Global Law Experts Logo
GLE-PP

Find a Global Law Expert

Specialism
Country
Practice Area
awardsr

Awards

Since 2010, the Global Law Experts annual awards have been celebrating excellence, innovation and performance across the legal communities from around the world.

Legal Shorts 15.09.17 including HMRC: guidance on the office of failing to prevent facilitation of tax evasion

posted 7 years ago

 


cummings-logo-2013 (2).jpg

Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.

If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.  

claire-cummings.jpg

Claire Cummings

020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com


block-bullet.jpg

HMRC:  guidance on the office of failing to prevent facilitation of tax evasion   

On 1 September, HM Revenue & Customs (HMRC) published government guidance for the corporate offences of failure to prevent the criminal facilitation of tax evasion, which comes into force on 30 September 2017.  The guidance sets down six guiding principles for companies and organisations to follow, these being almost identical to those set out in its previous guidance to the Bribery Act 2010.  Also similar to the Bribery Act 2010, , it will be a defence for a company or organisation to prove that they had prevention procedures in place when the offence was committed. Prevention procedures are defined as procedures designed to prevent persons acting in the capacity of a person associated with the company from committing tax evasion facilitation offences.  The guide is available online at https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/642714/Tackling-tax-evasion-corporate-offences.pdf.


block-bullet.jpg

ESMA update of MiFID II Q&As on market structures topics:

ESMA has published an updated version Q&A on implementation issues relating to market structures requirements under the MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR) (ESMA70-872942901-38).  The new Q&As, which can be found online at https://www.esma.europa.eu/sites/default/files/library/esma70-872942901-38_qas_markets_structures_issues.pdf,  have been updated with four new questions relating to access to central counterparties (CCPs) and trading venues.


block-bullet.jpg

ESMA updates FAQs on transitional transparency calculations under MiFID II 

ESMA has published an updated version of its FAQs on transitional transparency calculations (TTC) for non-equity instruments under MiFID II.  This continues for ESMA’s first published the FAQs in July 2017.  ESMA explains that, after the publication of the TTC in July 2017, some trading venues notified ESMA about problems with their As a result, ESMA has corrected and recalculated the TTC for both asset classes.  In the light of the scope and complexity of the calculations, including the various underlying data sources, ESMA expects to continuously supplement and update the FAQs where necessary.  The FAQs can be found online at https://www.esma.europa.eu/sites/default/files/library/esma50-164-677_mifid_ii_itc_faq.pdf.


block-bullet.jpg

New FCA webpage on updates to MiFID notifications obligations

The FCA published a new webpage providing an update on MiFID II notifications for firms at https://www.fca.org.uk/markets/update-mifid-ii-notifications-obligation-firms. The webpage provides a summary of updates concerning MiFID II notifications that the FCA has made since it published its MiFID II application and notification user guide in January 2017, focusing on the notifications that should be made by systematic internalisers and by firms that provide direct electronic access (DEA) or that undertake algorithmic trading.  The FCA summarises the notifications that these firms should make and the ways that notifications should be made. The FCA has also published a guide to assist firms submitting systematic internaliser notifications and electronic trading notifications.  The webpage also corrects a mistake in the application and notification user guide, clarifying that firms are not required to inform the FCA if they act as a general clearing member, and provides a reminder that, under MiFID II, firms or individuals that trade in commodity derivatives, emission allowances and derivatives on emission allowances may be able to use their authorisation exemption (the ancillary activity exemption).


block-bullet.jpg

FIA due diligence questionnaire for MiFID II firms providing direct electronic access to clients 

