lon_lib1\13867381\1 boothmi Navigating Regulatory Compliance Investment Management Monthly Regulatory Update March 2016 Navigating Regulatory Compliance Monthly Regulatory Update – March 2016 1. Introduction 1.1 It is our pleasure to welcome you to our first Monthly Regulatory Update for investment managers. We understand that compliance and business teams have day jobs and therefore this regulatory update provides commentary on those items which we think are important. 1.2 The Appendix lists each of the relevant announcements by the FCA, ESMA, European Parliament and other bodies.
Changes in law What’s new in the Polish law? An overview of selected changes in regulations and their impact on business Wierzbowski Eversheds | 2016 – Changes in law 2 Introduction We are pleased to present to you our brochure reviewing the changes in law that may soon have a significant impact on your business. The publication contains commentaries and analyses gathered from the perspective of what in our view may be important in 2016. The materials also reflect the issues our law firm encounters every day.
A balanced view A quarterly update from our Real Estate Dispute Resolution team Winter/ Spring 2015/2016 Real Estate Dispute Resolution Issue 12 Contents Welcome to the Winter 2015/2016 edition of Eversheds In Focus. Since our Autumn 2015 edition, the Courts have considered a number of important cases on issues ranging from break options, the legitimacy of controversial rates avoidance schemes, relief from forfeiture, specific performance of contractual obligations and what constitutes a penalty payment.
The Insolvency Service recently published official statistics showing that the number of individual insolvencies in 2015 fell to the lowest annual level for a decade (by 19% to 79,965).
The statistics also show that:
On January 4, 2016, the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) deviated from SDNY precedent and held that, despite the absence of clear Congressional intent, the avoidance powers provided for under Section 548 of the Bankruptcy Code can be applied extraterritorially. As a result, a fraudulent transfer of property of a debtor’s estate that occurs outside of the United States can be recovered under Section 550 of the Bankruptcy Code.
This case concerned whether a fee payable by a tenant for assigning the lease involved the provision of “credit” for the purposes of the Consumer Credit Act 1974 (CCA).
From 1 January 2016, deposits made by private individuals and small businesses to any authorised firms are protected by the Financial Services Compensation Scheme to a limit of £75,000 (previously £85,000).
On 1 October 2015 the minimum debt upon which a creditors' bankruptcy petition can be presented increased from £750 to £5000 and the threshold for serving a statutory demand on an individual debtor (as a precursor to bankruptcy) also increased to £5000.
On 7 October 2015, the Financial Conduct Authority launched a ‘Call for Inputs’ on competition in the mortgage sector. The Call for Inputs provides an opportunity for interested parties to help the FCA identify potential areas where competition may not be working well and could be improved.
On December 14, 2015, the United States Court of Appeals for the Second Circuit held that claims arising from securities of a debtor’s affiliate must be subordinated to all claims or interests senior or equal to claims of the same type as the underlying securities in the bankruptcy proceeding.