Orrick, Herrington & Sutcliffe

Experts

8

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Dan Jones
Partner
Orrick, Herrington & Sutcliffe
Guy Stevenson
Lawyer
Orrick, Herrington & Sutcliffe
Joanna Kay
Orrick, Herrington & Sutcliffe
Mark Beeley
Partner
Orrick, Herrington & Sutcliffe
Matthew Stott
Orrick, Herrington & Sutcliffe
Rebecca Kellner
Orrick, Herrington & Sutcliffe
Rebecca Downes
Orrick, Herrington & Sutcliffe
Sarah Stockley
Senior Associate
Orrick, Herrington & Sutcliffe
Contributions by Orrick, Herrington & Sutcliffe

7

Authorised firms and close links
Authorised firms and close links
Practice Notes

This Practice Note provides an overview of the UK close links regime, including the threshold conditions that authorised firms with close links must satisfy to ensure that they can be effectively supervised by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), and the requirements for firms to keep the FCA and/or PRA informed about their close links on an ongoing basis.

Changing standing data
Changing standing data
Practice Notes

This Practice Note explores the requirements of chapters 15, 16 and 17 of the Financial Conduct Authority (FCA) Handbook’s Supervision Manual (FCA SUP 15, 16 and 17A) in relation to standing data and keeping it up to date. The PRA works closely with the FCA in the collection and management of regulatory data. Much of the regulatory data for PRA firms continues to be collected by the FCA. This includes reporting via the FCA’s RegData system, the submission of firms’ controllers and close links reports and the reporting of changes to firms’ standing data. The Practice Note also outlines the FCA RegData and Connect systems and the Financial Services Register. The consequences of providing inaccurate information are also addressed. It is very important that the standing data that the FCA and/or PRA hold about firms is accurate and up-to-date. Each authorised firm is responsible for ensuring that it discloses any changes in its standing data to its relevant regulator.

European supra-national bodies—how policy ideas are translated into national legislative initiatives
European supra-national bodies—how policy ideas are translated into national legislative initiatives
Practice Notes

Financial services law and regulation is predominantly governed by policy and legislation with supra-national origins. This Practice Note explains the legislative process in Europe, where the development and enforcement of rules by supra-national bodies is governed by the Lamfalussy process. It considers the main bodies involved in emerging legislative proposals, with diagrams to show the interaction between them. The process of national implementation of pan-European proposals is also significant and plays a role in the degree of harmonisation achieved for each proposal. Economic conditions since 2007 have highlighted the significance of the co-ordinated legislation, supervisory approaches and enforcement in the financial services sector since regulatory arbitrage and contagion were shown to be severe risks to global stability.

General reporting requirements
General reporting requirements
Practice Notes

This Practice Note outlines the wide range of reporting Financial Conduct Authority (FCA) authorised firms are required to undertake in relation to the firm’s financial condition and its compliance with applicable rules and requirements imposed by or under FSMA 2000. This note clearly sign posts the relevant FCA Handbook provisions for occasional and regular reporting requirements for a wide range of matters, such as controllers and suspicious transactions. It touches on practical matters such as how to submit reports, what happens if the wrong information is provided and how to use RegData—the FCA’s online system

The Connect system
The Connect system
Practice Notes

This Practice Note introduces the web-based Connect system, when firms must use it and when they cannot. The Practice Note also indicates who should use Connect within a firm and provides other useful information on how firms and principal users within firms can manage the system.

US: Non-financial foreign entities (NFFEs) and FATCA agreements
US: Non-financial foreign entities (NFFEs) and FATCA agreements
Practice Notes

This Practice Note examines what a non-financial foreign entity (NFFE) is, what an excepted NFFE is, what foreign financial institutions (FFI) agreements are and what an intergovernmental agreement (IGA) is. A major point of concern that the Internal Revenue Service identified in connection with under-reporting of income by US taxpayers is the use of (non-financial) foreign corporations to hold assets offshore. This Practice Note considers the mechanisms incorporated into the Foreign Account Tax Compliance Act (FATCA) regime to address this concern. It also discusses the various different types of agreement that both FFIs and NFFEs can use to (in the majority of cases) ease the compliance burden imposed by FATCA. This Practice Note is produced in partnership with Orrick, Herrington & Sutcliffe LLP.

Change in control process—checklist
Change in control process—checklist
Checklists

Part XII of the Financial Services and Markets Act 2000 (FSMA 2000) requires controllers and proposed controllers to seek approval from the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) before acquiring or increasing control in a UK authorised firm, and to notify the relevant regulator when decreasing or ceasing control in a firm. This Checklist sets out the practical steps that controllers and proposed controllers need to consider when acquiring/increasing or disposing/decreasing control.

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