The document provides a summary of recent legal and regulatory developments in the UK financial services industry. Key points include the Chancellor's Autumn Statement which supported peer-to-peer lending and crowdfunding, changes to stamp duty, and using bank fines to fund GP practices. Other summaries discuss FCA guidance on AIFM reporting, ESMA consulting on asset segregation under AIFMD, and the FCA establishing a new webpage for crowdfunding platforms.
A synopsis of the Financial Conduct Authority’s (FCA) latest news and publications issued in April and May 2018.
With GDPR and MiFID II processes now firmly embedded in our daily lives, many of our readers will look back at the months of April and May with a sense of relief.
Consultation paper on the replacement of the legal framework governing the o...AtoZForex.com
The Cypriot regulator proposes a new regulatory framework for governing the Cyprus Investment Firms (CIFs) Investors Compensation Fund (ICF) across the island.
In this edition of Regulatory Focus, the experts in Duff & Phelps round up the latest news and publications issued by the Financial Conduct Authority. Read more
Periodic Reporting - Ask Securities Lawyer 101Brenda Hamilton
Companies become subject to the SEC’s periodic reporting requirements a number of ways including by filing a registration under the Securities Act of 1933, as amended or pursuant to the Securities Exchange Act of 1934. The SEC periodic reporting rules require that publicly traded companies disclose a wealth of information to the public. Periodic reporting also requires that these reports… Read More
A synopsis of the Financial Conduct Authority’s (FCA) latest news and publications issued in April and May 2018.
With GDPR and MiFID II processes now firmly embedded in our daily lives, many of our readers will look back at the months of April and May with a sense of relief.
Consultation paper on the replacement of the legal framework governing the o...AtoZForex.com
The Cypriot regulator proposes a new regulatory framework for governing the Cyprus Investment Firms (CIFs) Investors Compensation Fund (ICF) across the island.
In this edition of Regulatory Focus, the experts in Duff & Phelps round up the latest news and publications issued by the Financial Conduct Authority. Read more
Periodic Reporting - Ask Securities Lawyer 101Brenda Hamilton
Companies become subject to the SEC’s periodic reporting requirements a number of ways including by filing a registration under the Securities Act of 1933, as amended or pursuant to the Securities Exchange Act of 1934. The SEC periodic reporting rules require that publicly traded companies disclose a wealth of information to the public. Periodic reporting also requires that these reports… Read More
OmniPro\'s Company Law Spring Update 2011. Includes review of the European Communities (statutory Audit Regulations) 2010, Criminal Justice (Money Laundering & Terrorist Financing) Act 2010 & Multi-Unit Development Act 2010
SEBI notified SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015 (“LODR”) on September 2, 2015 LODR consolidated the provisions contained in different listing agreements viz Equity Listing Agreement, listing agreement for listing on SME Exchange, LA for listing IDR,LA for listing of Debt Securities, LA for Securitised Debt Instruments and provisions of SEBI (ICDR) Regulations.
Euro shorts 06.11.15 including ESMA consultation on indirect clearing under ...Cummings
Welcome to Euro Shorts, a short briefing on some of the week's developments in the financial services
industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 06.11.15 including SM&CR authorised person definition for incomi...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services
industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
OmniPro\'s Company Law Spring Update 2011. Includes review of the European Communities (statutory Audit Regulations) 2010, Criminal Justice (Money Laundering & Terrorist Financing) Act 2010 & Multi-Unit Development Act 2010
SEBI notified SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015 (“LODR”) on September 2, 2015 LODR consolidated the provisions contained in different listing agreements viz Equity Listing Agreement, listing agreement for listing on SME Exchange, LA for listing IDR,LA for listing of Debt Securities, LA for Securitised Debt Instruments and provisions of SEBI (ICDR) Regulations.
Euro shorts 06.11.15 including ESMA consultation on indirect clearing under ...Cummings
Welcome to Euro Shorts, a short briefing on some of the week's developments in the financial services
industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 06.11.15 including SM&CR authorised person definition for incomi...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services
industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Scopri l'unica cura efficace che esiste per la cellulite. Esercizi specifici, alimenti specifici, come riparare la pelle ed incrementare la produzione di collagene.