The Futures Industry Association (FIA), in co-operation with the Association for Financial Markets in Europe (AFME), the Alternative Investment Management Association (AIMA) and the Managed Funds Association (MFA), published a due diligence questionnaire for MiFID II investment firms providing direct electronic access (DEA) to their clients.  An investment firm that provides DEA is responsible for ensuring that clients using that service comply with the requirements under the MiFID II Directive (2014/65/EU) and the rules of the trading venue, in particular, DEA requirements such as including the due diligence assessment requirements of prospective DEA clients. An investment firm offering DEA is required to carry out a due diligence assessment of its prospective DEA clients to ensure that they meet the requirements set out in RTS 6 and the rules of the trading venue to which it offers access.  The FIA intends to publish additional annexes to the questionnaire for a standardised set of questions regarding other topics, such as algorithmic trading, which are not explicitly required under RTS 6 but investment firms may wish to incorporate into their due diligence processes.  The questionnaire may be found online at https://fia.org/sites/default/files/FIA%20DEA%20DDQ%20Template%20-%20No%20Annexes_FINAL.pdf.


block-bullet.jpg

FCA update on notifications from Systematic Internaliser, DEA Providers and Algorithmic Trading

   The FCA has just announced that Systematic Internalisers (SIs), Direct Electronic Access (DEA) providers and firms undertaking algorithmic trading can send it notifications.  Details on the notification requirements can be found on the correct FCA website page at https://www.fca.org.uk/markets/mifid-ii/applications-notifications  and notifications should be made in accordance with the requirements in MiFIR and MiFID II.


block-bullet.jpg

European Commission report on temporary exclusion of exchange-traded derivatives from scope of Articles 35 and 36 of MiFIR 

The the European Commission has published a report (COM(2017) 468 final) on the temporary exclusion of exchange-traded derivatives (ETDs) from the scope of Articles 35 and 36 of the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR).   Article 35 requires CCPs to provide access to trading venues on a non-discriminatory basis to clear transactions executed on different trading venues and Article 36 of MiFIR requires trading venues to provide access on a non-discriminatory basis to CCPs that wish to clear transactions executed on these trading venues. In April 2016, ESMA recommended that ETDs should not be temporarily exempted from the scope of Articles 35 and 36.  In this report, the Commission accepts ESMA’s recommendation and concludes that it is not necessary to exclude ETDs temporarily from the scope of Articles 35 and 36.  While the report identifies potential risks arising from the implementation of open and non-discriminatory access to ETDs under MiFIR, it considers that the current regulatory framework in MiFIR and EMIR (Regulation 648/2012) appropriately addresses these risks.  The report can be found at http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=COM:2017:468:FIN&from=EN.


block-bullet.jpg

Responses to ESMA’s consultation on evaluation of Short Selling Regulation  

ESMA has published responses to its July 2017 consultation paper (ESMA70-145-127) on the evaluation of certain elements of the Short Selling Regulation (Regulation 236/2012).  Respondents included the Alternative Investment Management Association, the Association for Financial Markets in Europe, and International Swaps and Derivatives Association , the Investment Association, the London Stock Exchange Group and Quoted Companies Alliance.  ESMA expects to publish its final report by 31 December 2017.  The responses can be found online at https://www.esma.europa.eu/press-news/consultations/consultation-evaluation-certain-aspects-short-selling-regulation.


block-bullet.jpg

European Commission summary of contributions to its consultation on FinTech 

The European Commission published a summary of the contributions to its consultation on its policy approach to FinTech, incluing detail on the individual responses in an accompanying Annex.  The Commission received 226 responses to the consultation (40 from the UK), the majority of which came from the industry. Many respondents underlined that FinTech, and technological innovation in general, were drivers of financial sector development and that there were huge opportunities in terms of access to finance, operational efficiency, cost-saving and competition. On the risk side, the predominant themes raised by respondents related to cybersecurity, the use and control of data and money laundering.  The Commission has summarised the responses into four categories: (i) fostering access to financial services for consumers and businesses; (ii)  bringing down operational costs and increasing efficiency for the industry; (iii) making the single market more competitive by lowering barriers to entry; and (iv) balancing greater data sharing and transparency with data security and protection needs.   The summary can be found at https://ec.europa.eu/info/sites/info/files/2017-fintech-summary-of-responses_en.pdf.


