Monthly Archives: December 2016


The new rules which will guide insolvency practice are to come into force on 6 April 2017. The Insolvency Rules 2016 have been introduced to consolidate the Insolvency Rules 1986 and their numerous amendments into a single instrument, to update them in terms of their language and style of drafting, and to reflect modern business practice and […]

Treasury Committee concerned on cybersecurity

: Andrew Tyrie has written to the National Cyber Security Centre, expressing concern that there is no single point of responsibility for cyber risk in the financial services sector. The Committee thinks there needs to be a better level of scrutiny and accountability for how relevant authorities currently address the risks, and what help they […]

CMA concerned about cashpoint merger

CMA has made a provisional finding that the acquisition by Diebold of Wincor may reduce competition in the supply of cashpoints in the UK. It invites comments on its provisional findings by 10 January 2017.

ESMA publishes MAR FAQs

ESMA has published an updated questions and answers document on MAR. New questions cover whether transactions should be aggregated for the purpose of the trigger for the notification obligation for PDMRs and their closely associated persons, how the price of gifts should be calculated for these purposes, and whether shares received as part of a […]

EU publishes MLD 5 negotiating mandate

The Presidency of the Council of the EU has published the negotiating mandate it hopes will progress MLD 5 negotiations. It wants the incoming Presidency to start talks with the European Parliament on key changes to MLD 4, including changes to address risks linked to pre-paid cards and virtual currencies, improving co-operation between investigating agencies, […]

FCA publishes fourth MiFID 2 consultation

FCA has published its fourth consultation on changes to its rules to implement MiFID 2. This consultation is in many ways a sweep-up to cover all changes not previously covered in FCA’s other consultations. To a large extent it covers rules that apply to specialist firms. The changes, although few are fundamental, nevertheless affect most […]

Parliament urges FS transition after Brexit

The EU Financial Affairs Sub-Committee has published its report on Brexit and financial services. The report says it is critical to agree a transitional period for financial services to avoid a “cliff edge” which could cause UK firms to restructure or relocate working on a “worst case” scenario. It notes that the equivalence provisions in […]

Presentation disclaimers do work after all

On 8 December, the Court of Appeal overturned the Commercial Court’s decision in relation to s.2(1) of the Misrepresentation Act 1967 (negligent misrepresentation), and standard disclaimers in written publications issued by a bank. In Taberna Europe CDO II plc v Selskabet AF 1.September 2008(formerly Roskilde Bank A/S) [2016] EWCA Civ 1262, Taberna Europe CDO II […]

FOS consults on plan and budget

FOS is consulting on its plan and budget for the year ahead. It expects record numbers of PPI complaints, with a steady level of complaints in the banking, insurance and investment sectors. It plans to keep the case fees the same as for the past 5 years – so there is a £550 fee per […]

FCA consults on FSCS changes

FCA is consulting on changes to FSCS rules and funding. It is considering introducing mandatory terms to make PII more effective for firms that FCA requires to hold it, and also exploring introducing new levy categories and updating consumer coverage limits in light of pensions freedoms, some aspects of fund management, debt management and structured […]