Regulatory liaison and disclosure obligations

2021 ◽  
Keyword(s):  
Disclosure Obligations

Credit Intermediation under the 2014 European Mortgage Credit Directive: a Call for Targeted Rules on Intermediary Remuneration

2017 ◽  
Vol 13 (1) ◽  
pp. 1-37 ◽  
Author(s):  
Michiel De Muynck ◽  
Diederik Bruloot
Keyword(s):  
Consumer Protection ◽  
Information Disclosure ◽  
Regulatory Framework ◽  
Member States ◽  
Mortgage Credit ◽  
Starting Point ◽  
Policy Objectives ◽  
Mortgage Credit Directive ◽  
Disclosure Obligations ◽  
The Way

AbstractIn February 2014 the European legislator adopted a directive on credit agreements for consumers relating to residential immovable property, which had to be implemented by the member states by March 2016. This paper starts with some fundamentals on the policy objectives underlying this so-called „Mortgage Credit Directive” (MCD) and further provides an overview of the specific regulatory framework that has been developed for credit intermediaries. This serves as the starting point for an assessment of the level of consumer protection that has been established while regulating the activities of credit intermediaries. Particular risks for credit intermediaries’ clients stem from incentives caused by the way in which they are traditionally remunerated by consumers and/or creditors. Whereas information disclosure obligations included in the MCD are an insufficient means to mitigate some potentially harmful consequences of intermediary compensation, the authors argue for the introduction of targeted remuneration regulation.

Better ‘Best Execution’

2018 ◽  
pp. 165-196
Author(s):  
Christopher Nagy ◽  
Tyler Gellasch
Keyword(s):  
Securities And Exchange Commission ◽  
Client Expectations ◽  
The Us ◽  
Best Execution ◽  
Public Disclosures ◽  
Investment Advisers ◽  
The Impact ◽  
Disclosure Obligations

This chapter reviews best execution and new disclosure obligations in relation to investment advisers as well as brokers; it also provides an overview of the strategies they use to meet their rapidly changing obligations. Investment advisers and brokers are confronted with increasingly stringent regulatory and client expectations to fulfil their duty of best execution. Regulators in Europe have become active in developing formal best execution obligations, but the US Securities and Exchange Commission (SEC) is lagging behind in providing a clear framework for best execution. This chapter first outlines the analogous best execution obligation for broker-dealers and explores the contours of the SEC’s expectations for investment advisers. It then assesses the impact of new European best execution obligations and the role of public disclosures in aiding the fulfilment of best execution duties. It concludes by examining various strategies used by investment advisers to fulfil their evolving duties.

8. The Decision to Prosecute and the Prosecution’s Duties of Disclosure of Evidence

2021 ◽  
pp. 132-162
Author(s):  
Martin Hannibal ◽  
Lisa Mountford
Keyword(s):  
Common Law ◽  
Fair Trial ◽  
The Right ◽  
Disclosure Obligations

This chapter first explains the role of the Crown Prosecution Service (CPS) and the factors that are taken into account when deciding to charge a suspect or to divert him from prosecution. It then examines the important obligations which are placed upon the CPS both at common law and under statute to serve pre-trial disclosure of evidence upon the defendant and their importance to the right to a fair trial. Defence disclosure obligations are also considered.

Tracing criminal proceeds through fungible mixtures in money laundering cases

2020 ◽  
Vol 23 (4) ◽  
pp. 783-792
Author(s):  
Kenny Foo
Keyword(s):  
Law Enforcement ◽  
Money Laundering ◽  
Design Methodology ◽  
Criminal Proceedings ◽  
Content Type ◽  
Specific Focus ◽  
Civil Proceedings ◽  
Disclosure Obligations

Purpose The purpose of this paper is to examine the problem of tracing criminal proceeds through fungible mixtures, in the context of money laundering prosecutions and with a specific focus on whether clean withdrawals can be made from tainted mixtures. Design/methodology/approach The question of withdrawing clean funds from a tainted mixture is framed as a problem of proof rather than a problem of impossibility. The tracing rules are then engaged to overcome evidential difficulties, but the rules are shown to operate very differently in civil proceedings and criminal proceedings. The proper application of the tracing rules in criminal proceedings is then illustrated using the facts of William v R [2013] EWCA Crim 1262. Findings Because evidential uncertainties must be resolved in favour of the accused person in criminal proceedings, the tracing rules – properly applied – limit the range of situations in which the Prosecution can successfully trace criminal proceeds through fungible mixtures. Originality/value This paper may be useful to law enforcement, those involved in prosecuting or defending money laundering cases and regulated persons assessing their money laundering risks and disclosure obligations.

Mapping the contours and limits of “irresistible inference”

2020 ◽  
Vol 23 (4) ◽  
pp. 735-743
Author(s):  
Kenny Foo
Keyword(s):  
Money Laundering ◽  
Design Methodology ◽  
English Court ◽  
Content Type ◽  
Tools And Techniques ◽  
Court Of Appeal ◽  
Disclosure Obligations

Purpose In R v Anwoir [2008] EWCA Crim 1354, the English Court of Appeal held that, in money laundering prosecutions, the criminal provenance of property can be proved by showing that the circumstances in which the property was handled give rise to the irresistible inference that it can only have been derived from crime. The purpose of this paper is to analyse subsequent developments that have revealed the contours, and some of the limits, of proof by “irresistible inference”. Design/methodology/approach This paper reviews the reported cases in which an “irresistible inference” was drawn and identifies the features common to most of them. It then explores the limits of proof by “irresistible inference” by reference to the continuing relevance of predicate offences and the use of money laundering tools and techniques for non-laundering purposes. Findings Most of the cases in which an “irresistible inference” was drawn fall within a narrow compass of five categories. The breadth of the principle is constrained by the characteristics of the predicate offence, and its usefulness is limited in cases where the typologies of the predicate offence and the money laundering offence overlap significantly. Originality/value This paper may be useful to those involved in prosecuting or defending money laundering cases, as well as regulated persons assessing their money laundering risks and disclosure obligations.

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