DC policymakers working to stay ahead of – or keep up with – AI innovations
UK Cannabis Market on the Brink of Change
Those attempting to track the meandering Brexit trail in the three years since the referendum which decided that the United Kingdom (UK) would leave the European Union (EU) are well aware that the general election on 12 December most likely will determine the path forward. What that might mean for the cannabis market in the UK is less discussed.
Election front-runners, the Conservatives and Labour Parties, which recent polls projected to have 41 and 29…
NCA 2019 report reveals increase of over 50% in consent SARs
The National Crime Agency (NCA) has published its Suspicious Activity Reports (SARs) Annual Report 2019. The report shows that the number of SARs has continued to increase; an issue that prompted the Law Commission to propose a series of reforms to the SAR regime earlier this year.
There has been a 3% increase in the number of SARs received between April 2018 and March 2019, with over 478,000 SARs received. Notably, the number of Defence…
One million visitors and counting
We have recently passed one million visitors to our Regulation tomorrow blog!
My thanks to my colleagues for their contributions to the blog and to clients and contacts for using this resource.…
FCA statement on SEC decision to extend no-action relief relating to MiFID II inducements and research provisions
On 8 November 2019, the FCA published a statement on the US Securities and Exchange Commission’s announcement to extend the SEC staff “no action letter” relating to the MiFID II Directive inducements and research provisions.
The letter addresses the potential conflict between US regulation and MiFID II. The existing relief was due to expire on 3 July 2020 but has now been extended until 3 July 2023.
The FCA welcomes this decision and explains that…
Issues to Address When Determining Salaries for S-Corp Employees
For an S corporation — a small corporation that is structured and taxed similarly to a partnership—one of the biggest advantages of this structure is its ability to avoid payment of Social Security and Medicare taxes. However, while this benefit has become very popular among S corporations, it has become decidedly less so for the U.S. Internal Revenue Service.
The key provision at issue is that earnings and profits taken in by an S corporation…
Financial Services Duty of Care Bill to make no further progress
On 8 November 2019, the UK Parliament updated its webpage on the Financial Services Duty of Care Bill 2019 (the Bill). Following the dissolution of the 2017-2019 Parliament, the Bill will make no further progress. For more information on the Bill, see our previous blog here.
In October 2019, the FCA expressed its intentions to issue a consultation paper on the Duty of Care over the coming months.…
FSB plenary meeting November 2019
On 7 November 2019, the Financial Stability Board (FSB) published a press release outlining the discussions held during its plenary meeting in New York.
Key points from the meeting include:
Current vulnerabilities in the global financial system. Members discussed a report assessing vulnerabilities associated with leveraged loans and collateralised loan obligations. The report suggests that vulnerabilities have grown since the global financial crisis and more work is needed to close data gaps. The full report…
Commission Delegated Regulation amending PRIIPs Delegated Regulation to align transitional arrangements
On 8 November 2019, there was published in the Official Journal of the European Union (OJ) a Commission Delegated Regulation (EU) 2019/1866 which amends Article 18 of Delegated Regulation (EU) 2017/653 supplementing the Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such…
Council of EU adopts EU consumer protection Directive
On 8 November 2019, the Council of the EU announced that it had adopted a Directive amending the Unfair Commercial Practices Directive (2005/29/EC), the Consumer Rights Directive (2011/83/EU), the Unfair Contract Terms Directive (93/13/EEC) and the Price Indication Directive (98/6/EC) (the Directive).
The intention of the Directive is to guarantee higher standards of protection for EU consumers when they buy products or services online. It also provides for more robust measures against unfair or misleading…