Practical, Experience-Based Insights on Financial Regulatory Developments
The Motor Finance Commission Claims – including Johnson v FirstRand Bank, Wrench v FirstRand Bank, and Hopcraft v Close Brothers – are a set of Court of Appeal cases addressing undisclosed or partially disclosed commission payments in motor finance agreements.
1. Background:
The claimants were financially unsophisticated consumers who relied on…
The Taskforce on Inequality and Social-related Financial Disclosures (“TISFD”) launched on 23 September 2024.
Background
The TISFD is a global initiative with the aim of developing recommendations and guidance for businesses and financial institutions to report on inequality and social-related financial risks, opportunities, impacts and dependencies (“TISFD Disclosure Framework”). The TISFD…
Key developments in September 2024:
30 September:
Digital Securities Sandbox: The Bank of England and the Financial Conduct Authority (“FCA”) published a joint policy statement (PS24/12), final guidance and other materials setting…
Background of the Corporate Sustainability Due Diligence Directive
The Corporate Sustainability Due Diligence Directive (CSDDD) was entered force on 25 July 2024. The purpose of this Directive is to promote sustainable and responsible corporate behaviour in companies’ operations and throughout their global supply chains. Member States must transpose the Directive into national law and communicate…
The deadline for EU member states (‘‘Member States’’) to implement the Corporate Sustainability Reporting Directive (“CSRD”) into national laws was 6 July 2024. Under EU infringement procedures, the European Commission (‘‘Commission’’) may now take legal action against Member States for failing to implement EU laws. The Commission announced that…
In July 2024, the UK’s Financial Conduct Authority (“FCA”) published its “Quarterly Consultation Paper No. 44” (“Consultation”), which proposed introducing a requirement to provide criminal background checks on owners and controllers at the authorisations gateway.
Background
The FCA currently employs a risk-based approach to conducting criminal background checks, whereby such checks…
This post is an update of a previous post.
On 27 March 2024, government legislation (Financial Services and Markets Act 2000 (Financial Promotion) (Amendment and Transitional Provision) Order 2024 (SI 2024/301), the “March Order”) came into force to reinstate the eligibility criteria to qualify as a high net worth or…
An upward trend…
The “retailisation” of private funds has been one of the industry’s most significant trends in recent years, with fund managers seeking sources of capital beyond their usual institutional, professional and sophisticated investor base. “Retail” capital (in particular, private wealth) is already a key source of fundraising for many alternative asset managers but…
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