block-bullet.jpg

Expert evidence on derivatives was both admissible and necessary 

 In the case of Dudding and another v Royal Bank of Scotland plc and another [2017] EWHC 2207 (Ch) (21 July 2017), the Court granted the claimant permission to rely on expert evidence from an individual (V) with particular experience of derivative products in a claim against RBS. In this action, both parties accepted that although a number of principles were identified in the cases, the question of whether a party should be allowed to rely on expert evidence is case-specific and fact-specific.  In particular, the judge looked at two issues, these being: (i) whether the expert evidence is necessary for the court to be able to resolve each issue; and (ii) if the evidence is not necessary, whether it would it be of assistance to the court in resolving that issue. If it would be of assistance but not necessary, whether the court would be able to determine the issue without it.  On the facts, the judge concluded that V’s evidence was admissible in relation to all but one of the questions that were being asked of him and he was satisfied that V was a derivative expert who could give proper evidence in relation to the issues, both as to what was in the claimant’s best interests and as to the range of conduct and products which fell within the appropriate standards of behaviour at the time.  This decision illustrates the approach the court will take when considering whether to allow a party to rely on expert evidence in a claim involving complex financial instruments, particularly where different standards may have applied at different times.


 

block-bullet.jpg

European Parliament adopts Regulation to amend EuVECA Regulation and EuSEF Regulation 

As part if its plan to develop capital markets union (CMU), which involves broadening and easing sources of funding for business in the EU, the European Parliament has voted in plenary to adopt the proposed Regulation amending the European Venture Capital Funds Regulation (Regulation 345/2013) (EuVECA Regulation) and the European Social Entrepreneurship Funds Regulation (Regulation 346/2013) (EuSEF Regulation).  The Regulation needs to be formally adopted by the Council and the text adopted by the Parliament has not yet been published.


block-divider.jpg

Cummings

Tel: + 44 20 7585 1406
Mob: + 44 7734 057 327

www.cummingslaw.com

15 September 2017


 

Legal Shorts 15.09.17 including HMRC: guidance on the office of failing to prevent facilitation of tax evasion

Author

Find the right Legal Expert for your business

The premier guide to leading legal professionals throughout the world

Specialism
Country
Practice Area
LAWYERS RECOGNIZED
0
EVALUATIONS OF LAWYERS BY THEIR PEERS
0 m+
PRACTICE AREAS
0
COUNTRIES AROUND THE WORLD
0

Join

who are already getting the benefits
0
Sign up for the latest legal briefings and news within Global Law Experts’ community, as well as a whole host of features, editorial and conference updates direct to your email inbox. Naturally you can unsubscribe at any time.

