United States: Financial Regulatory Developments Focus Issue 6/2018


European Banking Authority Reiterates Concerns Over Commission's Proposed Approach to EU Capital Requirements Regulatory Perimeter Issues

On February 12, 2018, the European Banking Authority published a letter, dated February 9, 2018, from the EBA Chairperson, Andrea Enria, to Olivier Guersent, Director-General of DG-FISMA at the European Commission, relating to the regulatory perimeter of the Capital Requirements Regulation and the Capital Requirements Directive. The letter is in response to the January 22, 2018 letter to the EBA from the European Commission regarding the EBA's Opinion on regulatory perimeter issues under the EU capital requirements framework and the proposed changes under CRD V.

The CRD gives member states the discretion to exempt entities (such as saving companies, structured finance vehicles and hire purchase providers) that are not banks but which take deposits and other repayable funds from the public, provided that those entities are expressly covered by national law. Analysis by the EBA has revealed that member states have adopted different approaches to implementing this discretion because of the differing meanings that have been attributed to core terms within the provisions, in particular, "deposit," "other repayable funds" and "public." The EBA considers that the CRD V proposal to remove that national discretion needs to be further substantiated by an impact assessment, because some member states rely on it and because it may be too burdensome for these entities to become licensed as a bank. The EBA highlights that alternative approaches should be considered, such as requiring the EBA to monitor national practices in the application of that discretion, requiring member states to report to the EBA on the use of the discretion and requiring the EBA to recommend any appropriate legislative changes regarding the relevant definitions.

The European Parliament and Council of the European Union are currently considering the CRD V proposals.

The ultimate changes are dependent on the outcome of that legislative process.

The letter is available at: https://www.eba.europa.eu/documents/10180/2101654/Letter+to+Olivier+Guersent+COM+on+Opinion+and+Re port+on+matters+relating+to+the+regulatory+perimeter+under+the+CRDIV+CRR+%28OFIs%29.pdf/2f4bc1fc- b407-48e6-9a26-0db2e54e9cc1 the EBA's Opinion is available at: http://finreg.shearman.com/european-banking-authority-publishes-opinion-on-r and the Commission's CRD V proposals are available at: http://finreg.shearman.com/european-commission-proposes-draft-quotcrd5quot-a.

UK Prudential Regulator Consults on Guidance on the Eligibility of Guarantees as Unfunded Credit Protection for Capital Requirement Purposes

The Prudential Regulation Authority is consulting on its expectations regarding the eligibility of guarantees as unfunded credit protection for the purposes of a firm's Pillar 1 regulatory capital requirements. The PRA is intending to add a new section to the Supervisory Statement 'Credit risk mitigation'.

The EU Capital Requirements Regulation allows firms to recognize certain forms of credit risk mitigation when calculating their regulatory capital requirements. Unfunded credit protection can be attained through a guarantee where a third party becomes obliged to pay out in the event of non-payment or default of the credit obligor. The CRR sets out the eligibility criteria for a guarantee to qualify for CRM.

The PRA is seeking to clarify which contracts and obligations meet the CRR eligibility criteria so that capital relief from guarantees is obtained only where the risk has been effectively transferred to the guarantor. The consultation paper sets out the PRA's proposed guidance on some of the eligibility criteria, namely, the criteria that stipulate that the guarantee must:

  • be legally effective and enforceable in all relevant jurisdictions and supported by an independent,
  • written and reasoned legal opinion;
  • be clearly defined and incontrovertible;
  • not include any clauses, the fulfilment of which is outside the direct control of the lender, that could render the contact ineligible for CRM; and cover all types of payments the obligor is expected to make.

The proposed guidance relates to the recognition of guarantees for capital relief under the substitution approach available to exposures on the standardized approach and foundation internal ratings based approach. Guarantees recognized under the advanced internal ratings based approach are out of scope of the consultation.

The PRA is seeking feedback on the proposals, in particular, the nature of existing guarantee arrangements for CRM and the impact of the proposals on a firm's existing CRM practices. The consultation closes on May 16, 2018.

The consultation paper is available at: https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/consultation-paper/2018/cp618.pdf and the existing Supervisory Statement 'Credit risk mitigation' (SS 17/13) is available at: https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/supervisory-statement/2017/ss1713update.pdf?la=en&hash=04EB5937CD84A753A205BF3494BDCEC1152C5044.


US Commodity Futures Trading Commission Chief of Staff Provides Project KISS Update

On February 12, 2018, the Commodity Futures Trading Commission Chief of Staff Michael Gill provided an update on the CFTC's Project KISS initiative at the CFTC KISS Policy Forum in Washington, D.C. He said that after a thorough review of public comments received through the initiative, the Commission has broken the recommendations down into three tiers: (1) simple housekeeping changes with no discretionary policy adjustments; (2) suggestions reducing regulatory burdens with minor policy implications; and (3) initiatives that have more significant policy implications. Through the Project KISS review process, the CFTC is only focused on the first two tiers, although suggestions in the third tier will be addressed at a later date, Gill said.

