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Roundup
This year, 42 leaders of employment, intellectual property, insurance and transactions practice groups shared thoughts on keeping the pulse on legal trends, tackling difficult cases and what it takes to make a mark in their area.
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The recently effective Financial Services and Markets Act 2000 Amendment Order clarifies that arrangements for qualifying crypto-asset staking do not amount to a collective investment scheme, and by addressing an issue that curtailed staking activities in the U.K., facilitates the use of that practice, says Andrew Henderson at Goodwin.
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The never-before-used anticoercion instrument could allow the European Union to respond to the imposition of U.S. tariffs, potentially effective March 12, and gives EU companies a voice in the process as it provides for consultation with economic operators at different steps throughout the procedure, say lawyers at Crowell & Moring.
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The Bank of England’s recent update on a decision concerning a digital pound indicates that there is scope for innovation in the payments landscape that can help to boost economic growth, while keeping the U.K. firmly in the global conversation on digital currency development, say lawyers at Hogan Lovells.
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Two recent supervisory letters from the Prudential Regulation Authority outline priorities for international banks and U.K. deposit takers for the year ahead, including the need to strengthen risk culture, manage credit risk and govern data integrity, all of which indicate that banks will face greater regulatory interest in their internal controls, say lawyers at Skadden.
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The Financial Conduct Authority and Prudential Regulation Authority’s pending proposals to reduce banker remuneration restrictions bring obvious personal financial advantages for bankers, but may have repercussions that result in increased scrutiny of bonus payments and wider changes to workplace culture and overall accountability, say lawyers at Fox Williams.
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“No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.
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The European supervisory authorities’ recent report on decentralized finance highlights the major regulatory challenges and increased cybersecurity risks of this ecosystem, and will likely provide useful guidance on how the market could be regulated to limit potential risks for investors, say Hubert de Vauplane and Hugo Bordet at Morgan Lewis.
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The recently amended European Market Infrastructure Regulation, imposing a requirement on certain financial and nonfinancial institutions to maintain an active EU counterparty account, hopes to incentivize the central clearing of trades, although there are concerns that higher compliance costs will lead to a decrease in competitiveness, say lawyers at McDermott.
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The Court of Appeal of England and Wales' recent determination that Spain’s London embassy could not dodge a former U.K.-based employee’s discrimination claims by invoking sovereign immunity reaffirms its position that employment and human rights should come before the privileges of foreign powers, says Josep Galvez at 4-5 Gray’s Inn.
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The government's proposal for a private securities and capital exchange system intends to enhance market practices and risk tolerances, offering a significant way for firms to free up liquidity by allowing investors to trade existing private company shares, say lawyers at Mishcon de Reya.
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While financial services firms wait for the Financial Conduct Authority’s final policy statement on nonfinancial misconduct, an Employment Tribunal’s recent award to a railroad worker targeted by a hostile human resources team provides guidance on developing even-handed and inclusive company policies, say attorneys at Shoosmiths.
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The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
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The Financial Stability Board's recent report on global securitization reforms, analyzing resilience trends in the collateralized loan obligation market post-2008, suggests that, while risk retention rules have a limited impact on observable characteristics, other structural features play a significant role in ensuring risk alignment, says Kos Vavelidis at DLA Piper.
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The European Union Platform on Sustainable Finance’s recent proposals to apply stricter product categorization standards for funds subject to the Sustainable Finance Disclosure Regulation will assist retail investors in selecting sustainable products, and allow advisers to easily match their clients’ preferences, say lawyers at Debevoise.