Online Casino Reviews

  • Freeroll Poker Tournaments For Real Money
  • Australian Online Casino Real Money
  • Best Slot App To Win Real Money
  • Online Casino Real Money Australia
  • Best Paying Online Pokies
  • Wizard Of Oz Online Slots
  • All Slots Casino Mobile
  • Best Online Poker App Real Money
  • Best Online Casino To Play Roulette
  • Is Online Casino Legal
  • Online Casino That Accepts Paypal
  • Play Roulette For Real Money
  • Slot Apps To Win Real Money
  • Real Money Slots Online Usa
  • Safe Online Casino
  • Wizard Of Oz Slots
  • Real Online Pokies Nz
  • Biggest Online Casino In The World
  • Online Casino Pay With Paypal
  • Online Casino That Accept Paypal
  • Online Casino Canada Real Money
  • 3 Card Poker Online Real Money
  • Online Slots Real Money Canada
  • Best Online Poker Sites For Real Money
  • Real Money Poker App Android Usa
  • How To Make Money From Online Casino Bonuses
  • Real Money Poker App Iphone
  • How To Play Blackjack Online For Real Money
  • Best Slots To Play
  • Top 10 Online Pokies
  • Best Poker Apps Real Money
  • Online Casino Legal
  • Best Payout Online Casino Uk
  • Win Money Online Slots
  • Online Poker Nj Real Money
  • How To Win Online Slots
  • Casino Gaming License
  • Play Real Pokies Online
  • Blackjack Sites For Real Money
  • Real Money Casino Games For Android
  • Best New Online Slots
  • Flaming 777 Slots Games
  • Online Blackjack With Live Dealers
  • How To Play Online Slots
  • Facebook Casino Games Real Money
  • Online Casino With No Minimum Deposit
  • How To Beat Online Slots
  • Online Casino License
  • The Big Payback Slots
  • Royal Vegas Online Casino Withdrawal
  • Online Casino Minimum Deposit 5
  • Online Pokies Real Money Australia
  • Las Vegas Usa Online Casino
  • Real Money Poker App Android
  • Wheel Of Fortune Slots
  • Game Of Thrones Slots
  • Online Poker Real Money Usa Legal
  • Best Online Casino European Roulette
  • Blackjack Online Real Money Paypal
  • Online Video Poker Real Money Usa
  • How To Create An Online Casino
  • Lucky Nugget Online Casino Mobile
  • How To Withdraw Money From Online Casino
  • Platinum Play Online Casino Download
  • Online Casino For Usa Players
  • Best Online Casino Usa Real Money
  • Online Roulette Real Money Usa
  • Best Real Money Poker Sites
  • Android Slots Real Money
  • How To Start An Online Casino Business
  • How To Start An Online Casino
  • How To Start An Online Gambling Site
  • Best Online Casino For Blackjack
  • Play Baccarat Online For Money
  • Online Pokies New Zealand
  • Best Slots To Play At Golden Nugget
  • Slots Of Vegas Online Casino
  • Best Online Pokies Site
  • How To Beat Online Roulette
  • New Zealand Online Pokies
  • Online Poker Mobile Real Money
  • Which Online Slots Payout The Most
  • Is Online Casino Legal In India
  • Online Casino Software For Sale
  • Best Online Casino For Craps
  • Hard Rock Casino Slots
  • Win Real Money Online Pokies
  • Online Casino With Highest Payout Percentage
  • Poker Apps With Real Money
  • Online Roulette Real Money Review
  • Full Tilt Poker Real Money
  • Online Casino 5 Dollar Minimum Deposit
  • Online Roulette With Real Money
  • Best Online Roulette For Real Money
  • I Migliori Casino Online Italiani
  • Best Payout Online Slots
  • How To Play Baccarat Online
  • Play Casino Card Game Online
  • Play Blackjack Online For Real Money
  • Best Paying Online Slots
  • Casino License Cost
  • Online Poker Real Money California
  • Safe Online Casino Australia
  • Online Roulette Australia Real Money
  • Online Poker Real Money Texas
  • Online Roulette Real Money Paypal
  • Online Slots Australia Real Money
  • Golden Nugget Online Casino Review
  • Casino Games To Win Real Money
  • Online Pokies Australia Real Money
  • Online Gambling Blackjack Real Money
  • Win Real Money Playing Slots
  • How To Win Roulette Online
  • Aristocrat Pokies Online Real Money
  • Hollywood Casino Online Slots
  • Play Online Keno For Real Money
  • What's The Best Online Casino
  • Triple Double Diamond Slots
  • Play Roulette Online With Real Money
  • Roulette Online For Real Money
