Search Results
The UK Financial Conduct Authority is no longer pursuing its high-profile proposal to announce the start of enforcement investigations into regulated firms. However, we may see a more robust interpretation of existing rules in this area.
The FCA has fined Infinox Capital, a London-based broker, for breach of MiFIR transaction reporting requirements. Infinox failed to submit reports for some 46,053 transactions executed by its single-stock CFD (contract for difference) desk. The fine illustrates the risks of business change without adequate governance, and of failing to deal with the FCA in a sufficiently timely and transparent manner.
A recent High Court judgment in a case where NatWest won a claim against CMIS arising under derivative transactions raises several issues of law with practical implications for the structuring of complex finance deals.
Notably, the case looked at the distinction between a contact of guarantee and a contract of indemnity and also analysed the question of when a payment is “due".