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Global | Publication | April 8, 2016
The new bail-in rules that generally took effect in January 2016 are the European Union’s response to the 2008 global financial crisis and the “too big to fail” regime. The EU Bank Recovery and Resolution Directive (2014/59/EU) requires that EU member states implement a similar legal framework whereby failing financial institutions will not look to public stakeholders for a “bail-out.” European regulatory authorities can force these failing institutions to cancel or severely dilute shareholder equity or to cancel, write-down or convert unsecured liabilities to equity. Such regulatory action is referred to as a “bail-in.”
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In this edition of Regulation Around the World we review the position regarding beneficial ownership registers which has come into the spotlight following work by the Financial Action Task Force and the introduction of reforms in a number of jurisdictions.
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The Financial Services and Markets Bill (FSM Bill), which was laid in front of Parliament in July 2022 and is expected to be finalised in the coming months, includes the introduction of a new designated activities regime (DAR).
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On 20 February 2023, the Financial Conduct Authority (FCA) published a discussion paper, DP23/2 (the DP), seeking views on the current UK regime for regulating funds and asset managers and setting out ideas for improving its regulation of the sector.
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