  • Play Roulette Online Real Money
  • Best Online Pokies Real Money
  • Big Red Pokies Online
  • How To Win At Online Blackjack
  • What Is The Best Online Roulette Site
  • Real Money Online Pokies
  • Spin To Win Slots
  • Ruby Slots Online Casino
  • Wheel Of Fortune Online Casino
  • Spin Palace Flash Casino Online
  • Online Poker Real Money App
  • Online Casino With Paypal Deposit
  • How To Win At Online Roulette
  • Can You Win Real Money On Slot Apps
  • Is Ignition Casino Safe
  • Online Casino Blackjack Real Money
  • Online Casino Win Real Money Usa
  • How To Make Money Online Casino
  • Online Casino Real Money Reviews
  • Slot Games To Win Real Money
  • Jackpot City Online Casino Download
  • Online Pokies Real Money
  • Casino War Online Real Money
  • Online Casino No Minimum Deposit
  • Play Wheel Of Fortune Slots Online
  • Best Online Casino Game To Win Money
  • Online Casino Without Wagering Requirements
  • Online Slots For Real Money Usa
  • Legal Online Casino Australia
  • How Do Online Slots Work
  • Best Online Casino For Us Players
  • Online Play Casino Roulette Game
  • Online Blackjack Real Money Australia
  • Real Casino Games Real Money Online
  • Online Slot Machines Real Money Paypal
  • The Best Online Casino For Roulette
  • What Online Casino Pays Out The Most
  • Start Your Own Online Casino
  • Legal Online Casino
  • Online Live Roulette Casino Game
  • Playing Blackjack Online For Real Money
  • Online Penny Slots Real Money
  • Best Online Blackjack For Money
  • How To Win Online Roulette
  • Real Money Poker Sites Usa
  • Best Time To Play Slots
  • Online Keno For Real Money
  • Best Payout Online Slots Uk
  • Online Slots Real Money Reviews
  • Best Online Pokies Nz
  • What States Allow Online Gambling
  • Best Real Money Poker App
  • Online Slots To Win Real Money
  • Real Money Slots App Iphone
  • Jackpot City Flash Casino Online
  • Ignition Casino Legit
  • All Star Slots Casino
  • How To Play Online Casino
  • Real Time Gaming Slots
  • Online Video Poker Real Money
  • How To Play Roulette Online For Money
  • How To Win On Online Slots
  • Age Of Gods Slots
  • Online Real Casino Money Games
  • Best Online Slots To Play
  • Online Poker California Real Money
  • Is Jackpot City Casino Legit
  • How To Win At Online Slots
  • Play Poker For Real Money
  • Safe Online Pokies Australia
  • Best Way To Play Slots
  • How To Play Casino Online
  • Play Online Roulette For Money
  • Online Casino Australia Real Money
  • Which States Allow Online Gambling
  • Play Keno Online Real Money
  • How To Win Online Blackjack
  • Online Blackjack With Real Dealers
  • How To Open Online Casino
  • What Are The Best Online Slots To Play
  • Big Win Casino Slots
  • Spin Palace Online Casino Australia
  • Best Slots To Win On
  • Casino Slots Win Real Money
  • Slots Magic Online Casino
  • Blackjack Online For Real Money
  • Slot Machine App Win Real Money
  • Online Casino Not Paying Out
  • Slots That Pay Out Real Money
  • Online Pokies Australia Reviews
  • Online Casino Minimum Deposit 1
  • Jackpot City Online Casino Review
  • Live Dealer Baccarat Online Casino
  • Online Casino Apps For Android
  • Online Casino Paypal Deposit Australia
  • Online Casino With Live Dealer
  • How To Play Blackjack Online
  • Slots To Win Real Money
  • Wheel Of Fortune Online Slots
  • Play Quick Hit Slots Online
  • Can You Count Cards In Online Blackjack
  • Palace Of Chance Online Casino
  • How To Play Roulette Online
  • Good Slots To Play
  • Which Online Casino Pays Out The Most
  • Heart Of Vegas Casino Slots
  • Best Online Casino For Canadians
  • Australian Online Pokies Real Money
  • Mohegan Sun Online Casino Nj
  • Online Casino Live Games Best Uk
  • Best Online Casino Australia Reviews
  • Play Pokies Online Real Money
  • Best Online Casino For Usa Players
  • How To Win Online Casino
  • Play Blackjack For Real Money
  • Best Slots On Bovada
  • Online Keno Real Money Usa
  • Online Slots Real Money Paypal
  • Best Poker Sites For Real Money
  • Safe Casino Sites
  • The Best Online Slots
  • Play Keno For Real Money
