Thomas Donegan on Financial Services Industry

COVID-19: FCA Announcement on Key Workers in Financial Services and other issues

The FCA has published a series of measures and regulatory guidance on how financial services firms should deal with the coronavirus (COVID-19) pandemic. In our previous client notes, “Planning in a Time of Pandemic:...more

4/1/2020 / Banking Sector , Consultation , Coronavirus/COVID-19 , EU , European Commission , Financial Institutions , Financial Planning , Financial Services Industry , Payment Systems , Relief Measures , Short Sales , telephone-recording , UK , UK Payment Systems Regulator

COVID-19: Bank of England Announces Policy Measures for Financial Market Participants

The Bank of England (BOE) has announced a series of policy measures designed to help U.K. financial market participants deal with the effects of the coronavirus (COVID-19) pandemic. The latest measures, announced on 20 March...more

3/25/2020 / Bank of England , Banking Sector , Coronavirus/COVID-19 , Financial Institutions , Financial Markets , Financial Services Industry

UK Business Crime Review 2020

This is the first edition of U.K. Business Crime Review— an annual publication focused on the outcomes, trends and developments over the past 12 months that are likely to be of interest to businesses operating in the United...more

2/25/2020 / Corporate Misconduct , FCPA Corporate Enforcement Policy (CEP) , Financial Crimes , Financial Services Industry , Foreign Corrupt Practices Act (FCPA) , Serious Fraud Office (SFO) , UK , UK Bribery Act , White Collar Crimes

The EU-UK Future Relationship: EU Announces Its Timetable For Cross-Border Equivalence In Financial Services

The U.K. House of Commons has approved the Withdrawal Agreement. Assuming this is ratified by the EU, and Royal Assent is achieved in time, the U.K. will leave the EU on January 31, 2020, entering into a “transition” or...more

1/15/2020 / Cross-Border Transactions , Data Protection , EU , EU Action Plans , European Commission , Federal Agency Taskforce , Financial Markets , Financial Services Industry , Framework Agreement , UK , UK Brexit

Blacklines Comparison of the New UK/EU Withdrawal Agreement Terms

Yesterday, the EU and U.K. in principle agreed new terms for the withdrawal agreement giving effect to the U.K.’s exit from the European Union. These include a revised political declaration and protocol concerning Northern...more

10/18/2019 / Bilateral Agreements , EU , European Court of Justice (ECJ) , Exports , Financial Institutions , Financial Services Industry , New Regulations , Northern Ireland , UK , UK Brexit , Value-Added Tax (VAT) , Withdrawal Agreement

SOFR Surge Event: What Just Happened?!

SOFR – the secured overnight funding rate in USD – is a rate published by the New York federal reserve based upon secured overnight transactions in the repo market. It is of increasing importance, since it has been regarded...more

9/19/2019 / Banking Sector , Benchmarks , Capital Markets , Derivatives , Financial Conduct Authority (FCA) , Financial Services Industry , Interest Rates , Libor , Secured Overnight Funding Rate (SOFR) , UK

The UK’s Expanded Senior Managers and Certification Regime: Key Issues and Action Plan for Brokers, Advisers and Asset Managers

The expanded Senior Managers and Certification Regime (SM&CR), which comes into force on December 9, 2019, extends the framework regulating individuals charged with running certain financial institutions. The Banking SM&CR,...more

7/9/2019 / Alternative Investment Fund Managers Directive (AIFMD) , Asset Management , Banking Sector , Brokers , Financial Conduct Authority (FCA) , Financial Regulatory Reform , Financial Services Industry , FSMA , Investment Adviser , Senior Management Regime (SMR) , Senior Managers , SMCR , UK

UK’s Consolidated Post-Brexit EU Legislation—Update

UK Post-Brexit EU Financial Services Legislation - Shearman & Sterling today announces its publication in its Brexit Resource Center website of the U.K. post-Brexit versions of several key pieces of EU legislation and...more

3/1/2019 / Banking Sector , EU , Financial Conduct Authority (FCA) , Financial Regulatory Reform , Financial Services Industry , MiFIR , Packaged Retail And Insurance-Based Investment Products (PRIIPS) , UCITS , UK , UK Brexit

On the Existence of a Pan-European Reverse Solicitation Regime Under MiFID II, and Its Importance on a ‘Hard’ Brexit

This client memorandum concerns a highly technical point of considerable practical importance. It challenges aspects of the received wisdom that, for post-Brexit cross-border investment business conducted from the U.K. into...more

2/19/2019 / Cross-Border Transactions , EU , European Securities and Markets Authority (ESMA) , Financial Services Industry , Member State , MiFID II , UK , UK Brexit

UK’s Consolidated Post-Brexit EU Funds Legislation – Update

UK Post-Brexit EU Financial Services Legislation - Shearman & Sterling is today making available further consolidated versions of EU legislation showing the proposed U.K. onshored versions. The batch of legislation that...more

12/7/2018 / EU , EU Directive , Financial Services Industry , Onshoring , UK , UK Brexit , Withdrawal Agreement