The proposals cover a wide range of policy issues across the CFTC's divisions. The Division of Clearing and Risk is examining the process through which the CFTC grants exemptions from derivatives clearing organization registration, amendments to various DCO regulations and extensive proposed amendments to current Part 190 regulations.

Proposed changes being considered by the Division of Market Oversight include re-proposing guidance on peaking supply contracts, clarifying when an entity must submit a notice filing to claim an exemption from aggregation of position limits, publishing "hard coded" reporting levels on the CFTC website instead of under Part 15 regulations and updating and improving several no-action letters regarding swap execution facilities under Part 37. Gill also mentioned that the Commission is working to tailor swap data reporting rules to eliminate redundancy, streamline reporting and harmonize international requirements.

Proposed changes being considered by the Division of Swap Dealer and Intermediary Oversight include codifying no-action letters for swap dealer trading activity, improving efficiencies within swap dealer business conduct standard rules, codifying no-action letters and staff interpretations regarding futures commission merchants' receipt and holding of customer funds and amending Part 4 regulations to codify no-action letters

regarding commodity pool operator and commodity trading advisor registration exemptions.

Gill said CFTC staff aims to provide recommendations for specific actions regarding these proposals over the course of the next year.

CFTC Chief of Staff Michael Gill's speech is available at: http://www.cftc.gov/PressRoom/SpeechesTestimony/opagill2.


US Commodity Futures Trading Commission and UK Financial Conduct Authority Agree to Collaborate on Regulating FinTech Innovation

On February 19, 2018, the CFTC and the Financial Conduct Authority signed a Cooperation Arrangement on Financial Technology Innovation, an arrangement that commits both regulators to collaborating and fostering innovation through their respective FinTech initiatives, LabCFTC and FCA Innovate. This is the CFTC's first agreement of its kind with a non-U.S. counterpart and the FCA's first such agreement with a U.S. regulator.

The arrangement will focus on information-sharing based on FinTech market trends and developments in each jurisdiction, simplify the referral process for FinTech companies interested in entering the other's market and facilitate sharing insight gained from each regulator's relevant sandbox, proof of concept or innovation competitions.

CFTC Chairman J. Christopher Giancarlo in a statement said he believes this collaboration will allow the CFTC to contribute to the growing role of regulators in new technology markets, and FCA Chairman Andrew Bailey argued that international borders should not inhibit global technological innovation. Chairman Bailey also announced an upcoming joint event between the CFTC and FCA in London to demonstrate how firms can work and engage with both regulators in the FinTech space.

The joint press release is available at: http://www.cftc.gov/PressRoom/PressReleases/pr7698-18and the Cooperation Arrangement is available at: http://www.cftc.gov/idc/groups/public/@internationalaffairs/documents/file/cftc-fca-cooparrgt021918.pdf.

US Commodity Futures Trading Commission Issues First Customer Advisory on Virtual Currency Pump-and-Dump Schemes

On February 15, 2018, the CFTC issued its first customer advisory regarding pump-and-dump schemes in virtual currency markets. The CFTC warned customers to exercise extreme caution when investing in virtual currency listings promoted on social media, reportedly backed by famous high-tech business leaders and investors or accompanied by posts creating false urgency or telling investors to purchase right away.

The CFTC noted particular concern with the anonymous nature of virtual currencies, which makes enforcement actions against pump-and-dump schemes difficult. These schemes may occur in the largely unregulated virtual currency cash markets, over which the CFTC only has anti-fraud and anti-manipulation enforcement authority.

Additionally, the CFTC stated it has received multiple complaints from customers who have suffered losses due to virtual currency pump-and-dump schemes. The CFTC warned that virtual currencies should only be purchased after they have been thoroughly researched and that customers should avoid purchasing virtual currencies based on sudden price spikes.

The CFTC also encouraged market participants to come forward with any information that could lead to an enforcement action against a virtual currency pump-and-dump scheme.

The CFTC's customer advisory is available at: http://www.cftc.gov/idc/groups/public/@customerprotection/documents/file/customeradvisory_pumpdump021 8.pdf and the CFTC's press release is available at: http://www.cftc.gov/PressRoom/PressReleases/pr7697- 18?_sm_au_=iVVPmPVDQV0mVF2s.

UK Financial Conduct Authority Moots Global Sandbox

On February 14, 2018, the FCA issued a questionnaire on whether a global regulatory sandbox for fintech and other innovative businesses would be beneficial and how it would operate. The FCA set up the United Kingdom's Regulatory Sandbox in 2016 to provide a controlled environment for firms looking to develop and launch innovative businesses models. Similar sandboxes have been introduced in other countries as diverse as the U.S., Australia, Bahrain, the Abu Dhabi Global Market, the Netherlands, Hong Kong, Malaysia, Thailand, Canada and Singapore. Other countries have officially announced the establishment of a sandbox or are in the process of setting up their sandbox.

The FCA considers that a global sandbox could allow firms to conduct tests in different jurisdictions at the same time. It could also bring regulators together to identify and work on solutions to common cross-border regulatory issues. Recognizing that establishing a global sandbox would be an enormous task, the FCA also suggests, as an interim measure, the establishment of an international college of regulators with innovation or sandbox models, so that firms could access multiple regulators simultaneously. This approach would also allow the regulators to share and learn from each other about new innovative business models.

