Category Crowdfunding

Complaints Commissioner concerned about information sharing between FOS and FCA

In a recent report the Complaints Commissioner expressed concern about the absence of published information about how and in what circumstances information about live ombudsman cases may be shared between the FOS and the FCA. The complaint alleged that the FCA illegally influenced the FOS in its handling of complaints against a firm represented by […]

FCA Discussion Paper on transforming culture in financial services

As part of its ongoing work on culture and governance, the FCA has published a discussion paper, comprising a series of essays from academics and industry thought leaders covering: what a ‘good’ culture might look like; the role of regulation and regulators; how firms might go beyond incentives; and how to change behaviour for the […]

FCA surveys firms passporting into UK

As part of its preparation for Brexit, the Government announced in December 2017 that it would, if necessary, introduce legislation to enable a ‘temporary permission’ scheme for EEA firms and funds which, following Brexit, can no longer rely on their passporting rights to do business in the UK. The FCA has published a survey to […]

Commission unveils Fintech and crowdfunding action plan

The European Commission has published an action plan aimed at making Europe a global hub for Fintech. The plan is to make markets safer and easier for new players to access while enabling the financial sector to make use of new technologies. It wants to encourage a cross-border infrastructure for blockchain but using pilot projects. […]

SME finance inquiry launched by Treasury Committee

The Treasury Committee has opened an inquiry into small and medium sized enterprise finance, addressing lessons learned from RBS’ Global Restructuring Group, and the state of the market for SME finance. The inquiry seeks to consider: The extent of competition in the SME finance market; The sources of funding available to SMEs, including crowdfunding and […]

Treasury, FCA and EIOPA issue statements regarding continuity of activities and services after Brexit

Along with the PRA’s publication of consultation papers on its intended approach to supervision of third country firms, the Treasury, FCA and ESMA have recently issued statements providing an update on provision to enable firms across Europe to continue to do business after Brexit. The Treasury has announced that if necessary (ie depending on the […]

Law Commission to address electronic signatures and smart contracts in 13th Programme of Law Reform

The Law Commission has announced the programme of reforms it will be working on over the next 3 years.  The projects include: Electronic signatures: there is an absence of explicit case law or legislation confirming that documents executed with an electronic signature satisfy statutory requirements for documents to be in writing and/or signed and/or under […]

ESMA warns investors and firms on dangers of ICOs

ESMA has become the latest body to denounce initial coin offerings (ICOs), issuing statements directed at investors and firms highlighting the distinct risks involved. Echoing FCA’s previous warnings , ESMA has focused on the risks of investors to losing all their invested capital, and firms conducting ICOs potentially also carrying on regulated investment activities. Investors are […]

Legislative proposal for an EU framework on crowd and peer to peer finance

The European Commission (Commission) has published an inception impact assessment on its legislative proposal for an EU framework on crowd and peer to peer finance. The initiative is part of the Commission’s priority of establishing a Capital Market Union, in particular broadening access to finance for SMEs such as innovative companies, start-ups, and scale-ups. The Commission […]

Bond Dickinson financial services team ranked in Legal 500

The Bond Dickinson financial services team is delighted to have achieved a Legal 500 ranking. The new directory described the team as providing  ‘responsive, practical, commercial and cost-effective’ advice to a wide variety of clients within the retail sector of the financial services industry. It says that  “‘Very knowledgeable’ team head Andrew Barber has ‘in-depth […]