Banks around the world routinely transmit money into and out of New York, a global financial and commercial center. The Second Circuit’s recent opinion in Daou v. BLC Bank, S.A.L. serves as a reminder that New York courts will not
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Seminar – Markets infrastructure: The big picture post-Brexit
The Norton Rose Fulbright annual Markets Infrastructure seminar is back!
Please join us from 15:45 – 19:00 on Thursday, 8 September 2022 for an update and discussion on key topics in the world of trade and post-trade. The seminar will…
FCA statement on IFPR eligibility for enhanced SM&CR status as a Significant SYSC firm
On 16 August 2022, the Financial Conduct Authority (FCA) published a statement on the Investment Firm Prudential Regime (IFPR) and eligibility for enhanced Senior Managers and Certification Regime (SM&CR) status as a Significant SYSC firm.
The statement provides that, since…
Commission Delegated Regulation supplementing the CRR with regard to RTS specifying exotic underlyings and the instruments bearing residual risks for the purposes of the calculation of own funds requirements for residual risks
On 16 August 2022, the European Commission published Commission Delegated Regulation of 16.8.2022 supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) specifying exotic underlyings and the instruments bearing residual risks for the purposes of the…
FCA encourages market participants to continue transition of LIBOR-linked bonds
On 16 August 2022, the Financial Conduct Authority (FCA) published a statement encouraging issuers and bond holders of outstanding LIBOR-linked bonds to consider taking necessary action to transition outstanding LIBOR-linked bonds to fair alternative rates.
The FCA is encouraging:
- Issuers
…
Commission Delegated Regulation amending the RTS as regards the 90-day exemption for account access
On 16 August 2022, the European Commission published Commission Delegated Regulation (EU) of 3.8.2022 amending the regulatory technical standards (RTS) laid down in Delegated Regulation 2018/389 as regards the 90-day exemption for account access.
The final draft RTS introduces into…
When responding to a union’s request for information, employers should look before they leap
OFSI updates licensing timeframes in its general guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018
On 28 July 2022, the Office of Financial Sanctions Implementation (OFSI) updated its general guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018. The guidance outlines firms’ obligations under financial sanctions, as well as OFSI’s approach to…
New podcast on the Financial Services and Markets Bill
In our latest podcast on the Financial Services and Markets Bill, Matthew Gregory and Hannah Meakin take a closer look at the Bill’s provisions on financial promotion (Apple podcasts / Spotify).