The U.K. Financial Services and Markets Act 2023

The U.K. government has published its much-anticipated proposals for regulating the cryptoasset industry. These proposals, currently in the form of a consultation, will see many (but not all) cryptoasset-related activities being brought within the regulatory perimeter for financial services in the U.K.

As many of you know, on December 19, 2011, Saab Automobile AB and affiliated companies filed for bankruptcy in Sweden. The company issued a bulletin to its dealers that same day, announcing that it immediately suspended processing and payment of all claims, and it is suspending warranty coverage on all new Saab vehicles. What does this mean for dealers? Every dealer’s situation is different, and each dealer will have to evaluate its own circumstances based on consultation with an attorney.