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Latest from Norton Rose Fulbright

Financial services: Regulation tomorrow

Commission adopts Implementing Decision on amending supervisory reporting of institutions under CRR

By Simon Lovegrove (UK)

February 17, 2020

On 14 February 2020, the European Commission adopted an Implementing Regulation that amends Implementing Regulation (EU) No 680/2014 laying down implementing technical standards (ITS) with regard to supervisory reporting of institutions according to the Capital Requirements Regulation, together with related annexes. The Implementing Regulation makes certain changes to supervisory reporting requirements concerning: Common reporting (COREP) to reflect the new securitisation framework and changes relating to the reporting of the liquidity coverage requirement in response…

Financial Institutions Legal Snapshot

Arm’s length acknowledgement of debt is an NCA credit agreement

By Patrick Bracher (ZA)

February 16, 2020

An acknowledgement of debt relating to a loan from one friend to another for a capital amount of R831 000 and interest at 18% per year was held to be a credit agreement for the purposes of the National Credit Act. The agreement identified the capital, the interest at 18%, deferred payments, collection fees to be levied and non-payment that could trigger litigation with litigation costs on a punitive scale between attorney and client. This was…

Financial Institutions Legal Snapshot

Extension of time for arbitration for undue hardship

By Patrick Bracher (ZA)

February 16, 2020

Section 8 of the Arbitration Act 1965 allows a court to extend the period allowed for arbitration in terms of an arbitration agreement if ‘undue hardship would otherwise be caused’. The Johannesburg High Court held that it would cause ‘undue hardship’ to refuse to extend a time-bar in circumstances where the events that caused the dispute only arose after the expiration of the agreed six year time-bar period. In a major transaction between sophisticated commercial…

Financial services: Regulation tomorrow

Open Banking in Canada: part 2 – further regulatory insights

By Daniel Leslie (CA)

February 15, 2020

Further to our previous post which introduces the concept of open banking and how Canada is approaching it, the Department of Finance, through its Advisory Committee on Open Banking (the Committee), has completed its initial review (the First Phase Review) which focused on: (i) the ways in which open banking would provide meaningful benefits and improve outcomes; (ii) how risks should be managed to ensure confidence in the system; and (iii) how the government should…

Global Workplace Insider

La modération a bien meilleur goût – Retour sur l’affaire Syndicat de la fonction publique et parapublique du Québec inc. et Société des établissements de plein air du Québec (SÉPAQ)

By Charles-Émile Morin

February 14, 2020

Dans une récente décision[1] du Tribunal administratif du travail (TAT), le juge administratif Sylvain Allard a jugé que le contenu des communiqués de la Société des établissements de plein air du Québec (SÉPAQ) exprimant, en période de négociations, son mécontentement relativement à un avis de grève et aux demandes syndicales violait l’article 12 du Code du travail (C.T.). Il a par ailleurs ordonner à la SÉPAQ de verser des dommages punitifs au Syndicat de…

Health Law Pulse

COVID-19 Update: Over 60,000 Confirmed Cases

By Yvonne Puig (US), Daphne Calderon (US) & Jeff Wurzburg (US)

February 14, 2020

Earlier this week the WHO announced that COVID-19 would be the name for the disease caused by the coronavirus. On Wednesday, China announced 14,840 new cases of the coronavirus after changing the way cases are confirmed to include where a test was negative but other methods such as symptoms and x-rays show evidence of the virus. The WHO has asked for “further clarity” regarding this change in policy. There have now been over 64,000 confirmed …

Financial services: Regulation tomorrow

FCA letter – key risks credit brokers should consider and act on

By Matthew Gregory (UK) & Joe Bamford (UK)

February 14, 2020

On 13 February 2020, the FCA published a letter setting out its views on the key risks credit brokers could pose to their consumers or markets. Credit brokers are asked to consider the extent of these risks in their business and assess if their strategies reduce the risks. The FCA explains that it has examined a range of information and data, including firms’ regulatory histories and the type and number of complaints to assess how…

Financial services: Regulation tomorrow

EP resolution: proposed mandate for negotiations for a new partnership with the UK

By Simon Lovegrove (UK)

February 14, 2020

On 12 February 2020, the European Parliament (EP) published the text of a resolution concerning the proposed mandate for negotiations for the EU’s new partnership with the UK. The resolution notes that whilst the EP is supportive of the EU constructively negotiating a balanced, ambitious and comprehensive free trade agreement with the UK, by its nature such an agreement will never be equivalent to ‘frictionless’ trade. The EP also asserts that a non-EU country cannot…

Financial services: Regulation tomorrow

AFME updates model equity selling restrictions

By Imogen Garner (UK) & Iona Wright (UK)

February 13, 2020

On 9 February 2020, the Association for Financial Markets in Europe (AFME) published a revised version of its model equity selling restrictions to reflect the UK’s withdrawal from the EU until the end of the implementation period. The updated version of the equity selling restrictions are in substantially the same form as the version published in July 2019 but now refer to the UK in addition to EEA States and use the defined term ‘Relevant…

Financial services: Regulation tomorrow

IOSCO publishes key considerations for regulating crypto-asset trading platforms

By Albert Weatherill (UK) & Joe Bamford (UK)

February 13, 2020

On 12 February 2020, the International Organization of Securities Commissions (IOSCO) published a final report on issues, risks and regulatory considerations relating to crypto-asset trading platforms (CTPs). The key considerations relate to: access to CTPs; safekeeping of participant assets, including custody arrangements; identification and management of conflicts of interest; transparency of operations; market integrity, including the rules governing trading on the CTP, and how those rules are monitored and enforced; price discovery mechanisms; and technology,…

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Commission adopts Implementing Decision on amending supervisory reporting of institutions under CRR

Arm’s length acknowledgement of debt is an NCA credit agreement

Extension of time for arbitration for undue hardship

Open Banking in Canada: part 2 – further regulatory insights

La modération a bien meilleur goût – Retour sur l’affaire Syndicat de la fonction publique et parapublique du Québec inc. et Société des établissements de plein air du Québec (SÉPAQ)

COVID-19 Update: Over 60,000 Confirmed Cases

FCA letter – key risks credit brokers should consider and act on

EP resolution: proposed mandate for negotiations for a new partnership with the UK

AFME updates model equity selling restrictions

IOSCO publishes key considerations for regulating crypto-asset trading platforms

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