Euro shorts 16.10.15 including Bloomberg's Hedge Fund Start Up Breakfast and ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
In this edition of Regulatory Focus, the experts in Duff & Phelps’ UK Compliance and Regulatory Consulting team, provide a detailed synopsis of the latest news and publications issued by the Financial Conduct Authority during May and June 2018.
https://www.duffandphelps.com/insights/publications/compliance-and-regulatory-consulting/regulatory-focus-july-2018
In this edition of Regulatory Focus, Duff & Phelps provides a synopsis of the FCA's latest news and publications issued in May 2017.
Highlights include:
MiFID II Topics and Challenges
FCA's increased focus on cyber resilience
Guidance on the Criminal Finances Act 2017
In this edition of Regulatory Focus, the experts in Duff & Phelps’ UK Compliance and Regulatory Consulting team, provide a detailed synopsis of the latest news and publications issued by the Financial Conduct Authority during March 2018.
Legal shorts 21.10.16 including criminal finances bill introduced and mld4Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
Legal shorts 18.12.15 including mi fid ii fca first consultation and mifid ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Desde 2008, o Reino Unido tem se posicionado como um dos líderes globais no setor de Fintech. Estima-se que em 2015 o setor atraiu 524 milhões de libras em investimentos e lucros de 6,6 bilhoes de libras. Esta apresentação mostra a expertise do Reino Unido e como o Governo Brditânico está desenvolvendo novas oportunidades, incluindo um ambiente regulatório favorável às Fintechs.
Legal Shorts 11.12.15 including FCA makes changes to GABRIEL and FCA roundtab...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Similar to Legal shorts 05.12.14 including Chancellor’s 2014 Autumn statement and FCA updates Q&As for AIFMs on reporting (20)
Euro shorts 16.12.16 including Brexit: European Parliament briefing and Brexi...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 09.09.2015 including MiFID II: FCA publishes new webpage and new...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
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Euro shorts 09.09.16 including Brexit update: Theresa May meeting with Donald...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 29.01.16 including cameron attends last minute talks on uk eu mem...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
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Euro Shorts 11.12.15 including Financial transaction tax update and BaFin tig...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 28.08.15 including esma update on waivers from mi fid pre trade ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
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www.cummingslaw.com
ys jagan mohan reddy political career, Biography.pdfVoterMood
Yeduguri Sandinti Jagan Mohan Reddy, often referred to as Y.S. Jagan Mohan Reddy, is an Indian politician who currently serves as the Chief Minister of the state of Andhra Pradesh. He was born on December 21, 1972, in Pulivendula, Andhra Pradesh, to Yeduguri Sandinti Rajasekhara Reddy (popularly known as YSR), a former Chief Minister of Andhra Pradesh, and Y.S. Vijayamma.
03062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
27052024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
Welcome to the new Mizzima Weekly !
Mizzima Media Group is pleased to announce the relaunch of Mizzima Weekly. Mizzima is dedicated to helping our readers and viewers keep up to date on the latest developments in Myanmar and related to Myanmar by offering analysis and insight into the subjects that matter. Our websites and our social media channels provide readers and viewers with up-to-the-minute and up-to-date news, which we don’t necessarily need to replicate in our Mizzima Weekly magazine. But where we see a gap is in providing more analysis, insight and in-depth coverage of Myanmar, that is of particular interest to a range of readers.
In a May 9, 2024 paper, Juri Opitz from the University of Zurich, along with Shira Wein and Nathan Schneider form Georgetown University, discussed the importance of linguistic expertise in natural language processing (NLP) in an era dominated by large language models (LLMs).
The authors explained that while machine translation (MT) previously relied heavily on linguists, the landscape has shifted. “Linguistics is no longer front and center in the way we build NLP systems,” they said. With the emergence of LLMs, which can generate fluent text without the need for specialized modules to handle grammar or semantic coherence, the need for linguistic expertise in NLP is being questioned.
‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
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Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
Future Of Fintech In India | Evolution Of Fintech In IndiaTheUnitedIndian
Navigating the Future of Fintech in India: Insights into how AI, blockchain, and digital payments are driving unprecedented growth in India's fintech industry, redefining financial services and accessibility.
role of women and girls in various terror groupssadiakorobi2
Women have three distinct types of involvement: direct involvement in terrorist acts; enabling of others to commit such acts; and facilitating the disengagement of others from violent or extremist groups.