  • Real Online Pokies Australia
  • Queen Of The Nile Slots
  • Mummys Gold Casino Online Casino
  • Play Keno Online For Real Money
  • Best Poker Websites Real Money
  • Lucky Nugget Online Casino Download
  • Best Online Casino For Roulette
  • Play Roulette For Money Online
  • Video Slots Mobile Casino
  • Best Time To Play Online Slots
  • Best Real Money Online Poker
  • Play Blackjack Online With Friends
  • Play Baccarat Online For Real Money
  • Is Silver Oak Casino Legit
  • Big Fish Casino Real Money
  • Can You Win Real Money On Caesars Slots
  • Game Of Thrones Slots Casino
  • Best Online Slots Payout Percentage
  • Play Online Pokies For Real Money
  • Play Pokies Online Australia
  • High 5 Casino Real Slots
  • The Best Online Pokies
  • Online Pokies That Accept Paypal
  • Heart Of Vegas Slots
  • How To Play Online Roulette
  • Best Poker App Real Money
  • Best Online Casino Fast Payout
  • Best Slots At Wind Creek Casino
  • Online Casino 10 Minimum Deposit
  • Play Roulette Online For Money
  • Us Real Money Poker Sites
  • How To Win In Online Casino
  • Best Online Pokies Australia Review
  • Where To Play Roulette Online For Real Money
  • How To Beat Online Casino Slot Machines
  • Highest Payout Online Slots
  • Best Paying Online Casino Slots
  • Golden Tiger Online Casino Review
  • Online Casino With Live Dealers
  • Play Roulette Online For Real Money
  • Best Slots To Play At Casino
  • Slot Machine Games Win Real Money
  • Most Popular Online Casino Games
  • Casino Slots App Real Money
  • Online Casino Real Money Canada
  • Online Real Money Pokies
  • Online Roulette Game Real Money
  • Online Casino Roulette Real Money
  • Best Place To Play Roulette Online
  • Online Casino Book Of Ra Paypal
  • Online Blackjack With Real Money
  • Play Online Blackjack For Real Money
  • Is There A Slot Machine App For Real Money
  • Royal Vegas Online Casino App
  • Best Casino Slots To Play
  • Most Popular Online Slots
  • Best Way To Win At Slots
  • Slots You Can Win Real Money
  • Play Roulette Online Real Money Usa
  • Online Casino Real Money Paypal
  • Online Casino Australia Legal
  • Treasures Of Troy Slots
  • Online Casino For Us Players
  • Where Can I Play Blackjack Online For Real Money
  • Online Casino Paypal Book Of Ra
  • Online Roulette For Real Money
  • Best Online Blackjack Real Money
  • Poker App For Real Money
  • Jackpot Magic Slots Facebook
  • Best Online Casino Real Money Usa
  • Best Online Casino New Zealand
  • The Four Kings Casino And Slots
  • How To Play Slots Online
  • Best Online Pokies Australia
  • Usa Online Slots Real Money
  • Real Money Casino Android App
  • Online Slot Machines That Pay Real Money
  • Online Pokies Real Money Nz
  • Online Pokies Real Money App
  • Play Igt Slots Online
  • Best Casino Slots To Win Money
  • Online Casino Business For Sale
  • Play N Go Slots
  • Poker Apps For Real Money
  • Lucky Slots Real Money
  • All Slots Online Casino
  • Best Online Pokies Real Money Australia
  • Online Pokies Win Real Money
  • Best Online Casinos For Roulette
  • Pay Slots For Real Money
  • Best Online Poker Real Money
  • Slots App Win Real Money
  • Play Online Roulette For Real Money
  • Is Ignition Casino Legit
  • Wheel Of Fortune Slots Online
  • Lotsa Slots Real Money
  • Video Poker Online Real Money
  • Online Slots Usa Real Money
  • Play Blackjack Online Real Money
  • Jackpot City Online Pokies
  • Video Slots Online Casino
  • Is 888 Casino Legit
  • Online Slot Games That Pay Real Money
  • Prepaid Visa Card Online Casino
  • How To Stop Online Gambling
  • Best Slots To Play Online
  • Online Blackjack For Real Money
  • Slot Apps For Real Money
  • Mobile Slots Win Real Money
  • Newsletter Sign Up

    About Us

    Global Law Experts is dedicated to providing exceptional legal services to clients around the world. With a vast network of highly skilled and experienced lawyers, we are committed to delivering innovative and tailored solutions to meet the diverse needs of our clients in various jurisdictions.

    Social Posts

    See More:

    Contact Us

    Stay Informed

    Join Mailing List

    GLE