Expert Analysis

• EBA Proposals Signal Overhaul Of EU 3rd-Party Risk Rules

  

  The European Banking Authority’s plans to extend third-party risk controls to non-ICT services, which may be finalized by the end of the year, will place a significant compliance and operational burden on in-scope entities, which should not be underestimated, say lawyers at Travers Smith.

• UK Tribunal's Clearview Decision Expands GDPR Application

  

  The Upper Tribunal’s recent decision in Information Commissioner v. Clearview AI is an important ruling on the extraterritorial reach of the European Union and U.K. General Data Protection Regulations, broadening behavioral monitoring to include not only activity by the company, but also its client, says Edward Machin at Ropes & Gray.

• Decoding Arbitral Disputes: UK Assignability Of ICSID Awards

  

  The recent High Court decision in Operafund v. Spain clarifies the stance of English law on an important question to investors, funders and sovereigns, concluding that awards under the International Centre for Settlement of Investment Disputes Convention are not commodities that can be traded, says Josep Galvez at 4-5 Gray's Inn.

• CMA Guide Clarifies Role Of Competition Law In Employment

  

  The Competition and Markets Authority’s recent guide to applying U.K. competition law to employment market practices, with a focus on no-poach agreements, wage-fixing and exchange of sensitive information, provides welcome and timely guidance for employers trying to navigate this area, say lawyers at Lewis Silkin.

• FCA Proposals Reduce Consumer Duty Compliance Burden

  

  The Financial Conduct Authority’s recent proposals to streamline the consumer duty regime represent a pragmatic response to industry concerns, with a move toward sector-specific supervision and potentially narrowing its scope for wholesale and cross-border business, say lawyers at Simmons & Simmons.

• How New Companies House ID Rules Affect Businesses

  

  Lawyers at Shepherd & Wedderburn discuss the Economic Crime and Corporate Transparency Act’s new mandatory identity verification requirements for all company directors and persons with significant control, set to go live next week, which aim to curb fraud by improving the reliability of information held by Companies House.

• Russia Sanctions Spotlight: Taking Russian Oil Off The Market

  

  The recent sanctions targeting Russia's energy sector by the U.K., EU and U.S. aim to limit Russia’s ability to fund its war machine by the sale of fossil fuels, representing an important escalation that has the potential to affect a wide range of business activities, says Alexandra Melia at Steptoe.

• Role Of UK Investment Act Is Evolving In M&A Deals

  

  With merger and acquisition activity likely to increase in light of the government’s new defense industrial strategy, the role of the National Security and Investment Act will come into sharper focus, and its recent annual report confirms that scrutiny is intensifying, say lawyers at Kingsley Napley.

• What To Know About EU's Reimposition Of Sanctions On Iran

  

  Lawyers at Steptoe discuss the European Union’s recent reimposition of trade and financial sanctions against Iran, which will introduce legal and operational constraints that affect EU companies' commercial activities in the region.

• Navigating Int'l Laws To Protect Children In The Digital World

  

  The European Commission’s recent request to online platforms for information on their measures to protect minors using their services is part of an intensifying focus on safeguarding children, and with an ever-growing worldwide maze of regulations, digital businesses should conduct a holistic assessment to minimize risks, says Anna Morgan at Bird & Bird.

• FCA Crypto Proposals Herald Tougher Oversight For Firms

  

  The Financial Conduct Authority’s recent proposals to extend regulation to crypto-asset activities will bring parity, but implementation of the operational resilience requirements and enhanced financial crime controls will present compliance challenges, says Michelle Kirschner at Gibson Dunn.

• EU Investment Reporting Rules Letup Signals Pragmatic Shift

  

  While investment companies remain subject to far-reaching disclosure obligations under the Foreign Subsidies Regulation, new guidance from the European Commission on reporting passive limited partner commitments represents a drastic simplification and burden reduction, say lawyers at Paul Weiss.

• SFO's 2-Year Transformation Signals Crackdown On Fraud

  

  Two years after Nick Ephgrave’s appointment as director of the Serious Fraud Office, the introduction of new corporate criminal offenses and strengthened investigative methods sends a clear message to corporations that the agency is delivering on its promise to be bolder and more proactive about tackling fraud, say lawyers at BCL Solicitors.

• How EU And UK Consumer Loan Protections Are Shifting

  

  As market evolution and digitalization motivate both the European Union and the U.K. to revamp consumer protections around lending, the potential for divergence between these rules will pose new challenges for cross-border consumer credit lenders, say lawyers at Skadden.

• EBA Guidance Shakes Up EU Securitization Market Practices

  

  Although the European Banking Authority’s recent questioning of the common use of conditional sale agreements to season assets when setting up securitizations has come as an unwelcome surprise, competent regulators are expected to follow the EBA guidance, even though as a Q&A response it is not legally binding, say lawyers at Debevoise.