01062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
हम आग्रह करते हैं कि जो भी सत्ता में आए, वह संविधान का पालन करे, उसकी रक्षा करे और उसे बनाए रखे।" प्रस्ताव में कुल तीन प्रमुख हस्तक्षेप और उनके तंत्र भी प्रस्तुत किए गए। पहला हस्तक्षेप स्वतंत्र मीडिया को प्रोत्साहित करके, वास्तविकता पर आधारित काउंटर नैरेटिव का निर्माण करके और सत्तारूढ़ सरकार द्वारा नियोजित मनोवैज्ञानिक हेरफेर की रणनीति का मुकाबला करके लोगों द्वारा निर्धारित कथा को बनाए रखना और उस पर कार्यकरना था।
Legal shorts 05.12.14 including Chancellor’s 2014 Autumn statement and FCA updates Q&As for AIFMs on reporting
1. Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406 claire.cummings@cummingslaw.com www.cummingslaw.com
Chancellor’s 2014 Autumn Statement
George Osborne delivered his 2014 Autumn Statement this week and key points of interest for the financial services industry include: (i) support for peer-to-peer and crowdfunding platforms through a package of measures to remove barriers to their growth from regulation and tax rules; (ii) a change in stamp duty from the so-called ‘slab system’ to a progressive system, under which SDLT is charged at several rates according to the portion of the total consideration falling within each of several bands; (iii) support for alternative finance providers by naming the big banks that will be required to open up access to their credit data and refer on any small and medium-size enterprises (SMEs) that they turn down for finance; (iv) a restriction on the amount of profit banks can apply to offset corporation tax liability by limiting carried-forward losses to 50%; and (v) fines collected from the banks found guilty of manipulating the FX and LIBOR benchmarks will be used to fund GP practices in England.
2. FCA updates Q&As for AIFMs on reporting
The FCA has updated its Q&As on reporting transparency information to the FCA. The aim of the Q&As, which were first published in October, is to provide information to AIFMs about: (i) who is required to report transparency information; (ii) what transparency information must be reported; (iii) how the FCA will collect transparency information; (iv) registering and using GABRIEL to report transparency information; and (v) key dates on which FCA systems will support reporting of transparency information. The updated version includes two a new Q&As, which relate to the application of AIFMD reporting and transparency requirements to AIFMs managing AIFs after 22 July 2014 under the amended transitional arrangements and the identification of share classes where an AIF has multiple share classes. The FCA advises that the Q&As summarise key information and do not constitute FCA rules or guidance.
ESMA consults on asset segregation under AIFMD
ESMA is consulting on guidelines on asset segregation under the AIFMD as set out in Article 21 of the AIFMD and Article 99 of the AIFMD Level 2 Regulation. ESMA has produced the guidelines in response to questions on whether those assets which can be held in such an account are only those assets which come from the same delegating depositary or, alternatively, whether the omnibus account can hold assets for AIF clients coming from different delegating depositaries. In the guidelines, ESMA seeks views on two alternative options, these being: (1) that the account on which the AIF's assets are to be kept by the delegated third party may only comprise assets of the AIF and assets of other AIFs of the same delegating depositary, with assets of AIFs of other depositaries considered as assets of the third party's "other clients" for the purpose of Article 99(1)(a); or (2) that a delegated third party holding assets for multiple depositary clients would not be required to have separate accounts for the AIF assets of each of the delegating depositaries. Comments are invited by 30 January 2015.
New FCA webpage for crowdfunding platforms
The FCA has published a new webpage summarising rules for firms operating in the loan-based crowdfunding (including peer-to-peer (P2P) and peer-to-business (P2B)) market when considering their investment activities. Among other things, the webpage states that the summary only relates to requirements relating to investment activities. In addition, it does not constitute formal guidance and does not have the status of guidance in the FCA Handbook. Firms are advised that other FCA rules and legislation will
3. also be relevant for some firms depending on their business models and they may need to seek their own advice as to specific rules that apply to them.
UCITS V
ESMA has published its final report setting out technical advice to the European Commission on delegated acts on depositaries required by UCITS V. Issues ESMA advises on are: (i) the insolvency protection of UCITS assets when delegating safekeeping, in relation to which ESMA proposes measures, arrangements and tasks for the third party to which custody is delegated as well as measures to be put in place by the depositary; and (ii) the independence requirement. ESMA identifies two types of link between the management company or investment company and the depositary (namely, common management and supervision, and cross-shareholdings between these entities), which may jeopardise their independence and recommends measures to address the risks that may arise.
