Regulatory

In today’s world, cybersecurity breaches and threats are pervasive concerns for any business entity, without exception. Working from home arrangements due to COVID-19 constraints only magnify the risk and create further vulnerabilities for companies. Companies should be aware of (1) the key cyber threats they face, (2) the consequences of a breach, and (3) the statutory and regulatory framework governing cybersecurity. Cybersecurity breaches are unique in that an entity can both be the victim of the breach and still be found to have a degree of responsibility. Fortunately, there are precautionary measures that companies can implement to help prevent a breach and to mitigate the scope and damage of a breach if one were to occur. We will elaborate on the steps to take to guard against a breach and how to effectively respond to a breach in a forthcoming post.

On the 4th of May 2020 the FCA announced that it intends to pilot a ‘digital sandbox’ in order to enhance regulatory support to innovative firms, such as fintech and regtech businesses, tackling challenges caused by the COVID-19 pandemic.

The FCA has previously supported new and innovative firms through regulatory platforms such as  its Innovation

On April 28, 2020, Treasury Secretary Mnuchin announced that companies that received loans of more than $2 million through the Paycheck Protection Program (“PPP”) of the CARES Act will be closely scrutinized.  Mr. Mnuchin’s announcement followed public outcry after reports surfaced that large, and even publicly-traded, companies received loans through the PPP, which can be

On 1 May 2020, the UK Financial Conduct Authority (“FCA”) published a statement on its website about business interruption (“BI”) insurance cover in light of the current COVID-19 pandemic. The FCA confirmed that it intends to obtain a fast-tracked court declaration to resolve current contractual uncertainty in relation to the same.

The issue which the

Given the volatility in asset prices caused by the COVID-19 crisis, various sectors across Europe have become attractive targets for foreign investors.  In response, the European Commission has issued guidance to Member States on foreign investment and various Member States have enhanced their Foreign Direct Investment (“FDI”) regimes.

The European Commission’s guidance calls on Member

The FCA has recently issued temporary draft guidance for firms that issue regulated motor finance agreements in the wake of the COVID-19 virus and its impact on the financial situation of motor finance customers.

Agreements in scope of the guidance will include hire purchase agreements (such as personal contract purchase (“PCP”) agreements), conditional sale agreements

On April 8, 2020, the Securities and Exchange Commission (the “SEC”) issued an exemptive order to business development companies (“BDCs”) to provide temporary flexibility to issue and sell senior securities and participate in certain negotiated co-investment transactions (the “Order”).[1]  The exemptions are premised upon the challenges that BDCs may face in fulfilling their statutory

The novel Coronavirus (“COVID-19”) has already had a global impact and will continue to have significant implications on the global financial services industry. With this in mind, the UK Financial Conduct Authority (“FCA”) has issued various communications in order to emphasise the need for business continuity at financial services firms and guidance on how to