Cross-border fund marketing arrangements into the UK are poised to be significantly amended when the current post-Brexit ‘transition or implementation period’ (“TIP”) comes to an end on 31 December 2020. Retail funds&rs...
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As the countdown to the end of LIBOR continues, regulators are increasing the pressure on the market to prepare and proactively engage with their clients to ensure a smooth transition to a new risk-free rate. Failure to do so will expose firms to th...
Part A: Regulation of crypto assets
Germany
The Financial Conduct Authority (the “FCA”) sent a letter to all UK regulated asset managers on 27 February 2020 (the “Dear CEO Letter”), to encourage the sector to prepare for the cessation of the sterling London interbank o...
On 18 February 2018, the EU added the Cayman Islands to its list of noncooperative jurisdictions for tax purposes (“Annex 1”). This has come as a surprise, but is unlikely to have any immediate impact on Cayman-domiciled funds. In this b...
On Friday 14 February 2020, the International Swaps and Derivatives Association, Inc. (“ISDA”) published the ISDA Collateral Agreement Interest Rate Definitions (the “Collateral Rate Definitions”). The Collateral Rate Definit...
Sell-side reluctance to accept delegation of reporting under the Securities Financing Transaction Regulation (“SFTR”) is causing a headache for buy-side firms. If buy-side firms are unable to establish delegation arrangements they ...
The UK has now officially left the European Union and entered an implementation period ("IP"), which is due to last until 31st December 2020 – IP Completion Day. During the implementation period, European law will continue to apply and firms ...
Introduction For many years the FCA has considered whether to apply an overarching standard of care that should be applied to authorised firms. In July 2018 they concluded that there was not “a sufficient basis for making changes to primary l...
Introduction Regulation (EU) 2019/2089, known as the Low Carbon Benchmarks Regulation, (the “Regulation”) was published in the Official Journal on 9 December 2019 and entered into force on 10 December 2019. The Regulation amends ...
On 16 October 2019, the FCA published their feedback statement FS19/6 on Climate Change and Green Finance[1]. This feedback statement summarises the responses from stakeholders to the Discussion Paper (DP18/8) on Climate Change and Green Finance[2] ...
The European Commission published new Regulations on harmonised requirements in respect of sustainability-related disclosures and benchmarks contributing to sustainable finance (EU/2019/2089) (the “Disclosure Regulation”) in the Official...
Introduction The FCA published its Policy Statement (PS19/24) in relation to illiquid assets and open-ended funds on 30 September 2019. The statement responds to feedback provided in response to Consultation Paper (CP18/27) and settles on a final sl...
A conversation is beginning around the future of the UKs regulatory regime post-Brexit, with the Financial Conduct Authority (FCA) talking about adopting a broader outcomes-based approach and is even questioning disclosure levels. Jonathan Master b...
On 26 November 2019 the FCA announced that it was using its product intervention powers to ban the promotion of so-called “speculative mini bonds” to retail consumers. The ban will come into force on 1 January and will last for 12 months...
As part of the implementation of the Amending Directive of the Fourth EU Directive on Money Laundering (Directive (EU)2018/843), the German Federal Government has decided to include crypto assets in the list of financial instruments and to regulate ...
Introduction Earlier this year, Luxembourg’s financial services regulator, the Commission de Surveillance du Secteur Financier (the “CSSF”) announced a year-long transitional period, to take effect from the date of a no-deal Brexit...
James Burnie throws light on the law for the custody of crypto-assets in this exclusive interview with New Money Review. Click here to read the article > This article was written and published by New Money Review Staff on November 25, 2019....
Belgian company law is characterized by an internal and external liability of directors. Internal liability means that directors are liable to the company for any errors committed in the performance of their duties. External liability, on the other ...
In these uncertain times, there is a good chance that your company will be confronted with a contracting party that is in the process of judicial reorganization, or that you have initiated this procedure yourself. What are the consequences of this p...
Coronavirus piles more pressure and strain on the automotive sector, disruption supply chains, factory closures and restructuring The COVID-19 (Coronavirus) outbreak has now been labelled a pandemic by the World Health Organisation (WHO). COVID-19 ...
