Jurisdiction

Europe

EU AI regulatory framework proposal on Artificial Intelligence

by Victoria Smith|18 October 2022|Our Thinking

On 21 April 2021, the European Commission (the “Commission”) published its proposal for the Artificial Intelligence (“AI”) Regulation (the “Draft Regulation”). It represents the Commission’s attempt to regulate AI technologies, setting out a cross-sectoral regulatory approach to the use of AI systems across the European Union (“EU”) and its Single Market. The Commission aims to […]

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 […]

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 […]

SM&CR regulatory references: FCA clarification

by Vicki McEwan|10 March 2022|Industry News

FCA RULES AND HANDBOOK Part 9A of the Financial Services and Markets Act 2000 (“FSMA”) provides the Financial Conduct Authority (“FCA”) wide-ranging powers. Under Section 137A the FCA can make legally binding rules for authorised and in some cases, unauthorised firms and individuals. FSMA contains important checks and balances on these powers, including procedures that […]

FCA warnings for TPR firms

by Emma Cleveland|7 March 2022|Industry News

Following the Brexit transition period, the temporary permissions regime (“TPR”) was developed to ensure continuity of services for UK customers. The TPR allows European firms operating in the United Kingdom (the “UK“) via a passport to continue operating temporarily while they seek full authorisation before the Financial Conduct Authority (“FCA”). However, in order to remain […]

Review of the use of reverse solicitation by asset managers

by Leela|28 February 2022|Industry News

On 17 December 2021, the European Securities and Markets Authority (“ESMA”) published a letter (the “Letter”) addressed to the European Commission (the “Commission”) as a response to the questions raised by the Commission in their letter dated 24 September 2021. The Commission’s letter related to a consultation on facilitating cross border investment undertakings, which included […]

FCA consultation paper on strengthening financial promotion rules for higher risk investments

by Emma Cleveland|24 February 2022|Industry News

HIGHER RISK INVESTMENT (“HRI“) STRATEGY STATEMENT In September 2021, the FCA published a Strategy Statement in relation to HRIs. The FCA describe HRIs as opportunities whereby high returns are being promised, and although product names and descriptions change frequently, examples of HRIs might include: high return bonds or mini-bonds often advertised as eligible to be […]

Changes proposed to the UK’s Financial Promotion Regime

by Leela|17 February 2022|Industry News

Investment opportunities have become increasingly complex, digitalised and riddled with riskier products which has become further heightened by use of social media. This has proven problematic for the UK’s financial promotion regime (the “FPR”) in terms of how it can ensure that consumers are getting information fit for informed investment decision making. The consensus is […]

LIBOR Transition update

by Leela|9 February 2022|Industry News

SUMMARY As of 4 January 2022, the phase out of the London Interbank Offered Rate (“LIBOR”) has culminated in the cessation of: all Euro (“EUR”) and Swiss Franc (“CHF”) LIBOR settings; the overnight / spot next, 1-week, 2-month and 12-month sterling and Japanese Yen (“YEN”) LIBOR settings; and the 1-week and 2-month US Dollar (“USD”) […]