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News

ESMA amends CRR standard on main indices and recognised exchanges

The European Securities and Markets Authority (ESMA) has issued the Final Report on draft amendments to Implementing Regulation (EU 2016/1646), specifying the main indices and recognised exchanges under the Capital Requirements Regulation (CRR) relevant to credit institutions and investment firms subject to prudential requirements and trading venues. ESMA introduced these amendments to ensure the most relevant criteria [...]

December 11th, 2019|Comments Off on ESMA amends CRR standard on main indices and recognised exchanges

ASA Rulings published

The Advertising Standards Authority (ASA) rulings are published every Wednesday and set out on the public record how, following investigation, the advertising rules apply and where the ASA draw the line in judging whether an ad has broken the rules. This week’s rulings have been published, and the following advertisers have been formally investigated. Rulings [...]

December 11th, 2019|Comments Off on ASA Rulings published

CMA Statement on design, construction and fit-out services director disqualification

Individual directors should be held accountable if their company breaks competition law. For this reason, the Competition and Markets Authority (CMA) has, since December 2016, secured the disqualification of 12 directors where their companies have broken competition law, in 4 separate cases. The CMA is intensifying its programme of disqualifications: 9 of the 12 disqualifications [...]

December 11th, 2019|Comments Off on CMA Statement on design, construction and fit-out services director disqualification

Briefing on benchmark recognition

The European Securities and Markets Authority (ESMA) has issued a briefing on the recognition regime under the Benchmark Regulation (BMR). The briefing is addressed to administrators of benchmarks located outside the European Union (EU) that intend to apply for recognition in the EU. When no equivalence decision is adopted by the European Commission, the BMR requires third [...]

December 11th, 2019|Comments Off on Briefing on benchmark recognition

Sanctions against Grant Thornton

The Financial Reporting Council (FRC) announces sanctions against Grant Thornton UK LLP (Grant Thornton) and one of its Audit Engagement Partners in relation to the statutory audit of the 2016 financial statements of a publicly listed company (Company). The sanctions are: A fine of £650,000 for Grant Thornton (discounted for admissions and early disposal to [...]

December 10th, 2019|Comments Off on Sanctions against Grant Thornton

MMP Financial enters administration

On 9 December 2019, MMP Financial Limited, trading as My Money Partner and Swift Sterling, was placed into administration. Chris Laverty, Trevor Patrick O’Sullivan and Helen Dale of Grant Thornton were appointed as Joint Administrators. MMP Finance Limited is a high cost short term lender, otherwise known as a payday lender, which lends small sums to customers until [...]

December 10th, 2019|Comments Off on MMP Financial enters administration