For companies that are financially stressed or distressed, a sale of the company or its business and assets might be the best exit route for its stakeholders. The desire to exit through a sale is often the preferred method for financial creditors wh...
Even in COVID-19 times, companies (and their directors) should not unnecessarily jeopardise the rights of their creditors and the continuity of their activities. Think about paying dividends, and making unnecessary costs, despite the financial probl...
Temporary protection against creditors In these uncertain times, companies are confronted with a severe decline in their turnover, often resulting in cash-flow problems. Through the judicial reorganization procedure, these companies can apply for te...
Coronavirus: withdrawal from the SPA - MAC clauses in the sales contract What is the rule in the USA is rather rare in Germany; so-called Material Adverse Change clauses (or MAC clauses), which grant the buyer a right to withdraw from the purchase...
Coronavirus: effect on M&A sales process The implementation of sales processes is currently facing particular challenges: bidders are dropping out, financing can no longer be implemented, the business plans of the targets can no longer be...
While companies are trying to find ways to ensure health and well-being of their work-force and align those measures with business continuity as usual, it is equally important that deal managers look out for risks associated with the spread of virus...
Mergers and acquisitions (“M&As”) involving privately held companies in South Africa entail various legal, financial and other issues. Advanced preparation and an understanding of the fundamental practical and legal issues concerned ...
This article examines an alternative to the two predominant purchase price mechanisms used in M&A transactions in South Africa. When applied correctly, it leads to an expedited determination of the final purchase price and allows for flexibility...
Since April 26, 2019, contractors, to whom a public contract or concession has been awarded, have the possibility to issue an electronic invoice and transmit it to the contracting authority. This novelty is the result of the transposition of the Eur...
On 2 April 2019, the European Commission issued a press release regarding its State aid investigation into aspects of the UK controlled foreign company (CFC) rules. This press release explains that certain aspects of the CFC rules under investigatio...
On 13 September 2017, EDF and ERDF lost their fight to declare null and void the contracts they entered into further to bids that were rigged by Nexans France (“Nexans”), Prysmian Energies Câbles et Systèmes (“Prysmian...
Following the June 2016 referendum on the UK’s membership of the EU, the UK government triggered article 50 of the Treaty on the Functioning of the European Union on 29 March 2017, thereby commencing the two-year formal process that will ultim...
The establishment of more open public procurement systems, that is, procurement systems which offer foreign suppliers access to the award of public contracts on the basis of no less favourable terms than to domestic suppliers, constitutes an essenti...
On 17 July 2017, a new Appendix H to the Technology and Construction Court Guide was published which provides guidance on procedures for public procurement cases (the Guide). Although this detailed procedural guidance is likely to prove usefu...
A Councillor has successfully applied for judicial review of a decision by his own council to vary a contract for the development of a mixed retail, residential and transport hub in Winchester. The High Court ruled that the variations to the contrac...
The UK Government has published the eagerly awaited draft regulations to implement the new Public Sector Directive. Consultation will be open until 17 October 2014. You can respond to: transposition@cabinet-office.gsi.gov.uk The Consultation Documen...
A quick update on the progress of the new Directives. It is anticipated they will be published in the Official Journal of the European Union on 28 March 2014, meaning that they will then come into force on 17 April 2014. Following the Directives com...
As Contracting Authorities will be aware, in circumstances where the Negotiated Procedure is used, they are able to negotiate with tenderers in order that their tenders can be adapted to meet the requirements in the contract notice, the specificatio...
Parliamentary approval delayed to 2014 Provisional agreement between the EU Council, Commission and Parliament was reached back in July 2013 on the draft text of three new EU public procurement directives but these draft directives are still awaitin...
In this briefing from our procurement group, Paul James examines the Advocate General’s opinion regarding the treatment of foreign tenderers. Introduction In accordance with the EC Treaty principles, all potential tenderers in the market mus...
In this briefing from our procurement group, Paul James examines the Advocate General’s opinion regarding the treatment of foreign tenderers. Introduction In accordance with the EC Treaty principles, all potential tenderers in the market mus...
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