). The Corporate Plan 2022-26 highlights the strategic priorities for the following four years, and the strategies to be used for the successful […]

FCA consults on broadening retail access to the long-term asset fund

by Victoria Smith|6 September 2022|Our Thinking

overview On 1 August 2022, the FCA published a Consultation Paper 22/14 (‘‘CP22/14’’) on broadening retail access to the Long-Term Asset Fund (“LTAF”). The Financial Conduct Authority (“FCA”) in CP22/14 proposes among others to broaden the distribution of the LTAF to retail investors in the UK, to increase the level of exposure some authorised retail […]

Key changes made on ASIC’s regulatory guides from January to June 2022

by Victoria Smith|1 September 2022|Our Thinking

overview On 11 July 2022, the Australian Securities Investments Commission (‘‘ASIC’’) published the ‘January-June 2022 consolidated regulatory document updated tables’, illustrating the changes made to the Regulatory Guides (“RGs”) from January 2022 to June 2022. The RGs have been reissued by ASIC which relate to (1) the Corporate Collective Investment Vehicles (“CCIVs”) and (2) the […]

UK competition law: the CMA’s recommendations on the retained block exemption regulation

by Victoria Smith|31 August 2022|Our Thinking

On 28 June 2022, the Competition and Markets Authority (“CMA”) published its recommendations to the Secretary of State on whether the two EU Horizontal Block Exemption Regulations retained from EU law (“HBERs”), should be renewed or varied after 31 December 2022. This includes certain categories of research and development agreements, in which two or more […]

FCA sets out final rules and guidance for a new Consumer Duty

by Victoria Smith|25 August 2022|Our Thinking

summary On 27 July 2022, the Financial Conduct Authority (“FCA”) published a Policy Statement 22/9 (‘‘PS22/9’’), and provided feedback to its December Consultation Paper 21/36 (‘‘CP21/36’’), setting out the final updated rules on the new Consumer Duty (the “Duty”) which will set higher expectations on the standard of care firms provide consumers in retail financial […]