FCA consulting on MTF rulebooks
The FCA has published a guidance consultation (GC14/9) on requirements in chapter 5 of the Market Conduct sourcebook (MAR) relating to the rules of multilateral trading facility (MTF) operators. The guidance sets out the approach MTF operators should take to rules in MAR 5 relating to MTF rulebooks, instrument eligibility criteria, participant eligibility and access criteria, finalisation of transactions, monitoring compliance with MTF rules and reporting requirements. The FCA expects all MTF operators to be able to demonstrate that they have considered the good practice observations when determining their approach to compliance with MAR 5. In particular, it expects MTF operators to have rulebooks that are will be publicly available on their websites. Comments are invited by 16 January 2015.
FCA calls for cultural changes in the financial services industry
Martin Wheatley has called for urgent action in the financial services industry to establish a culture that "aims for the right outcomes". He notes that firms have tended to focus on risks that are easier to quantify such as market risk and conduct risk rather than conduct risk. He comments that, in practice, it is impossible to create a formula for assessing conduct risk and that regulators should not attempt to codify the limits of what is, or is not, morally acceptable. However, the industry should not need a rule book to
4. distinguish right from wrong. Tracey McDermott, Director of Enforcement and Financial Crime at the FCA, echoed this, by calling for a cultural change in the approach of financial institutions. She said that individuals should make the right decision instinctively because they believe that is what is valued by their peers, their colleagues and their firms and because they will be ostracised if they do not.
FCA extends ONA accessibility until further notice
Contrary to its recent email communication to firms advising them that draft applications in ONA would only be accepted until 6pm, Friday 28 November 2014, as reported in last week’s Legal Shorts, the FCA has now stated that changes to ONA will no longer take place on this date due to technical issues. The FCA has advised firms that they will still be able to submit and access draft applications in ONA until further notice and that a further update on the status of ONA will be provided in due course.
EU Council considers SFT and short selling Regulations
The EU Council has issued a press release following its consideration of the proposed Regulation on securities financing transactions (SFT Regulation) and the Commission Delegated Regulation on the notification of significant net short positions in sovereign debt (Short Selling Delegated Regulation). With regard to the SFT Regulation, the Council's Permanent Representatives Committee (COREPER) had agreed the Council's general approach on the SFT Regulation in November and had invited the Council to confirm its agreement, which the Council has now confirmed. As regards short selling, the Council has decided not to object to the Commission Delegated Regulation, which supplements the Short Selling Regulation, which will now enter into force, unless the European Parliament objects to it.
PRA advises firms to apply for LEI codes
The PRA published a letter setting out what it requires firms to do as a result of the EBA’s recommendation on the use of a legal entity identifier (LEI) for the Capital Requirements Regulation (CRR) supervisory reporting obligations. The LEI recommendation requires firms to obtain an LEI code(s) for the firm or group by 31 December 2014 at the latest. If a firm reports as a consolidated group, the LEI recommendation requires it to obtain LEI codes for all entities within the group on which information is
5. required under its CRR reporting obligations. This includes the relevant parent entity regardless of whether it is an institution or a holding company. In the letter, the PRA advises any firm that is unable to comply with the LEI recommendation to notify it by the end of this week.
BIS consulting on exceptions to ban on corporate directors in SME Bill
The Department for Business, Innovation & Skills has published a consultation paper seeking views on the extent to which the Secretary of State should make exceptions to the proposed ban on corporate directors, as set out in the Small Business, Enterprise and Employment Bill, currently before Parliament. The BIS considers that there is a strong case for allowing companies with shares admitted to trading on a regulated market to appoint corporate directors and it also believes that large private companies could be disadvantaged by a blanket prohibition. BIS does not propose to change the existing regime for LLPs, which permits the appointment of corporate members, as there is risk that imposing a prohibition may restrict future investment in LLPs, given the economic interest such members hold in an LLP. Comments should be received by 8 January 2015.
Cummings
Tel: + 44 20 7585 1406 Mob: + 44 7734 057 327 www.cummingslaw.com 5 December 2014
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