Bankrecht

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Aktuelle eAlerts

  •  
    11/11/2024
    United Kingdom

    FCA Survey on Non-Financial Misconduct has Lessons for Firms

    The Financial Conduct Authority (FCA) has published the findings of its comprehensive survey on non-financial misconduct within the wholesale financial services sector. The survey covered incidents from 2021 to 2023. The targeted portfolios included London market insurers, market intermediaries, wholesale banks, and wholesale brokers.Although many of the survey results are positive and demonstrate that firms are addressing incidents of non-financial misconduct, some gaps remain. The message from the FCA is that non-financial misconduct is a priority area and that a firm’s response to non-financial...
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  •  
    08/11/2024
    United Kingdom

    Levelling the playing field in investment research: introducing payment optionality for pooled funds (FCA CP24/11)

    On 5 November 2024, the Financial Conduct Authority (“FCA”) published a consultation paper (CP24/21) on investment research payment optionality for fund managers. The FCA is proposing to take forward the recommendations of the Investment Research Review (“IRR”) and feedback to its earlier consultation for MiFID investment firms, by extending payment optionality for investment research to fund managers and pooled funds (including UCITS and AIFs).The proposals would allow fund managers to purchase investment research by making joint payments (i.e. by paying for bundled investment...
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  •  
    08/11/2024
    United Kingdom

    Cy-près solutions: navigating contractual continuity in a post-LIBOR world

    IntroductionIn Standard Chartered PLC v Guaranty Nominees Ltd & Ors [2024] EWHC 2605 (Comm), the English Commercial Court provided a solution to the impact of the cessation of the London Interbank Offered Rate (“LIBOR”) on perpetual preference shares which provide for the payment of dividends determined by reference to that rate. The decision will be of relevance to a large number of existing contracts, which often reference LIBOR in respect of calculating interest.FactsStandard Chartered PLC (“SC”) issued USD 750m in preference shares in 2006 to raise Tier 1 capital....
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  •  
    31/10/2024
    Europe

    October 2024 Highlights: Key UK and EU Operational Resilience Updates

    As the landscape of operational resilience continues to evolve, this past month has been particularly eventful, marked by significant developments in both the UK and EU. With the impending deadline for compliance with the Digital Operational Resilience Act (DORA) on January 17, 2025, institutions are racing to meet stringent requirements designed to enhance their resilience to digital threats. In the UK, the anticipation builds as regulators are due to publish the finalised Critical Third Parties Regime Rules by the end of 2024, which will further shape the operational resilience framework. Additionally,...
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  •  
    23/10/2024
    Belgium

    How can you legally protect your website from being read and copied by AI companies?

    Recently, Getty Images filed a lawsuit against Stability AI, accusing it of using copyrighted images to train its AI models without Getty’s consent. The question may also arise whether popular generative AI tools like Midjourney use databases containing copyright protected material without the consent of the rights holders to generate their images.Recent lawsuits, which include class actions, will help determine to what extent AI developers may use copyright protected works to train their models.As mentioned in our previous article, the owners of copyrights may rely on their exclusive rights...
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  •  
    22/10/2024
    United Kingdom

    HMRC updates ISA Regulations to recognise fractional interests and make certain other changes

    On 15 October 2024, the UK Government published the Individual Savings Account (Amendment) (No 2) Regulations 2024 (“the Regulations”), which will make certain targeted amendments to the Individual Savings Account Regulations 1998, SI 1998/1870. This follows a short technical consultation that ran from 2 to 16 August 2024.The Regulations will bring into effect several changes, including expressly recognising that certain ‘fractional interests’ in shares (widely known as “fractional shares”) can be held in a stocks and shares individual savings account (“ISA”),...
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