UK: The Insolvency Practitioners (Amendment) Regulations 2015

The Insolvency Practitioners (Amendment) Regulations 2015 were laid before Parliament today and come into force on 1 October 2015: see here or here (pdf).  One of the changes being introduced by the Regulations concerns the records that insolvency practitioners are required to maintain. A new record keeping obligation will be introduced and this will require insolvency practitioners to keep records sufficient to show and explain the administration of each case and any decisions taken which materially affect that case.  Further information is available in the explanatory memorandum accompanying the Regulations: see here (pdf).

UK: 'Goodbye ambiguity, hello clarity - the Bank of England’s relationship with financial markets'

Dr Minouche Shafik, the Deputy Governor for Markets and Banking at the Bank of England, delivered a speech yesterday titled Goodbye ambiguity, hello clarity: the Bank of England’s relationship with financial markets: see here (pdf). Early on in her speech she identified her recurring theme: "... the days when 'constructive ambiguity' was seen as a helpful foil for central bankers are behind us. In today's complex and globalised financial system, Governors' eyebrows and fireside chats are no match for a clearly communicated framework in which information will be gathered and decisions made".

Europe: ESMA peer review report - MiFID and best execution

The European Securities and Markets Authority has published a peer review report regarding best execution under MiFID: see here (pdf). The accompanying press release is available here (pdf). The review found that the level of implementation of best execution provisions by authorities was "relatively low".

Australia: ASIC consults on updated collective action guidance for institutional investors

The Australian Securities and Investments Commission is consulting on the guidance it provides in respect of collective action by institutional investors: see here. A copy of the consultation paper is available here (pdf). The proposed amendments will, amongst other things, provide updated guidance on how the takeovers and substantial holding notice provisions apply to collective action by investors.

UK: The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015

The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 was made earlier this week and comes into force on 1 April 2015: see here (pdf). The purpose of the Order is to bring within the regulatory regime seven benchmarks, including the Sterling Overnight Index Average (SONIA) and Repurchase Overnight Index Average (RONIA). An explanatory memorandum is available here (pdf) and an impact assessment here (pdf).