There are two kinds of guidances, according to recently appointed Principal Deputy Associate Attorney General Claire McCusker Murray, which should be treated quite differently.[1]  Her explanation is worth quoting at length: The key is to distinguish between two categories of guidance, the part that mirrors what the law requires and everything else.  The rest might include, for example, language suggesting obligations that go beyond what the law requires, language that represents the agency’s…
The CFPB has published its Spring 2019 rulemaking agenda as part of the Spring 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB).  It represents the CFPB’s first rulemaking agenda under Director Kraninger’s leadership.  The agenda’s preamble indicates that the information in the agenda is current as of March 6, 2019 and identifies the regulatory matters that the Bureau “reasonably anticipates having under consideration during the…
Colorado Governor Jared Polis has signed what is one of the toughest enhanced state pay equity laws to date. Colorado has become the tenth state in the country to pass an equal pay law that is more demanding than federal law. The new law goes into effect on January 1, 2021. Just before the close of the legislative session on May 22, and after months of debate and considerable amendment, two Republicans joined Colorado…
On 22 May 2019, Prime Minister Theresa May MP delivered a statement to the House of Commons on her new Brexit deal. The statement repeats the points made in her Brexit speech on Tuesday (our blog is here) although the following points are made: the Withdrawal Agreement Bill will be published on Friday so that MPs have the maximum possible time to study its detail; and should Parliament pass the Bill before the summer…
On 7 November 2018, the Cost Transparency Initiative (CTI) was launched. The CTI is an independent group working to improve cost transparency for institutional investors with the responsibility for progressing the work already undertaken by the Institutional Disclosure Working Group. On 22 May 2019, the FCA published a statement welcoming the launch of the CTI finalised templates for the disclosure of costs and charges to institutional investors. The new templates can now be used by institutional investors…
On 22 May 2019, there was published in the Official Journal of the EU (OJ) two Delegated Regulations concerning conflicts of interests in European funds: Commission Delegated Regulation (EU) 2019/819 of 1 February 2019 supplementing Regulation (EU) No 346/2013 of the European Parliament and of the Council with regard to conflicts of interest, social impact measurement and information to investors in the area of European social entrepreneurship funds; and Commission Delegated Regulation (EU) 2019/820 of…
On 20 May 2019, the FCA published a webpage setting out the findings of its supervisory review of principal firms in the investment management sector. The review was carried out following a similar review in the insurance sector which identified shortcomings in the control and oversight of appointed representatives (ARs) by their principal firms. More recent supervisory work within the investment management sector identified similar concerns, prompting this review. The review included a survey of 338…
On 20 May 2019, The Cyber-Attacks (Asset-Freezing) Regulations 2019 were made and published on legislation.gov.uk, together with an explanatory memorandum. The Regulations provide a domestic framework for the implementation of Council Regulation 2019/796 concerning restrictive measures against cyber-attacks threatening the EU or its Member States. The Council Regulation came into force on 17 May 2019. The measures implemented include the freezing of funds and economic resources of any persons and entities, listed in Annex…
On 22 May 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published a consultation paper on draft implementing technical standards (ITS) on the reporting of intragroup transactions and risk concentration under Article 21a(2b) and (2c) of the Financial Conglomerates Directive (FCD). The draft ITS proposes harmonised templates for the reporting of intra-group transaction and risk concentration for financial conglomerates, aiming at collecting information in order for Member State competent authorities to perform their…
In the following guest post, Frank Hülsberg, a Partner for Governance, Risk, Compliance & Technology at Warth & Klein Grant Thornton AG in Düsseldorf, and Burkhard Fassbach, a D&O-lawyer in private practice in Germany, take a look at the EU’s new Whistleblower Directive. I would like to thank Frank and Burkhard for allowing me to publish their article. I welcome guest post submissions from responsible authors on topics of interest to this site’s readers. Please…

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