Category Archives: Banking and Finance law

WFE best practice guidelines for cybersecurity compliance

The World Federation of Exchanges (WFE) has published a set of best practice guidelines for market infrastructures that are designed to engender a staff culture of cybersecurity compliance. When creating a cyber compliance framework, the best practice guidelines provide that WFE members should consider: behavioural incentives. These include focusing on: (i) cybersecurity in the home environment; (ii) bringing hackers into the workplace to demonstrate to staff how easily devices can be compromised; (iii) linking compensation to compliance; (iv) rewards programmes; (v) awareness campaigns; and (vi) the use of ‘gamification’ which in practice means making desired security behaviours fun or competitive; cultural incentives. These incentives start with creating a culture of personal responsibility and common sense, relating cyber awareness to personal life, family and home. Other incentives include: (i) making cyber security awareness and compliance a key performance….. To continue reading this legal news please click Read full information...

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IOSCO Board communication on concerns about ICOs

The International Organization of Securities Commissions (IOSCO) has published a board communication on concerns relating to initial coin offerings (ICOs). At a meeting held on 18 and 19 October 2017, the IOSCO Board discussed the growing usage of ICOs to raise capital as an area of concern. IOSCO notes that there are clear risks associated with these offerings. ICOs are highly speculative investments in which investors are putting their entire invested capital at risk. While some operators are providing legitimate investment opportunities to fund projects or businesses, the increased targeting of ICOs to retail investors through online distribution channels and parties often located outside an investor’s home jurisdiction, raises investor protection concerns. There have also been instances of fraud, and a result, investors are reminded to be very careful in deciding whether to invest in ICOs. View IOSCO Board communication on concerns about ICOs, 18 January 2018.. To continue reading this legal news please click Read full information...

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FCA regulation round-up: January 2018

The FCA has published its latest Regulation round-up newsletter that updates firms on the latest developments. The ‘hot topics’ in the round-up include: the Revised Payments Services Directive (PSD2) – PSD2 goes live; and consumer mis-direction. View FCA regulation round-up: January 2018, 18 January 2018.. To continue reading this legal news please click Read full information...

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Government responds to MLD5 queries from the House of Commons European Select Committee

The Department for Exiting the European Union has published a letter from John Glen MP, Economic Secretary to the Treasury, to Sir William Cash, Chair of the House of Commons’ European Select Committee, on the proposed Fifth Money Laundering Directive (5MLD). Among other things, the letter notes that after the UK ceases to be a member of the EU and becomes a third country, the European Union (Withdrawal) Bill will preserve the Regulations that implement the Fourth Anti-Money Laundering Directive in the UK (the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017) subject to minor amendments being made to rectify any deficiencies within the legislation caused by the UK no longer being a member of the EU. The existing risk-based approach of UK supervisors and firms to complying with their obligations under the t Regulations will also remain unchanged after Brexit. View Government responds to MLD5 queries from the House of….. To continue reading this legal news please click Read full information...

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Boeing is unsuccessful in attempts to omit ‘lap dog’ references from shareholder proposals

By Jacquelyn LumbBoeing Company was unable to convince the Division of Corporation Finance that it could omit portions of three separate shareholder proposals from its proxy materials—one seeking a requirement that the chairman be an independent member of the board, one to require shareholder approval to increase the number of board members, and one giving holders of 10 percent of the outstanding shares the power to call a special shareholder meeting. In each case, Boeing sought to omit portions of the supporting statements on the basis that they impugned character, integrity, or personal reputation without a factual foundation in violation of Rule 14a-9.Lap dog reference. In the proposals to give shareholders the power to call special meetings and to require an independent chairman, the supporting statements referred to the 20-year tenure of lead director Kenneth Duberstein and suggested that his lengthy tenure may make him “a lap dog.” Both proposals also….. To continue reading this legal news please click Read full information...

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