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On 18 September 2020 the FCA published guidance on the listing of cannabis-based businesses onto public stock exchanges in the UK. We consider the key issues arising from the FCA's statement and how this will impact on businesses looking to raise funds in the UK.
Yesterday, the Financial Action Task Force (FATF) published a report on Virtual assets: red flag indicators of money laundering and terrorist financing.
Third-country banks authorized to operate cross-border in Spain will not be able to carry out deposit taking activities
The Spanish draft bill implementing Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019 (CRD V), published for public consultation by the Spanish Ministry of Economy in the beginning of August, includes a very relevant change in the regime for authorization of third country banks.
The Companies (Miscellaneous Provisions) (COVID-19) Act 2020 (the Act) was passed by the Dáil on 30 July 2020 and, once commenced, will make temporary amendments to, inter alia, the Companies Act 2014 (the Companies Act) in order to address certain operational challenges that COVID-19 has presented to Irish companies.
We are advising on two projects accepted into cohort 6 of the FCA regulatory sandbox.
Cohort 6 of the FCA regulatory’s sandbox received 68 applications in total from firms looking to bring innovation and improvements to the financial services space. For the first time, the FCA has called out for innovation including propositions that ‘make finance work for everyone’ and ‘support the UK in the move to a greener economy’.
At a time in which many businesses are struggling to adapt to often drastic and sudden losses of revenue flowing from the COVID-19 pandemic and are forced to maximise access to existing facilities and to pursue new financing opportunities, it is not surprising that many financiers have an enhanced interest in the risk mitigation that may be afforded by taking robust security interests in support of corporate loans.
This briefing is a high-level guide for off-shore entities to taking and enforcing security in Australia. Our focus is upon security over Australian assets (other than real property) in the context of a commercial transaction.
On 6 August 2020, the Financial Conduct Authority (FCA) published a report setting out review findings of relending by firms in the high-cost lenders portfolio. The FCA also commissioned a study by PWC as an aid to understand repeat borrowing in the high-cost credit market.
Last week we saw the UK take action to prevent the onshored Benchmarks Regulation preventing UK regulated entities being able to refer to unauthorised spot FX rates, some of which (such as KRW/USD and TWD/USD) are widely used in non-deliverable forward contracts. Its solution was to delay the current transition period under the BMR until the end of 2025. The EC’s second proposed amendment from last Friday to amend the Benchmarks Regulation concerns the same issue, and proposes amending the BMR to permit the EC to designate certain spot FX rate benchmarks.