Orrick, Herrington & Sutcliffe

Experts

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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

10

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 17) 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 GABRIEL 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 GABRIEL system 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.

Financial services and judicial review
Financial services and judicial review
Practice notes

This Practice Note introduces the concept of judicial review and its relevance to the financial services industry. The Practice Note discusses the implications of the 2013 Court of Appeal decision on the Emptage case, which allowed judicial review for FSCS-related decisions as well as the 2012 case R(C) v Financial Services Authority, in relation to a failure to give clear reasons for a type of enforcement being taken.

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.

Other Work
FSA consultation to clarify its client assets policy
FSA consultation to clarify its client assets policy

Financial Services analysis: The Financial Services Authority (FSA) has outlined proposals to clarify existing reporting requirements that apply to regulated firms holding client money and assets and to allow more flexibility in the annual stratification process (see Consultation Paper CP12/15). Tony Katz, partner at Orrick Herrington & Sutcliffe (Europe) LLP, looks at some of the pitfalls of the current system.

Solvency II—overview on PRA SS4/13
Solvency II—overview on PRA SS4/13

On 12 December 2013, the PRA issued a Supervisory Statement: 'Solvency II: applying EIOPA's preparatory guidelines to PRA-authorised firms (SS4/13). Orrick, Herrington & Sutcliffe (Europe) LLP, outlines the main provisions of SS4/13'.

UK/EU banking reform—the road to stability?
UK/EU banking reform—the road to stability?

In this news analysis, Orrick, Herrington & Sutcliffe (Europe) LLP discusses the White Paper which was published on 14 June 2012 around banking reform and the ring-fencing of retail from more risky forms of banking activity, plus increased loss-absorbency provisions. This Practice Note also outlines the UK proposals from Vickers to the Government’s White Paper.

Contributions by Orrick, Herrington & Sutcliffe Experts

9

An Introduction to Oil & Gas Sales and Trading
An Introduction to Oil & Gas Sales and Trading
Practice notes

This Practice Note introduces the sale and trading of crude oil and natural gas, following the production of the same under a Joint Operating Agreement (JOA). Written in partnership with Rebecca Downes (Senior Associate) and Matthew Stott (Managing Associate) at Orrick, Herrington & Sutcliffe (UK) LLP, it covers physical and non-physical (or virtual) sales and trading of crude oil, natural gas and liquefied natural gas (LNG), including a look at key terms and commonly used standard form agreements.

Consumer credit agreements—pre-contract requirements
Consumer credit agreements—pre-contract requirements
Practice notes

This Practice Note examines pre-contract disclosure in consumer credit agreements under the disclosure regulations made under section 55 of the Consumer Credit Act 1974 (CCA 1974), together with regulatory requirements encapsulated in Chapter 4 of the FCA’s Sourcebook on Consumer Credit (CONC 4).

Consumer credit—loans to employees and directors and employee share schemes
Consumer credit—loans to employees and directors and employee share schemes
Practice notes

This Practice Note examines the circumstances under which loans to employees or directors and employee share schemes may fall within the scope of the UK consumer credit regime and the implications for a firm if its arrangements are not exempt.

Exempt consumer credit agreements under the FSMA 2000 (Regulated Activities) Order 2001
Exempt consumer credit agreements under the FSMA 2000 (Regulated Activities) Order 2001
Practice notes

This Practice Note seeks to explain the types of agreements which will be exempt agreements under the FCA’s consumer credit regime. This Practice Note also provides an overview of exempt consumer hire agreements and exempt agreements entered into by local authorities.

Operating an electronic system in relation to consumer lending
Operating an electronic system in relation to consumer lending
Practice notes

This Practice Note examines the regulated activity of operating an electronic system in relation to consumer lending, including the main elements of operating an electronic system in relation to lending, the rules applicable to firms authorised to operate an electronic system in relation to lending and relevant exclusions from the regulated activity.

Regulated activities relating to the provision of credit information services and credit references
Regulated activities relating to the provision of credit information services and credit references
Practice notes

This Practice Note provides an overview of the regulated activities of providing credit information services and providing credit references under articles 89A and 89B of the Financial Services and Markets Act (Regulated Activities) Order 2001, SI 2001/544 (RAO). It examines what constitutes these regulated activities, any relevant exemptions and exclusions and the FCA rules which apply to credit information services firms.

Regulated activities—credit broker
Regulated activities—credit broker
Practice notes

This Practice Note provides an overview of the main elements of the regulated activity of credit broking under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO), SI 2001/544 including the activities which constitute credit broking under the RAO, relevant exclusions and the FCA rules which apply to credit brokers.

Responsible lending requirements—CONC 5
Responsible lending requirements—CONC 5
Practice notes

This Practice Note looks at the Financial Conduct Authority’s (FCA) Consumer Credit Sourcebook (CONC) chapter 5 (CONC 5) concerning rules and guidance on responsible lending requirements, including the requirement to conduct a creditworthiness assessment before entering into an agreement and conduct of business in relation to credit brokering.

Restrictions on varying or modifying consumer credit agreements
Restrictions on varying or modifying consumer credit agreements
Practice notes

This Practice Note examines the restrictions placed upon authorised firms when varying consumer credit agreements. It discusses the restrictions on varying consumer credit agreements, how a party to a regulated agreement can vary an agreement at its own discretion (unilateral), the relevant rules relating to modifying agreements and the practical issues that firms need to consider.

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