Norton Rose Fulbright (LexBlog United States)

8461 results for Norton Rose Fulbright (LexBlog United States)

  • FCA: Policy Statement on regulated fees and levies 2022/23

    On 28 June 2022, the FCA published Policy Statement 22/7 ‘FCA regulated fees and levies 2022/23: with feedback on CP22/07 and made rules’ (PS22/7). In PS22/7 the FCA sets out the 2022/23 periodic regulatory fees and levies for itself and the Financial Ombudsman Service, the Money and Pensions Service, devolved authorities and HM Treasury’s expenses...

  • Negligent conduct does not automatically attract liability

    Where a claimant sues for damages for a personal injury claim, the proof of negligence does not automatically attract liability on the part of the third party for the claim. The claimant is required to prove that the third party’s negligent act or omission caused the harm or loss suffered by the claimant. This was...

  • The SEC Plans to Continue Its Brisk and Broad Rule making

    On June 22 2022, the SEC published its Spring 2022 regulatory agenda in which it outlined the Commission’s short and long-term regulatory interests. The SEC appears intent on proceeding with its fast-paced stream of proposed rule makings that have dominated the first half of this year. The agenda includes rule making related to climate change,...

  • Necessary contents of employment contracts – change in law as of August 1, 2022

    The “Act on Proof of the Existence of an Employment Relationship” (Nachweisgesetz – NachwG) requires employers to set out the essential contractual terms of the employment in writing to their employees. The German legislature has now passed an amendment to the Nachweisgesetz, which comes into force on August 1, 2022, and has the effect of...

  • Regulatory exemption credit ratings for South African banks

    This blog was co-authored by: Kristen de Wet, Candidate Attorney The 31 May 2022 publication of FSCA CRA Notice 2 of 2022 (Exemption Notice) by the Financial Sector Conduct Authority (FSCA) has determined that the exemption for certain regulated persons, as set out in the FSCA CRA Notice 3 of 2020 (Provisional Exemption), is finalised...

  • Published in OJ – Commission Delegated Regulation amending PRIIPs KID Delegated Regulation and related Delegated Regulation concerning extension of transitional arrangements

    On 24 June 2022, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2022/975 of 17 March 2022 which amends Article 18 of Delegated Regulation (EU) 2017/653 (otherwise known as the PRIIPs KID Delegated Regulation) so that Article 14(2) applies until 31 December 2022 (instead of 1 July 2022)....

  • Some certainty in public procurement

    State procurement has been in a state of flux over the last three years following a number of developments in the enforceability of the legal framework.  State procurement is regulated in terms of the Preferential Procurement Policy Framework Act, 2000 (PPPFA).  Since coming into effect on 20 January 2017, the Preferential Procurement Regulations, 2017 have...

  • Financial Services Tribunal reluctant to overturn FSCA administrative decisions

    This blog was co-authored by Kristen de Wet, Candidate Attorney On 4 April 2022, the Financial Services Tribunal in JHE Murray v FSCA, held that there exists no requirement in terms of the legislative framework that obliges the Financial Sector Conduct Authority (FSCA) to conduct a formal hearing before making administrative decisions. Consequently, reconsideration applications...

  • Court re-enforces the principles relating to expired tenders

    In circumstances where a validity period of a tender has expired, and the tender has not been awarded, the tender process is considered “completed”, despite there being no award. Without a timeous extension of the validity period, there is no tender award capable of acceptance as the “offer” has expired. In the City of Ekurhuleni...

  • Bill C-26: a first step at reinforcing Canadian cybersecurity

    On June 14, the House of Commons introduced Bill C-26: An Act respecting cyber security, amending the Telecommunications Act and making consequential amendments to other Acts (Bill C-26). This bill is presented in two parts: The first is to amend the Telecommunications Act to promote the security of the Canadian telecommunications system; The second is to enact the Critical Cyber...

  • EBA draft principles assessing the representativeness of COVID-19-impacted data for banks using IRB models

    On 21 June 2022, the European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19–impacted data for banks, using internal ratings based (IRB) models. These principles will be part of a supervisory handbook, which the EBA will publish later this year, with the objective to ensure a...

  • PRA Consultation Paper 6/22 ‘Model risk management principles for banks’

    On 21 June 2022, the Prudential Regulation Authority (PRA) published Consultation Paper 6/22 ‘Model risk management principles for banks’ (CP6/22). In CP6/22 the PRA sets out its proposed expectations regarding bank’s management of model risk. The PRA has developed a proposed set of five principles (see below), which it considers to be key in establishing...

  • Directing minds beware: individual accountability is US DOJ’s “first priority” in prosecuting corporate crimes

    Canadian officers and directors should take note of shifting criminal enforcement priorities in the US. In recent addresses to the ABA’s 37th National Institute on White Collar Crime, US AG Merrick Garland and Assistant AG Kenneth Polite Jr. confirmed that in prosecuting corporate crime, the US DOJ’s “first priority” is the individuals responsible for the...

  • Give the board an alternative

    This blog was co-authored by: Zinhle Mdluli, associate designate Section 75 of the Companies Act states that if a director has a personal financial interest in a matter that has been tabled at a board meeting, that director has a duty to disclose their interest and any known material information relating to the matter and...

