Category Archives: Banking and Finance law

Banking and Finance Law news articles, reiews, notes and blog examples.

SM&CR: FCA guidance consultation on statements of responsibilities and responsibilities maps for FCA firms

On 11 October 2018, the FCA published a guidance consultation relating to the senior managers’ and certification regime (SMCR). The guidance consultation concerns statements of responsibilities and responsibilities maps for FCA firms. The guidance sets out the purpose of statement of responsibilities and responsibilities maps, provides some questions for firms to ask themselves and outlines examples of good and poor practice. It is designed to be read alongside the guide for FCA solo-regulated forms as well as applicable rules and guidance in the FCA Handbook. The FCA states that the guidance should be applied in a risk-based and proportionate way. This includes considering the size, nature and complexity of the firm when deciding whether a certain example of good or poor practice is appropriate to its business. Other points to note include: the self-assessment key questions and the examples of good and poor practice that the FCA uses in the guidance are not exhaustive;….. To continue reading this legal news please click Read full information...

Posted in Banking and Finance law | Tagged , , , , , , | Leave a comment

Hospitality and Entertainment: Industry Performance

This is the third in a multi-part series that will focus on the recent performance of the hospitality and entertainment industry. Industry Performance The value of the hospitality and entertainment industry has steadily increased throughout the past five years. In 2016, hotels generated $199.3 billion in revenue[1]. The value of the US entertainment industry in the same year is estimated to be $630.71 billion[2]. Key External Drivers Economic Downturns In the hospitality segment, consumer spending and tourism may drop because of adverse economic conditions[3]. At the moment in the United States, the real disposable income has been steadily rising[4]. However, domestic trips in the United States, a major indicator of the spending on hospitality, has been experiencing moderate increases in spending and is projected to have modest gains[5]. In recent years, the data appears to show that there have not been major economic downturns. Legal Factors Changes in the law can include….. To continue reading this legal news please click Read full information...

Posted in Banking and Finance law | Tagged , , , | Leave a comment

ESMA final report amending RTS on EMIR clearing obligation

On 27 September 2018, the European Securities and Markets Authority (ESMA) published its final report (the Report) on the clearing obligation under EMIR (no. 6). The Report presents draft regulatory technical standards (the Draft RTS) in Annex III, which relates to the treatment of certain intragroup transactions concluded with a third country group entity. There are three European Commission delegated regulations (the Delegated Regulations) on the clearing obligation, which mandate a range of interest rate and credit derivative classes for clearing. The Delegated Regulations contain a deferred date of application of the clearing obligation for intragroup transactions that satisfy certain conditions and where one of the counterparties is in a third country, in the absence of the relevant equivalence decision. To date, no implementing act on equivalence on legal, supervisory and enforcement framework of a third-country under Article 13(2) of EMIR in respect of the clearing….. To continue reading this legal news please click Read full information...

Posted in Banking and Finance law | Tagged , , , , , , | Leave a comment

CMA receives ‘super-complaint’ in relation to customers paying a penalty for loyalty

The Competition and Markets Authority (CMA) has received a ‘super-complaint’ from Citizens Advice in respect of price discrimination against long-term customers. Citizens Advice is seeking a response from CMA including a commitment to initiating a market study to identify remedies to end overpricing for disengaged or loyal customers. Super-complaints can be made under the Enterprise Act 2002 by certain UK consumer organisations, including Citizens Advice, requiring an investigation into markets or practices that significantly harm consumers. Home insurance is included amongst the markets that Citizens Advice identify as penalising existing customers. The percentage increase in the cost of home insurance can be as much as 70 per cent for long-standing customers. The margins that firms can earn on new customers is often low. Attractive offers for new customers are sustained by offering longer term customers higher prices.  Citizens Advice suggests that loyalty….. To continue reading this legal news please click Read full information...

Posted in Banking and Finance law | Tagged , , , , , , | Leave a comment

Attorney Admits Role In Short Sale Fraud Scheme

Mortgage Fraud Blog. Christopher Goodson, 45, Newark, New Jersey, an attorney,  admitted today to running a large-scale mortgage fraud scheme that involved properties in Jersey City, Clifton, Union, and elsewhere in New Jersey and caused losses of millions of dollars. Goodson pleaded guilty before U.S. District Judge Katharine S. Hayden in Newark federal court to an information charging […] The post Attorney Admits Role In Short Sale Fraud Scheme appeared first on Mortgage Fraud Blog... To continue reading this legal news please click Read full information...

Posted in Banking and Finance law | Tagged , , , , , , | Leave a comment