The Financial Conduct Authority has received a record 1,073 assistance requests from overseas regulators (up 14% on 942 requests in 2013). This is increasing the compliance burden for UK-based financial services businesses, which are obliged to co-operate, says City law firm RPC. Richard Burger, partner at RPC, says: “UK financial services businesses can be required to produce data about their own or their clients’ actions at the drop of a hat. This can be extremely disruptive for firms and therefore expensive, which should act as an additional incentive for firms to undertake robust due diligence on their clients.”
21 January 2016
Rise in overseas regulators requesting assistance
MOVERS & SHAKERS
EIP—Stuart Malcolm
EIP strengthens Commercial practice with a new partner
Ellisons—Francesca Brown
Ellisons welcomes Francesca Brown to Family team
Shakespeare Martineau—Marie Bourke
Shakespeare Martineau strengthens Sheffield regulatory practice with new hires
NEWS
A wide-ranging Civil Way column highlights developments from insolvency procedure to employment law, but one case stands out for its lessons on bankruptcy, family homes and digital communications
A sprawling Intellectual Property Office battle between House of Fraser and Frasers Property has delivered a masterclass in modern trade mark law
Courts in England and Wales and Singapore are increasingly confronting complex disputes over international child relocation as families become more globally mobile
The government’s long-awaited family law reform consultation could mark a turning point for domestic abuse victims navigating financial remedy proceedings, but significant challenges remain
A new commercial court pilot giving the public access to documents used in hearings, including expert reports, is raising difficult questions about transparency and privacy
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