Financial institutions continue to prepare for the anticipated cessation of the publication of the London Interbank Offered Rate (LIBOR) benchmark after the end of 2021 and its replacement with “risk-free” overnight rates, including reformed SONIA (for sterling) and the new SOFR rate (for U.S. dollars). Transitioning affected financial products to the new rates and amending legacy books is a massive project for any sizable institution.
FEB 28, 2018 ISSUE 8/2018 FINANCIAL REGULATORY DEVELOPMENTS FOCUS Proxima Nova A ExCn 35pt In this week’s newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and corporates. Click here if you wish to access our Financial Regulatory Developments website. IN THIS ISSUE Bank Prudential Regulation & Regulatory Capital ..............................................................................................
In this case, the firm was instructed by the English liquidators of Arck LLP (in liquidation) to assist in the recovery of assets misappropriated from a large number of British investors and channelled through Jersey corporate and trust structures as part of a fraudulent collective investment scheme.
In this week’s update: Guidance on virtual board and committee meetings, updates and guidance on AGMs, pre-emption principles are relaxed and a few other items.
This week, in coronavirus-related news
The Financial Conduct Authority, the Information Commissioner’s Office and the Financial Services Compensation Scheme have issued a joint statement warning insolvency practitioners to be careful when handling personal data.
The Joint Statement says that the FCA, ICO and FSCS are aware that some IPs and FCA - authorised firms have attempted to sell clients’ personal data to claims management companies, where it is likely claims for compensation will be made to the FSCS.
Being involved with a company which is experiencing financial difficulties is clearly a stressful experience for directors. As well as having to deal with the operational consequences of the company’s distress, directors must ensure that they comply with their duties and obligations under the Companies Act 2006 (CA2006) and the Insolvency Act 1986 (IA1986). Directors of listed entities are in a particularly difficult position, as in addition to those duties they must comply with their obligations to the markets.
Directors’ duties
In this week's update: directors did not need to consider the rights of creditors when declaring a dividend as the company was not insolvent, the Law Commission is seeking views on the law of intermediated securities, polling information can be inside information and a couple of other items.
Court considers whether demerger by dividend was valid (part 4)
Goldcrest Distribution Ltd v (1) Charles Joseph McCole (2) Mary Orr McCole (3) Jeremy Willmont (Trustee in Bankruptcy of Charles Joseph McCole)
This case concerned the Claimant’s conduct in its application for relief from sanction following a successful default judgment hearing and in the litigation process more generally. The Claimant applied to set aside a default judgment entered against it by the Second Defendant after the Claimant failed to file a defence to a counterclaim.
Background
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 1 April 2015, responsibility for consumer credit in the UK transferred from the Office of Fair Trading (“OFT”) to the Financial Conduct Authority (“FCA”). A consequence of this was to replace the OFT’s Consumer Credit Act licencing scheme with the FCA’s authorisation scheme under the Financial Services and Markets Act 2000 (“FSMA”).