Banking reform bill published *

United Kingdom - October 17 2012
The draft Financial Services (Banking Reform) Bill has now been published.

Co-authors: Jenny Stainsby, Karen Anderson, Christine Astaniou, Patricia Horton, Clive Cunningham .

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Sanctioning directors of failed banks *

United Kingdom - July 9 2012
HM Treasury is seeking comments on whether the Financial Services Bill should introduce a “rebuttable presumption” that the director of a failed bank is not suitable to be approved by the regulator to hold a position as a senior executive in a bank.

Co-authors: Jenny Stainsby, Martyn Hopper, Karen Anderson, Clive Cunningham .

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Market abuse: ECJ holds in Daimler case that steps preceding a decision may constitute inside information *

European Union - June 29 2012
In its judgment in the case of Markus Geltl v Daimler AG [C-19/11] yesterday, the European Court of Justice provided clarification on the requirement that information must be "of a precise nature" to be "inside information".

Co-authors: Jenny Stainsby, Martyn Hopper, Karen Anderson, Susannah Cogman, Clive Cunningham .

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Public law remedies for breach of statutory duty by the FSA *

United Kingdom - June 21 2012
The High Court has held in R (C) v Financial Services Authority [2012] EWHC 1417, that decision notices issued by the FSA's Regulatory Decisions Committee can be quashed on judicial review where the reasons given by the RDC are inadequate.

Co-authors: Martyn Hopper, Andrew Lidbetter, Nusrat Zar.

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Strengthening the European Market Abuse framework: accelerating change *

European Union - March 31 2012
Draft reports produced by the Rapporteur to the European Parliament’s Economic and Monetary Affairs Committee (ECON), published this week, recommend amendments to the European Commission’s proposals for a new Market Abuse Regulation and a Criminal Sanctions Directive, and would shorten the timeframe for the new regime to come into application.  

Co-authors: Martyn Hopper, Karen Anderson, Clive Cunningham .

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