International—financial services and related sectors

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The Money Laundering Reporting Officer (MLRO)—duties

The roles of nominated officer and money laundering reporting officerA nominated officer is an individual who is nominated by a firm to receive

The Single Rulebook

Background to the Single RulebookHistorically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its

Insurance conduct regulation—COBS and ICOBS

The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to

What is electronic money?

BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further

Practice notes

Public censure by the FCA

Disciplinary powers of the FCAThe disciplinary powers of the Financial Conduct Authority (FCA) are found in Part XIV of the Financial Services and...

16th Oct

Practice notes

Non-UCITS retail schemes (NURS)

BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

15th Oct

Practice notes

Financial Conduct Authority—Principles for Businesses (PRIN)

This Practice Note explains the Principles for Businesses (PRIN) set down by the Financial Conduct Authority (FCA). The Principles form part of the...

5th Oct

Practice notes

Regulatory capital—purpose, quantity and quality

Brexit; As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

Produced in partnership with Morrison & Foerster LLP 5th Oct

Practice notes

Authorised unit trust authorisation and winding-up

Authorisation of an authorised unit trust (AUT)What is an AUT?A unit trust is a type of collective investment scheme (CIS) in which the assets are...

5th Oct

Practice notes

Consumer protection—FCA and other regulatory requirements

This Practice Note looks at key aspects of consumer protection within the UK financial services regulatory system. The UK’s regulatory structure,...

5th Oct

Practice notes

Application of the FCA's COBS 4 rules

Chapter 4 of the Financial Conduct Authority's (FCA) Conduct of Business sourcebook (COBS 4) contains the conduct of business requirements for...

27th Sep

Practice notes

European Venture Capital Funds (EuVECA) Regulation

BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

26th Sep

Practice notes

Money Laundering Directive 4 (MLD4)—essentials

Brexit: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

26th Sep

Practice notes

Fair and Effective Markets Review (FEMR)—one minute guide

On 10 June 2015, the Fair and Effective Markets Review (FEMR) published its final report. Running to 106 pages, the report covers a wide range of...

26th Sep

Practice notes

Entering into a consumer hire agreement as owner

BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. To ensure...

26th Sep

Practice notes

Recognised investment exchanges

Recognised investment exchangesA recognised investment exchange (RIE) is a UK recognised body under Part XVIII of the Financial Services and Markets...

26th Sep

In-house

Practice notes

Basel Accord

The Basel Committee on Banking Supervision (BCBS), consisting of the central banks of governors of the so-called G10 countries (Belgium, Canada,...

26th Sep

Practice notes

Accepting deposits

This Practice Note looks at the regulated activity of accepting deposits (often referred to as deposit taking). Accepting deposits is a key hallmark...

25th Sep

Practice notes

UCITS VI

UCITS VIUCITS VI describes the European Commission's Consultation on Undertakings for Collective Investment in Transferable Securities issued 26th...

25th Sep

Practice notes

Financial Conduct Authority—objectives and principles

The role of the FCAThe Financial Conduct Authority (FCA) forms part of the regulatory structure for financial services firms. The FCA has a...

25th Sep

Most recent International—financial services and related sectors content

Practice notes

The US Foreign Corrupt Practices Act and the UK Bribery Act 2010 compared

Background to the Foreign Corrupt Practices ActThe US Foreign Corrupt Practices Act (FCPA) is a broad and very well-enforced piece of legislation that...

25th Sep

Practice notes

Getting the Deal Through: Financial Services Litigation 2020

Jurisdictions coveredThe following jurisdictions are covered in this report:Australia; Brazil; China; South Africa; South Korea; Switzerland; United...

25th Sep

Practice notes

FATCA in the UK—funds and the UK:US IGA

This practice note provides a broad overview of the application of the Foreign Account Tax Compliance Act (FATCA) to fund structures in the UK.Where...

25th Sep

In-house

Practice notes

USA—Insider trading

The restriction on insider tradingWhat is insider trading?Insider trading is usually associated with illegal conduct. However, the term actually...

25th Sep

Practice notes

General requirements of the Volcker Rule and its impact on non-US banking entities

Background to the Volcker Rule and implementationThe rules which came about from the so-called Volcker Rule provisions of the Dodd-Frank Wall Street...

25th Sep

Practice notes

US: Foreign Account Tax Compliance Act (FATCA)—summary

The Hiring Incentives to Restore Employment Act (the HIRE Act) include provisions that give the US Internal Revenue Service (the IRS) administrative...

25th Sep

Practice notes

USA—financial services regulation essentials

Introduction to US financial services regulationThe financial services industry in the US is heavily regulated by a myriad of different regulators at...

25th Sep

Practice notes

International Financial Markets Guide—Cayman Islands

1. Telephone taping(a)(i) What are the restrictions on the taping of telephone calls to or from a person outside an organisation in relation to sales...

25th Sep

Practice notes

Hedge funds and private equity funds under Dodd-Frank

Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) brings many hedge funds and private equity funds under federal...

25th Sep

Practice notes

USA—Benefits of co-operating with the SEC

SEC Enforcement Cooperation ProgramIn January 2010, the US Securities and Exchange Commission (SEC) announced a series of measures aimed at...

25th Sep

Practice notes

International Financial Markets Guide—Brazil

1. Telephone taping(a)(i) What are the restrictions on the taping of telephone calls to or from a person outside an organisation in relation to sales...

25th Sep

Practice notes

International Financial Markets Guide—Singapore

1. Telephone taping(a)(i) What are the restrictions on the taping of telephone calls to or from a person outside an organisation in relation to sales...

25th Sep

Practice notes

International Financial Markets Guide—Greece

General1. Telephone taping(a)(i) What are the restrictions on the taping of telephone calls to or from a person outside an organisation in relation to...

25th Sep

Practice notes

Dodd-Frank Act—overview for non-US lawyers—essentials

This Practice Note is intended to give non-US legal practitioners a degree of familiarity with the Dodd-Frank Wall Street Reform and Consumer...

25th Sep

Practice notes

International Financial Markets Guide—Denmark

1. Telephone taping(a)(i) What are the restrictions on the taping of telephone calls to or from a person outside an organisation in relation to sales...

25th Sep

Practice notes

Getting the Deal Through: Data Protection & Privacy 2021

Jurisdictions coveredThe following jurisdictions are covered in this report:Australia; Austria; Belgium; Brazil; Canada; Chile; China; Colombia;...

25th Sep

Practice notes

International Financial Markets Guide—Australia

1. Telephone taping(a)(i) What are the restrictions on the taping of telephone calls to or from a person outside an organisation in relation to sales...

25th Sep

Practice notes

USA—Introduction to the Securities Exchange Act of 1934 and the Securities Act of 1933

Background and purposes of the Securities Exchange ActThe Securities Exchange Act of 1934 (the Exchange Act or the 34 Act) was enacted on June 6,...

25th Sep

Practice notes

USA—Introduction to state securities (blue sky) laws

State securities regulatorsApart from the Securities and Exchange Commission (SEC), which is an independent government agency charged with...

25th Sep

Practice notes

International Financial Markets Guide—Russia

1. Telephone taping(a)(i) What are the restrictions on the taping of telephone calls to or from a person outside an organisation in relation to sales...

25th Sep