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Europe steps up its fight against fraud
European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
United Kingdom | Publication | June 2021
On June 22, 2021, the Financial Conduct Authority (FCA) published new proposals on climate-related disclosure rules for listed companies and certain regulated firms. The FCA proposes the following:
The FCA proposes to implement a new rule and associated guidance that will mirror the existing rule in Listing Rule 9.8 and its associated guidance that was introduced for premium listed commercial companies in December 2020. The new rule in Listing Rule 14 would require issuers of standard listed equity shares to include a statement in their annual financial report setting out:
The FCA propose that the new rule take effect for accounting periods beginning on or after January 1, 2022.
The FCA is also seeking views on environmental, social and governance (ESG) issues in capital markets, including on green and sustainable debt markets and the increasingly prominent role of ESG data and rating providers.
Responses to both consultations are requested by September 10, 2021.
(FCA: FCA consults on further climate-related disclosure rules – press release, 22.06.2021)
On June 22, 2021, HM Treasury published the response to its July 2020 consultation on a regulatory framework for approval of financial promotions.
In the earlier consultation HM Treasury proposed that the Financial Services and Markets Act 2000 (FSMA) should be amended so that authorised firms are no longer able to approve the financial promotions of unauthorised persons, unless the authorised firm had passed through a new regulatory ‘gateway’ operated by the FCA. In terms of the gateway HM Treasury set out two possible options being: (i) restrict approval of the financial promotions of unauthorised firms through the imposition of requirements by the FCA; and (ii) specify the approval of financial promotions communicated by unauthorised persons as a ‘regulated activity’ under FSMA. HM Treasury’s preferred option was the first option on the basis that it would achieve the intended outcome of strengthening the FCA’s ability to ensure that authorised firms comply with FCA rules when approving the financial promotions of unauthorised persons, without fundamentally altering the overall regulatory architecture of the financial promotion regime.
In its response HM Treasury is proceeding with its preferred option for the gateway and sets out the proposed structure that includes a transitional period.
The proposed structure of the gateway includes:
In terms of next steps:
(HM Treasury: Response to regulatory framework for approval of financial promotions, 22.06.2021)
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European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
Publication
The Digital Markets, Competition and Consumers Act (DMCC Act) received Royal Assent on 24 May 2024 and is generally expected to come into force in autumn this year.
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Head of Legal Operations, Stephanie Hamon, will be joining the panel discussion on "Simplifying Legal Tech Adoption and Implementation" at the Legal Tech Talk conference on June 13th (3:30 - 4:15 PM).
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