On 10 May 2022, the Payment Systems Regulator (PSR) published a summary report produced by its Panel on the Digital Payments Initiative (Initiative).
The PSR Panel provides independent advice and input to the PSR on an ongoing basis. The PSR
Financial services: Regulation tomorrow
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ESAs call for improvements in product descriptions intended for retail investors
On 10 May 2022, the European Supervisory Authorities (ESAs) issued a supervisory statement on expectations regarding the ‘What is this product?’ section of the key information document (KID) for packaged retail and insurance based investment products (PRIIPs).
The supervisory statement…
Commission launches targeted consultation on the review of the PSD2 and open finance
On 10 May 2022, the European Commission launched a public consultation to gather evidence for the revised Payment Services Directive (PSD2) review and to inform its work on open finance. The Commission is seeking to identify whether the PSD2 has…
FMSB changes its name
On 9 May 2022, the FMSB announced that it was changing its name from FICC Markets Standards Board to Financial Markets Standards Board.
Financial Services monthly wrap-up: April 2022
The month of April saw the release of the ASX’s consultation paper ‘Enhancing the ASX Investment Products Offering’, as well as the publication by APRA and ASIC of the latest data pertaining to claims and disputes outcomes for life insurance.…
L’eau ne coule pas sous les ponts : 11 ans après les faits, le Conseil des sanctions de la Banque mondiale radie un directeur général pour corruption (décision n° 136)
Le 22 février 2022, le Conseil des sanctions du Groupe de la Banque mondiale (« GBM ») a rendu sa décision n° 136 en imposant une radiation de deux ans à un directeur général pour corruption et pratiques frauduleuses. Cette décision est importante à trois…
The past is not the past: World Bank Sanctions Board debars MD for corruption 11 years later (Decision No. 136)
On February 22, 2022, the World Bank Group (WBG) Sanctions Board issued its decision no. 136, imposing a two-year debarment on a managing director for corrupt and fraudulent practices. The decision is significant for three reasons: (1) it was rendered…
Kyla Shipping v Freight Trading [2022] EWHC 376 (Comm): litigation privilege and investigations by a third party expert
The recent case of Kyla Shipping grappled with the question of whether, in the circumstances, litigation privilege applied to investigations by a third party expert. The Commercial Court ultimately upheld a challenge to the claimants’ assertion of litigation privilege over…
The Economic Crime (Transparency and Enforcement) Act 2022 (Commencement No. 1) Regulations 2022
On 9 May 2022, there was published on the legislation.gov.uk website The Economic Crime (Transparency and Enforcement) Act 2022 (Commencement No. 1) Regulations 2022. These Regulations bring into force on 15 May 2022 amendments to the Proceeds of Crime…
The Financial Guidance and Claims Act 2018 (Commencement No. 9) Regulations 2022
On 6 May 2022, there was published on the legislation.gov.uk website The Financial Guidance and Claims Act 2018 (Commencement No. 9) Regulations 2022. These Regulations are the ninth commencement regulations made under the Financial Guidance and Claims Act 2018.…