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Posted in European Union, Regulatory and legislative updates, UK, Uncategorized

No-deal Brexit: reorganisation and winding up of insurers

Introduction As part of its planning for a no-deal Brexit, on 30 November HM Treasury published a draft of the Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2018 (the “Draft Regulations“), which have been laid before Parliament, along with explanatory information. The Draft Regulations will take effect on exit

Posted in Spain, Uncategorized

Spain: The MiFID II delegated regulations on notification of qualifying holdings and authorisation requirements and their relationship with insurance/reinsurance undertakings

Felipe Vazquez  Acedo and Guillermo Ruiz Barrilero, lawyers in our Madrid office, have written an article on the MiFID II delegated regulations on notification of qualifying holdings on the acquisition of an investment company and on authorisation requirements and their relationship to insurance and reinsurance undertakings.  Click here to read more.  

Posted in South Africa, Uncategorized

South Africa: Proposed amendments to the Long-term Insurance Act 1998 and Short-term Insurance Act 1998 published for consultation

The proposed amendments to the regulations of the Long-term Insurance Act, 1998 and Short-term Insurance Act, 1998 are out for comment with submissions due on 23 April 2018. It is envisaged that the proposed regulations will come into effect on 1 July 2018, which is in line with the proposed effective date of the Insurance

Posted in UK, Uncategorized

Whistleblowing: Implications of the FCA’s New Regime

Following recommendations in 2013 by the Parliamentary Commission on Banking Standards, the Financial Conduct Authority (“FCA”) and Prudential Regulatory Authority (“PRA”) published new rules on 6 October 2015 in relation to whistleblowing. These rules are set to build on existing good practices within the financial services industry and the new Senior Managers Regime by codifying