Sanctions

Recent Articles

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    11/04/2018

    Securitisation Regulation: 60 minutes to understand the new rules and issues

    CMS cordially invite you to attend a webinar: 11 April 2018 | 10:00 UK/ 11:00 CET Securitisation Regulation: 60 minutes to understand the new rules and issues This webinar will last one hour (including a Q&A session) and will provide an update on new EU regulations regarding securitisation. Four expert speakers from the UK, France and Spain will cover the areas you need to be aware of. Agenda: Scope of the new regulations (STS and CRR treatment) New rules applicable to any EU securitisation STS CRR/other directive changes REGISTER NOW
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    05/04/2017

    German Regulator releases new Administrative Fine Guidelines

    According to the new WpHG Administrative Fine Guidelines, BaFin now can and will punish companies more severely for breaches of disclosure obligations resulting from the Securities Trading Act. Now, the fines can be significantly higher. The possibility to impose stricter sanctions is based on changes in European law. For one thing, these include the Directive amending the Transparency Directive, which was implemented into German law in November 2015. The sanctions imposed under this Directive in the event of breaches of the shareholding and reporting disclosure obligations are significantly...
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    16/12/2016

    Progress of MiFID II implementation in Germany – Changes to the German Securities Trading Act

    The implementation leads to amendments of the German Securities Trading Act (Wertpapierhandelsgesetz (WpHG)), the German Banking Act (Kreditwesengesetz (KWG)) and the German Stock Exchange Act (Börsengesetz (BörsG)). In addition, amendments will be made in the German Insurance Supervision Act (Versicherungsaufsichtsgesetz (VAG)) and the German Capital Investment Act (Kapitalanlagegesetzbuch (KAGB)) as well as in several implementing regulations. Amendment of the German Securities Trading Act (WpHG) The WpHG will be amended significantly. Not only will it be structured differently, content...
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    07/10/2016

    Securities Financing Transactions Regulation Overview

    Objectives The SFTR aims to increase transparency by introducing the following requirements: transactions must be reported to a trade repository to allow increased monitoring of the risks associated with SFTs (the "Reporting Requirements"); practices relating to the use of SFTs and total return swaps must be disclosed by UCITS management companies (“ManCos”), UCITS investment companies and alternative investment funds managers (“AIFMs”) in their reports as well as their pre-contractual documentation (the "Disclosure Requirements"); and reuse of financial instruments received...
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    09/06/2016

    Brexit: Impact on debt finance transactions

    Regulatory change for lenders You will find a series of reports that look at the impact of a Brexit on the regulatory position of lenders and other Financial Institutions here. Increased costs Brexit is likely to require changes in law that will engage the increased costs clauses in facilities agreements. We anticipate that increased costs clauses will become a focus of negotiation as the date for Brexit approaches following a “leave” result in the referendum, in the same way that they did in the lead up to the implementation of the Basel II and Basel III capital adequacy regimes....
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    26/04/2016

    Corporate offence for failure to prevent the criminal facilitation of tax evasion

    Under the draft legislation, the new offence would be committed where a person “associated” with the corporation, criminally facilitates tax evasion. “Associated persons” is widely defined, encompassing both employees and independent contractors, while “corporation” includes a body corporate or partnership. The language essentially mirrors the recently created offence under the Bribery Act 2010 where a corporate fails to prevent bribery on its behalf, and extends the same concept to tax evasion. It is noteworthy that the new offence can be committed even where...
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