Government Unveils Post-Brexit Customs Paper

More than a year has passed since the UK voted to withdraw from the European Union without much clarity ever given to businesses on what the terms of the intra-EU trade with the remaining EU27 would look like post-March 2019.  This has led to many of our clients planning for the worst possible option, i.e. View Full Post
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Time is Running to Respond to the FCA Consultation in Respect of the Extension of the Senior Managers and Certification Regime

By now, most FCA regulated firms will be aware that the FCA intends to extend the Senior Managers and Certification Regime (“SM&CR”) so that it applies to all FCA regulated firms from an as yet unspecified date in 2018 (most likely mid to late 2018). View Full Post
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CMA Updates Its Penalties Guidance for UK and EU Competition Law Infringements

By | Latham.London | August 15, 2017
By Jonathan Parker and Calum Warren On 2 August 2017, the UK Competition and Markets Authority (CMA) launched a consultation on proposals to amend the Office of Fair Trading’s 2012 guidance as to the appropriate amount of a penalty for infringements of the prohibitions against anti-competitive agreements and an abuse of a dominant position contained in the Competition Act 1998 (the Current Penalties Guidance). View Full Post
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Upper Tribunal Upholds Charles Palmer Ban and Fine

Background Charles Palmer (“Mr Palmer”) was the CEO and majority shareholder of Standard Financial Group Limited and a director/de facto CEO of the adviser network which comprised of Financial Limited and Investments Limited (“Firms”).   At its its hight  (in 2011) the network boasted 397 appointed representatives (“ARs“) and 516 registered individuals (“RIs“), whom between them advised circa 40,000 customers over a 22 month period (2010 to 2012). View Full Post
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China’s Pilot Programmes Welcome Announced Launch of Emissions Trading System

By | Latham.London | August 9, 2017
By Paul Davies and Andrew Westgate Chinese policymakers have indicated that the country’s Emissions Trading System (ETS) — which will be the largest system of its kind globally and the centerpiece of Chinese climate change policy — is likely to launch in November 2017 “at the very earliest”. View Full Post
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The New PPI Complaint Deadline: The Beginning of the End or the End of the Beginning?

As discussed in a previous blog (3 May 2017), consumers seeking compensation in relation to any new payment protection insurance (“PPI“) complaint will now have until 29 August 2019 to complain to the Financial Ombudsman Service about any alleged mis-selling by lenders. View Full Post
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Court of Appeal Finds That Banks Had No Duty to Conduct an FCA Ordered Review with Reasonable Skill and Care

Background The Court of Appeal has this week handed down judgment in three linked appeals (CGL Group and Others v Royal Bank of Scotland Plc and Others). These concerned interest rate hedging products (“Hedging Products“) that certain smaller businesses (including the Appellants) allege they were required to buy as a condition of loans made to them by three banks (in this case, RBS, Barclays and National Westminster – “Banks“) which were “missold” to them by the Banks. View Full Post
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Proposed FCA Rules Extend Warmer Welcome to Sovereign-Controlled Companies

By | Latham.London | July 25, 2017
By James Inness and Sean Meehan On 13 July 2017, the Financial Conduct Authority (FCA) proposed a relaxation of certain aspects of the premium listing segment for sovereign-controlled companies. The proposed new rules will create a new premium listing category pursuant to which: Related party rules will be modified so that the sovereign controlling shareholder will not be considered a related party. View Full Post
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PRI’s Private Equity Terms Guidance Focuses On Environmental, Social, and Governance (ESG) Factors

By | Latham.London | July 25, 2017
By Paul Davies and Michael Green On 13 July 2017, Principles for Responsible Investment (PRI) launched guidance on incorporating environmental, social, and governance (ESG) provisions in private equity fund terms. The publication, Incorporating Responsible Investment Requirements into Private Equity Fund Terms (the Guidance), followed a year-long consultation period with PRI signatories, expert counsel, and industry associations. View Full Post
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