  • Council agrees its position on updated rules for hedge funds, private debt funds, and other alternative investment funds

    On 25 November 2021, the European Commission proposed a number of legislative amendments to the Alternative Investment Funds Manager Directive (AIFMD), the UCITS Directive and the Regulation on European long term investment funds, namely the “AIFMD 2 Proposal”. The AIFMD Proposal aims to improve the integration of asset management markets in Europe, while modernising the...

  • Prescribed rate of interest is 7.75% from 1 May 2022

    The prescribed rate of interest changed with effect from 1 May 2022 to 7.75% per annum. The previous rate was 7.50%. According to the Prescribed Rate of Interest Act, interest on debts where no rate is prescribed is calculated at the repo rate plus 3.5%. The prescribed rate of interest applies to all debts unless...

  • FCA’s work on market abuse and manipulation

    On 17 June 2022, in response to recent reports about their approach to market abuse and manipulation, the FCA published a new webpage providing an update on its work in this area. The webpage describes the FCA’s data-led approach plus its use of criminal and civil enforcement tools. Key points on the webpage include: Data:...

  • Government responds to BNPL consultation

    Introduction On 20 June 2022, HM Treasury published the government’s response to its October 2021 consultation on the regulation of Buy-Now Pay-Later (BNPL) products. The consultation was preceded by an announcement from the government in February 2021, indicating that it wanted to bring unregulated interest-free BNPL products within the scope of regulation given the potential...

  • Draft SI – The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022

    On 15 June 2022, HM Treasury published a draft of The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 together with a draft explanatory memorandum. The draft statutory instrument follows HM Treasury’s response document concerning amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.  ...

  • FCA Dear CEO Letter ‘The rising cost of living – acting now to support consumers’

    On 16 June 2022, the FCA published a new webpage, Ensuring the fair treatment of customers in vulnerable circumstances. In the webpage the FCA states that, since the publication of Finalised Guidance 21/1 ‘Guidance for firms on the fair treatment of vulnerable customers’ (FG21/1) it has seen good examples of firms taking positive action to...

  • Treasury Committee issues new report on the Future of Financial Services Regulation

    On 16 June 2022, the House of Commons’ Treasury Committee issued a new report regarding the Future of Financial Services Regulation. Among other things, the report recommends: That there should be a secondary objective for the FCA and the PRA to promote long-term economic growth. When designing the new secondary objective, there should be some...

  • The FCA Business Plan: what does it mean from a governance perspective?

    Earlier this year the Financial Conduct Authority (FCA) published its latest Business Plan. The Business Plan itself took a different form when compared to previous incarnations by having a shorter summary of priorities and planned activities and cross referring to other documents including the three-year strategy and the regulatory initiatives grid. Notwithstanding this, the Business...

  • Uyghur Forced Labor Prevention Act enforcement strategy released

    While we will have more to say shortly on the strategy itself, we wanted to make sure you all saw that the U.S. Government has released its enforcement strategy for the UFLPA, as well as its initial “entity” list. Check back soon for some insights from us on the guidance. Strategy: UFLPA Strategy | Homeland...

  • How to avoid greenwashing: New sustainability disclosure guidance for managed funds and super

    As we have previously reported (see here), the law on sustainability-related disclosures is an evolving area and increasingly a topic of concern in the face of regulatory enforcement and class action risk. Significant international developments have included the establishment of the International Sustainability Standards Board and the recent proposal by the US SEC for new environment...

  • Updated SRB guidance documents for bail-in operationalisation

    On 15 June 2022, the Single Resolution Board (SRB) updated its operational guidance to banks on the implementation of the bail-in tool. Specifically, the SRB has updated its guidance on bail-in playbooks, bail-in data set instructions and an explanatory note on the latter. Compared to previous documents the SRB has added more detail to the...

  • CRR related Delegated Regulations

    On 14 June 2022, the European Commission adopted a Delegated Regulation supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) specifying the criteria for assessing the modellability of risk factors under the internal model approach (IMA) and specifying the frequency of that assessment under Article 325be(3) of that Regulation. The draft...

  • Basel Committee issues principles for the effective management and supervision of climate-related financial risks

    On 15 June 2022, the Basel Committee on Banking Supervision (Basel Committee) issued principles for the effective management and supervision of climate-related financial risks. The 18 principles are intended to promote a principles-based approach to improving both banks’ risk management and supervisors’ practices related to climate-related financial risks. They cover corporate governance,...

  • FTC on crypto scammers and plans to modernize guidance to prevent digital deception

    As a follow up to our previous posts on digital assets and social media, the Federal Trade Commission recently published a Consumer Protection Data Spotlight on June 3, 2022.  In the post, the FTC provides insights on the fraud reports submitted to the FTC from January 1, 2021 to March 31, 2022.  According to the...

  • FCA Guidance Consultation 22/2 ‘Branch and ATM closures or conversions: Updated guidance for firms’

    On 14 June 2022, the FCA published Guidance Consultation 22/2 ‘Branch and ATM closures or conversions: Updated guidance for firms’ (GC22/2). In GC22/2 the FCA proposes to update the current guidance on branch and ATM closures or conversions (Finalised Guidance 20/3 (FG20/3) and is the latest step the FCA has taken to protect access to...

  • The aftermath of an incident – why keeping records of data breaches and privacy incidents matters

    As privacy incidents and security breaches involving personal information become increasingly frequent, organizations are more and more aware of the importance of implementing a robust privacy program to mitigate the risks and impacts of such incidents. While this preparation is important, organizations must also consider the aftermath of a privacy incident. In this first blog...

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