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Briefings in English - 2006

EU financial services

Key EU financial services dates and EU financial services directives timeline. (December 2006)
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When the regulator calls - how to handle a themed visit

A guide to the way in which the FSA carries out themed visits and tips for ensuring that themed visits do not escalate into enforcement action (Andrew Hart and Oliver Kerridge). Reproduced with permission of Compliance Monitor. (November 2006)

Companies Act 2006

The Companies Act 2006 received Royal Assent on 8 November 2006. This briefing covers the key implications for your company. (November 2006)

Companies Act 2006: directors' duties

The rules governing the duties directors owe their companies have been codified in the Companies Act 2006 (the Act), which will come into force by October 2008. The Act also introduces a new statutory right for shareholders to sue directors in the company's name in some circumstances (known as the 'derivative action'). Concerns have been expressed about the impact of these changes on companies and their boards, but we believe there will be practical solutions to most of the issues that may arise. Here we provide guidance on how to meet many of the challenges of the new regime. (November 2006)

Regulation for grown-ups

UK financial services regulation has become over-elaborate. The high-level regulatory principles of the early 1990s setting out how firms should behave have developed into a shelf-breaking heap of manuals regulating every aspect of the sector. (November 2006)

MiFID: client categorisation

This briefing considers the FSA's proposals on the implementation of the MiFID client categorisation requirements and the possibility for grandfathering between the current and MiFID regimes. (October 2006)

MiFID: client money

This briefing considers the FSA's proposals for implementing MiFID’s client money requirements. Notwithstanding the loss of the professionals opt-out, it explains that the key transition action for many firms will be repapering and not segregation. (October 2006)

Leaving its mark

A summary of the enforcement action that the FSA has taken against insurers since it took over responsibility for the regulation of general insurance business and insurance intermediaries (Ali Sallaway and Christopher Robinson). Reproduced with permission of Global Reinsurance. (October 2006)

Parker v FSA: a big fine but will it be paid?

A review of the findings of the Financial Services and Markets Tribunal in FSA v Parker and consideration of the implications of the case (Andrew Hart and Oliver Kerridge). Reproduced with permission of Compliance Monitor. (October 2006)

FSA v Jabre - the end of a long saga

A review of the findings of the Financial Services and Markets Tribunal in FSA v Jabre and consideration of the implications of the case (Simon Orton, Oliver Kerridge and Miriam Schmelzer). Reproduced with permission of Compliance Monitor. (September 2006)

Baker v Corus - The UK Asbestos Story Continues

A discussion of the UK government's proposal to amend the Compensation Bill in relation to employer liability for losses suffered by mesothelioma victims in the light of the House of Lords decision in Barker v Corus (Toby Robinson). Reproduced with permission of Mealey's Litigation Report: Reinsurance. (July 2006)

Extradition arrangements in the US and UK - managing the risks

This briefing summarises the current extradition arrangements in the US and UK, assesses the change in the extradition risk and outlines some practical steps for managing the risk of extradition. (July 2006)

Half a decade of FSA Enforcement

An examination of the themes that emerged at the FSA's third conference on enforcement and investigations (Andrew Hart and Oliver Kerridge). Reproduced with permission of Compliance Monitor. (July 2006)

Italian law on savings

The implications of Law 262 of 28 December 2005 which introduces a number of changes to company and financial law aimed at protecting public savings and regulating financial markets (Gabriella Opromolla and Elena Pagnoni). Reproduced with permission of Journal of International Banking Law and Regulation. (2006)

The unsuccessful threat To Second Lien Financings in Germany - The Primacom Case

summary of the PrimaCom case and the lessons to be learned from it (Lars Westfahl and Steffen Bressler). Reproduced with permission of Insolvency Intelligence. (July 2006)

Knocking in the pipes

A review of the findings of the Financial Services and Markets Tribunal in FSA v Paul Davidson and Ashley Tatham and consideration of the implications of the case (Andrew Hart and Oliver Kerridge). Reproduced with permission of Compliance Monitor. (June 2006)

FSA consultation on the Transparency Directive

The Financial Services Authority has published a consultation paper on implementation of the EU Transparency Directive in the UK. This note focuses on the proposed changes to the current UK regime for notification of major shareholdings, which are to take effect on 20 January 2007. (May 2006)

MiFID: best execution

This briefing examines the best execution obligation contained in the Markets in Financial Instruments Directive and the draft level 2 directive published by the European Commission in February 2006. It is based on the current text of the draft level 2 directive and is therefore liable to change. (April 2006)

MiFID: customer classification, suitability and appropriateness

The changes made by MiFID to the current FSA client classification system will have significant practical implications for firms, particularly in the application of FSA conduct of business rules. This briefing summarises the key issues arising from the current position. (April 2006)

A Practitioner’s Guide to EU Financial Services Directives (second edition, 2006)

Written by members of Freshfields Bruckhaus Deringer’s regulatory practice and published by City & Financial, A Practitioner’s Guide to EU Financial Services Directives provides financial institutions with a comprehensive, single volume resource containing detailed guidance on the most important directives that affect the financial services industry, including those contained in the EU Financial Services Action Plan.

Please see http://www.cityandfinancial.com/publications/?sector=3&id=28 for further details and instructions on how to purchase a copy.

Freshfields Bruckhaus Deringer on Financial Services: Investigations & Enforcement, second edition (2005)

Designed to be used before, during and after an investigation, Freshfields Bruckhaus Deringer on Financial Services: Investigations and Enforcement (2nd edition) contains practical start-to-finish advice and guidance on FSA regulatory investigations and enforcement action. The second edition of this book comprehensively covers and examines the developments and significant changes to the FSA’s investigation and enforcement regime since its inception in 2001, including the Strachan Review, new Listing Principles, recent FSA action regarding rule breaches and the FSA’s ‘treating customers fairly’ (TCF) project.

Please see http://www.tottelpublishing.com/investigations/index.html for further details and instructions on how to purchase a copy.

How Countries Supervise their Banks, Insurers and Securities Markets 2007

How Countries Supervise their Banks, Insurers and Securities Markets 2007 is a comprehensive guide to the world’s financial regulatory authorities, published by Central Banking Publications. The directory is produced in association with Freshfields Bruckhaus Deringer and has proven to be an excellent source of information, profiling key details of over 500 regulatory agencies in over 190 jurisdictions.

Please see http://www.centralbanking.co.uk/publications/directories/hcs2007.htm for further details and instructions on how to purchase a copy.

Fairness in the UK financial services sector

This briefing looks at the impact of the concept of fairness in the UK financial services sector and considers a way of bringing greater certainty to this area. It is based on an article that originally appeared in The Times. (March 2006)

Market Abuse Directive (2003/6/EC)

This publication considers the status of implementation of the Market Abuse Directive (2003/6/EC) in a number of European jurisdictions as at 10 February 2006.

The bank of the future

  • Tracking the international, European and local initiatives for reform that will shape "the bank of the future"
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