In this post, we bring you the latest round-up of UK sanctions news, including new legislation, new designations, and a Supreme Court decision on the ability to rely on force majeure following the imposition of sanctions.
New sanctions legislation
The UK government has recently published the Sanctions (EU Exit) (Miscellaneous Amendments and Revocations) Regulations 2024
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UK FCA proposes to update its Financial Crime Guide on sanctions, transaction monitoring and more
Tackling greenwashing – a priority for the FCA
The FCA’s new anti-greenwashing rule and guidance (AGR) will come into force on 31 May 2024. Tackling greenwashing is a priority for the FCA. The AGR was introduced as part of a package of measures designed to inform and protect consumers and improve trust in the market for sustainable investments (see our briefing here on…
Tackling insider dealing: Levelling the playing field
Insider dealing has long been a permanent item on the agenda of financial regulators worldwide, including Hong Kong’s Securities and Futures Commission (SFC), primarily due to the unfair market it creates as a result of information asymmetry.
The SFC can bring criminal charges or commence civil proceedings when pursuing those involved in insider dealing. A…
Private equity financing in the UK regulatory spotlight
With speeches two days in a row on the subject of the risks associated with lending to private equity, those regulated by the PRA can be in no doubt that this issue is gaining more prominence on the Bank of England’s hot topic list. That greater scrutiny may in turn impact the availability of lending…
Sanctions tracker: OFSI issues new FAQs on UK sanctions and updated enforcement guidance
The UK’s Office of Financial Sanctions Implementation (“OFSI“) has recently introduced further sanctions guidance in the form of (i) new FAQs “aimed at providing technical support to industry partners and the public”; and (ii) updated guidance on enforcement and monetary penalties (the “Enforcement Guidance“).
New FAQs
OFSI has confirmed that the FAQs are designed to…
Great Expectations – Is South Africa’s Failure to Prevent Corruption Offence Another Paper Tiger?
The South African Legislature has amended South Africa’s corruption legislation, creating a new offence of “failing to prevent corruption”. Now, private sector and state-owned companies face potential liability for the conduct of “Associated Persons”.
The Judicial Matters Amendment Act 15 of 2023 (“JMAA“) came into operation on 3 April 2024. In an attempt to answer…
ESMA responds to European Commission on ELTIF 2.0 technical standards
Last week, the European Securities and Markets Authority (ESMA) published its response to the European Commission’s (EC) request for amendments to the European long-term investment fund (ELTIF) regulatory technical standards (RTS).
In response to the slow uptake of ELTIFs in the EU since the introduction of the product in 2015, the EC amended the original…
Our response to the UK FCA on proposed changes to the regulator’s approach to enforcement (CP24/2)
The Financial Conduct Authority’s (FCA) extended consultation window closes today in respect of Consultation Paper 24/2: Our Enforcement Guide and publicising enforcement investigations – a new approach (CP24/2). We have previously posted a summary of the key areas covered by CP24/2, and an overview of our thoughts on whether the FCA’s proposals can achieve…
SFO promises a “strong, dynamic, confident and pragmatic organisation” in new five year strategy
The Serious Fraud Office (“SFO“) published its new five year strategy (2024-29) (the “Strategy“) on 18 April 2024, outlining its key objectives and focus areas. While the Strategy contains similar themes to the SFO’s previous 2022-25 strategy, such as a continued focus on technology, there is a greater emphasis on innovation and the prevention…