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Publication
Keeping your dawn raid guidance current
Unannounced inspections or ‘dawn raids’ are used by antitrust authorities to obtain evidence when there are suspicions that individuals or businesses have infringed the antitrust rules.
United Kingdom | Publication
DE&I is rising to the top of the regulatory agenda and is an important component of the ‘G’ in ESG. Research shows evidence of correlations between DE&I and positive outcomes in risk management, good conduct, healthy working cultures, and innovation. These outcomes directly contribute to the stability, fairness and effectiveness of the firms, markets and infrastructure that together make up the financial sector. The Bank of England, PRA and FCA view DE&I as a priority and are proposing a framework that would establish minimum standards and give firms a better understanding of what is expected of them in this area from a regulatory standpoint.
The regulators proposals apply differently to firms depending on their number of employees, their categorisation under the Senior Managers and Certification Regime (SM&CR), and whether they are dual-regulated. To reduce regulatory burden, smaller firms with fewer than 251 employees would be exempt from many of the requirements.
Limited Scope SMCR firms | Smaller solo-regulated firms | Large solo-regulated firms | Smaller dual-regulated firms | Large dual-regulated firms | |
Non-financial misconduct – Conduct rules, F&P assessments and Threshold Conditions | ✔ |
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Data reporting |
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✔ Report number of employees only |
✔ Full data reporting requirements apply (covering mandatory and voluntary information) |
✔ Report number of employees only |
✔ Full data reporting requirements apply (covering mandatory and voluntary information) |
Data disclosure | ✖ |
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D&I strategies | ✖ |
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D&I targets | ✖ |
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Risk and governance | ✖ |
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Monitoring D&I | ✖ |
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Interplay with SMCR and individual accountability |
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Publication
Unannounced inspections or ‘dawn raids’ are used by antitrust authorities to obtain evidence when there are suspicions that individuals or businesses have infringed the antitrust rules.
Publication
The EU Foreign Subsidies Regulation, or FSR, is intended to prevent or remedy distortions of the EU internal market caused by “foreign” – meaning non-EU – subsidies benefitting companies active in the EU.
Publication
In July 2024, the English High Court handed down a judgment on whether or not the insurers under a charterer’s liability policy were obliged to indemnify third parties, where the insured went insolvent and had not paid the underlying claim to the third parties.
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