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Cyber risk warnings for insurers

By Patrick Bracher (ZA) on June 18, 2019

The cautionary warnings continue for insurers regarding the cyber risks that they underwrite. Although cybersure is seen as one of the major opportunities for the insurance industry, there are a number of risks including the increasing frequency of cyberattacks, the difficulty in pricing for the risks, and the fact that existing policies, including liability and property policies, may be invoked to pay claims which have never been priced for. In May 2019, Beazley of London…

Financial Institutions Legal Snapshot

Restrictions on transfer of benefits on termination of pension fund membership is valid

By Michelle David on June 18, 2019

Provisions in pension fund rules that a member may not withdraw from membership of the fund while remaining in service of the employer to transfer benefits to another fund, were held to be valid and not unconstitutional or contrary to public policy, said the appeal court. Section 13A(5) of the Pension Funds Act read with the definition of ‘member’ means that a person cannot demand the transfer of any benefits from one fund to another fund…

Financial services: Regulation tomorrow

UK Law Commission calls for money laundering guidance in relation to transactions involving the legal cannabis industry

By Katie Stephen (UK), Claire O'Donnell (UK) & Andrew Reeves (UK) on June 18, 2019

The Law Commission has today published its report on the SARs regime following its consultation paper. Amongst wide-ranging recommendations to improve the regime, it has recommended that the government consider the need for guidance in relation to transactions involving the legal cannabis industry in Canada and elsewhere. Such guidance would certainly be useful to the many financial institutions, corporates and individuals trying to grapple with the difficult money laundering and other legal issues that…

Financial services: Regulation tomorrow

CLLS responds to HM Treasury consultation on implementing 5MLD

By John Coley (UK), Lisa Lee Lewis (UK) & Weronika Sowa on June 18, 2019

The City of London Law Society (CLLS) has published its response to HM Treasury’s (HMT’s) consultation on transposing the EU Fifth Money Laundering Directive (5MLD) into the UK law. The response has been prepared by the CLLS Regulatory Law Committee (Committee) and it has focused on the following areas: cryptoassets and registration of express trusts. Cryptoassets The Committee expressed concern about the government’s proposed broad definition of cryptoassets which covers additional types of activity not…

Financial services: Regulation tomorrow

Pillar 2 liquidity: Updates to the framework

By Simon Lovegrove (UK) & Jochen Vester (UK) on June 18, 2019

On 17 June 2019, the PRA published updates to: the Regulatory Reporting Part of the PRA Rulebook. The update is in the form of an instrument made by the PRA board, the ‘CRR Firms: Liquidity regulatory reporting (amendment) (No.2) Instrument 2019’ (the Instrument); Statement of Policy (SoP) ‘Pillar 2 liquidity’; Supervisory Statement (SS) 24/15 ‘The PRA’s approach to supervising liquidity and funding risks’ (SS24/15); SS34/15 ‘Guidelines for completing regulatory reports’ (SS34/15); and PRA110 template…

Financial services: Regulation tomorrow

FSB publishes compensation progress report

By Simon Lovegrove (UK) on June 18, 2019

On 17 June 2019, the Financial Stability Board (FSB) published a progress report on the implementation of its ‘Principles and Standards for sound compensation practices in financial institutions’ (the P&S). The progress report assesses how compensation practices have evolved since the P&S were published in 2009. The progress report notes that all FSB jurisdictions have implemented the P&S for all significant banks. While most banks have put in place practices and procedures which reduce the…

Financial services: Regulation tomorrow

Consultation on amending the Suitability Policy Rule 2012

By Floortje Nagelkerke (NL) & Anka Langedijk (NL) on June 18, 2019

On 14 June 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) published the draft Decree amending the Suitability Policy Rule 2012 (Besluit tot wijziging van de Beleidsregel Geschiktheid 2012, the Decree) for public consultation. The Suitability Policy Rule provides for more detailed information on the assessment of the suitability (geschiktheid) of policymakers (beleidsbepalers) of financial institutions. More particularly, it lays down the…

Deal Law Wire

Full disclosure: financial assistance and related corporations

By Justin Burt & Jillian Karras (Calgary) on June 18, 2019

Many transactions involve financial assistance by means of a loan, guarantee or otherwise between related corporations. Often, an important consideration in these circumstances is: does such financial assistance trigger any disclosure obligations? Generally, a corporation may give financial assistance to any person (including an individual, partnership, association, body corporate, trustee, executor, administrator or legal representative) for any purpose (s. 45(2) of the Business Corporations Act (Alberta) (the Act)). However, a corporation must disclose to its…

Financial services: Regulation tomorrow

ESMA updates EMIR Q&As

By Hannah Meakin (UK) & Simon Lovegrove (UK) on June 17, 2019

On 13 June 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the implementation of EMIR. The updated Q&As contain: a new Q&A on the calculation of the clearing threshold under Article 10 of EMIR; and a new Q&A on the reporting obligation under Article 9(1) of EMIR.…

Financial services: Regulation tomorrow

ESMA letter on EMIR Refit hedging exemption for calculation of clearing thresholds for non-financial groups

By Hannah Meakin (UK) on June 16, 2019

On 14 June 2019, the European Securities and Markets Authority (ESMA) published a letter to the Commission, dated 7 June 2019, regarding the calculation of the month-end average positions of financial counterparties (FC) in non-financial groups under the EMIR Refit regulation, which is used to determine whether FCs are subject to the clearing obligation when they are above the clearing thresholds. For the purpose of performing the calculation of the positions against the clearing thresholds,…

Norton Rose Fulbright

Norton Rose Fulbright Blogs

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Cyber risk warnings for insurers

Restrictions on transfer of benefits on termination of pension fund membership is valid

UK Law Commission calls for money laundering guidance in relation to transactions involving the legal cannabis industry

CLLS responds to HM Treasury consultation on implementing 5MLD

Pillar 2 liquidity: Updates to the framework

FSB publishes compensation progress report

Consultation on amending the Suitability Policy Rule 2012

Full disclosure: financial assistance and related corporations

ESMA updates EMIR Q&As

ESMA letter on EMIR Refit hedging exemption for calculation of clearing thresholds for non-financial groups

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