Expert Analysis

• Lessons From ESMA's Record €1.4M Trade Repository Fine

  

  The European Securities and Markets Authority's recent fine against REGIS-TR for data and procedure breaches under Market Infrastructure and Securities Financing Regulations demonstrates that a license confers no immunity from sanctions, and that dually registered trade repositories face a greater financial exposure in the event of noncompliance, say lawyers at White & Case.

• CMA's 5-Point Plan Signals Shift In Enforcement Priorities

  

  The Competition and Markets Authority’s recently published annual plan is notable for a strong shift toward prioritizing U.K. enforcement of consumer protection laws, encouraging innovation and policing public procurement markets for anticompetitive conduct, which contrasts with previous plans that focused on competition in digital markets, complex merger review and sustainability, say lawyers at Cooley.

• Responding To UK's New Late-Payment Enforcement Regime

  

  The U.K. government’s recently announced crackdown on late payment marks a decisive shift from voluntary standards toward an enforcement-led framework designed to alter behavior by changing incentives, increasing accountability and introducing real consequences for persistent poor practices, say lawyers at Shoosmiths.

• Unpacking HMRC's Decision To Delay Tax Adviser Regime

  

  Lawyers at McDermott discuss why HM Revenue & Customs recently chose to delay the application of its tax adviser registration requirement to financial services firms, such as asset managers, as well as the onerous duties and responsibilities that the current legislation imposes.

• What CMA Blog Reveals About Pricing Collusion Scrutiny

  

  The Competition and Markets Authority's recent blog post announcing capabilities to screen for algorithmic collusion demonstrates that the regulator's concerns are crystallizing into enhanced investigative and enforcement actions, broadening the range of commercial arrangements at risk of antitrust scrutiny, say lawyers at Freshfields.

• Carillion Fines Show FCA's Broad View Of Directors' Duties

  

  The Financial Conduct Authority’s recent issuing of final notices to Carillion’s former group CEO demonstrates that executive directors cannot recklessly allow misleading public announcements that undermine market confidence, says Wendy Saunders at Lewis Silkin.

• Assessing Potential Legal Claims From Private Credit Turmoil

  

  Amid the downturn in the private credit markets spurred by multiple high-profile bankruptcies, a New York lawsuit stemming from the collapse of First Brands provides an important case study for investors to help minimize future losses and maximize any potential recovery in the event of a private credit default, say attorneys at Bleichmar Fonti.

• What New FCA Rules Mean For Deferred Payment Providers

  

  New rules from the Financial Conduct Authority requiring deferred payment credit providers to obtain a financial services license have two notable implications: providers will be subject to full compliance with the regulator’s consumer duty, and must meet its organizational and governance requirements, says Alix Prentice at Cadwalader.

• FCA Stablecoin Sandbox Indicates Shift In Crypto Regulation

  

  The Financial Conduct Authority’s recent decision to use four companies to test stablecoin models within its regulatory sandbox provides a mechanism for testing real-world use cases, and shines a light on the U.K.'s broader strategy in the context of global stablecoin legislation, says Ben Lee at Andersen.

• Who Will Be 1st To Prosecute New Corporate Fraud Offense?

  

  With no prosecutions under the failure to prevent fraud offense six months on from its introduction, lawyers at BCL Solicitors explore the front-runners in the race to prosecute, and consider whether a private prosecutor might beat a state prosecuting authority to the finish line.

• Crypto-Asset Market Downturn Is Driving Litigation Risk

  

  Recent volatility in the crypto-asset market has placed a strain on balance sheets and laid bare weaknesses that may have been overlooked during more stable periods, increasing the risk for disputes over whether procedures or enforcement have been carried out correctly, say lawyers at Kennedys.

• Decoding Arbitral Disputes: UK Top Court On State Immunity

  

  The U.K. Supreme Court's recent ruling denying Spain's and Zimbabwe's bids to escape arbitration awards using state immunity claims provides significant clarification of the relationship between sovereign immunity and the International Centre for Settlement of Investment Disputes system, and reinforces the finality and enforceability of ICSID awards, says Josep Galvez at 4-5 Gray's Inn.

• FCA's £44M Nationwide Fine Highlights AML Control Gaps

  

  The Financial Conduct Authority’s recent £44 million fine of Nationwide Building Society for anti-money laundering control failures demonstrates that where a firm does not implement appropriate policies and remediation projects, there is a risk that noncompliance will remain unaddressed, say lawyers at Taylor Wessing.

• How UK Securitization Reforms Will Affect Industry

  

  The Prudential Regulation Authority’s recent proposals to reform securitization requirements will offer greater structuring flexibility, reduced operational complexity and lower compliance costs, although with the rationale for imposing stand-alone obligations on institutional investors not clear, dissenting voices are likely, say lawyers at Skadden.

• FCA's HTX Action Shows Crypto Ad Rules Must Be Followed

  

  The Financial Conduct Authority’s London High Court action against global crypto-exchange HTX for illegally promoting its services to U.K. consumers sends the message that it will pursue those who flout the rules from a distance and will be key in testing the extent of the U.K.’s regulatory perimeter, says Nick Barnard at Corker Binning.