The FCA requests feedback on the ideas by March 2, 2018. The FCA expects to provide an update on the global sandbox proposition later in March 2018.

The FCA webpage is available at: https://www.fca.org.uk/firms/regulatory-sandbox/global-sandboxand the questionnaire is available at: https://www.fca.org.uk/global-sandbox-questions-consideration.


European Systemic Risk Board Issues Recommends Mitigating Funds' Liquidity and Leverage Risks

On February 14, 2018, the European Systemic Risk Board published a Recommendation addressed to the European Securities and Markets Authority and the European Commission, outlining a set of recommended actions designed to address the systemic risks that could arise from liquidity mismatches and the use of leverage by investment funds. The ESRB has concerns that, where a fund invests in assets that cannot be liquidated readily to meet redemption requests in times of market stress, "fire sales" could occur, depressing asset prices and affecting not only the funds themselves but also other market participants holding similar or closely correlated assets. Additionally, the impact of negative market movements can be amplified where a fund is leveraged, either through borrowing of cash or securities or through holding derivatives with embedded leverage.

The ESRB notes that the existing EU regulatory framework for funds (comprising the UCITS Directive and the Alternative Investment Fund Managers Directive) already contains measures requiring funds to manage liquidity and to conduct stress tests under normal and exceptional liquidity conditions. The framework also contains measures designed to control the build-up of leverage and national regulators are able to impose leverage limits on AIFs. ESMA can also specify to national regulators remedial measures to be taken where it has determined the leverage employed by an AIFM or group of AIFMs poses financial stability risks.

Despite these safeguards in the existing framework, which provide effective risk management at the micro-prudential level, the ESRB considers that further measures are required to protect financial stability at a macro-prudential level. It recommends the following actions be taken by the Commission and/or ESMA:

  • The Commission should propose legislative enhancements to the EU legal framework to ensure that it includes: additional liquidity management tools in the design of EU investment funds; further specification of the powers of national regulators to suspend redemptions, and of ESMA's facilitation, advisory and co-ordination role.
  • The Commission should propose measures to limit the extent to which the use of liquidity transformation (that is, the creation of liquid claims that are backed by illiquid assets) in open-ended AIFs can contribute to the build-up of systemic risks or the risk of disorderly markets.
  • ESMA should develop guidance for fund managers for the stress testing of liquidity risk for individual AIFs and UCITS.
  • The Commission should propose measures requiring regular reporting, by UCITS and UCITS management companies, of liquidity risk and leverage data to national regulators.
  • ESMA should develop guidance on the provisions of AIFMD that set out obligations for AIFMs managing leveraged AIFs. This guidance should cover: the framework for assessing the extent to which leverage in the AIF sector contributes to the build-up of systemic risk; the design, calibration and implementation of macro-prudential leverage limits; and how national regulators should make notifications when they intend to implement macro-prudential measures. The ESRB recommends that ESMA share knowledge and practices with other macro-prudential regulators.

Further detail on each of the individual recommendations is set out in an Annex to the ESRB Recommendation. The ESRB has set implementation deadlines for each recommendation ranging from June 30, 2019 to December 30, 2020.

The ESRB's Recommendation takes into account recommendations made by the Financial Stability Board to address structural vulnerabilities from asset management activities, which were published in January 2017 and are being implemented by the International Organization of Securities Commissions.

The Recommendation (ESRB/2017/6) is available at: http://www.esrb.europa.eu/pub/pdf/recommendations/esrb.recommendation180214_ESRB_2017_6.en.pdf, the Annex 1 - Compliance Criteria for the Recommendations is available at: http://www.esrb.europa.eu/pub/pdf/recommendations/esrb.recommendation180214_ESRB_2017_6_annex_I.e n.pdf and details of IOSCO's work is available at: http://finreg.shearman.com/international-standards-body-issues-liquidity-ris.


UK Regulators Highlight Expectations and Consult on Algorithmic Trading Supervision

On February 12, 2018, the FCA and PRA published coordinated papers on their expectations around firms' use of algorithmic trading strategies in wholesale markets. Firms have had to comply, since January 3, 2018, with new requirements introduced by the revised Markets in Financial Instruments Directive and related Regulatory Technical Standards. The FCA's paper sets out the applicable regulatory requirements and provides examples of good and poor practice for firms regulated by the FCA. Firms that are dual-regulated by the FCA and the PRA should also review the PRA paper, which takes the form of a formal consultation on a proposed Supervisory Statement, covering the PRA's expectations regarding firms' governance and risk management. The PRA consultation runs until May 7, 2018.

Both the FCA and the PRA recognize that algorithmic trading can bring improved liquidity, contribute to falling transaction costs and, in regular market conditions, does not appear to harm market efficiency.

Algorithmic trading can also, however, give rise to issues such as periodic illiquidity, market manipulation and potential threats to market stability due to errant algorithms or excessive message traffic.

MiFID II has (along with related RTS) introduced new requirements that aim to mitigate and ensure the management of the risks that a trading algorithm might function in a way that could disrupt the market, or be deployed in a way that gains an unfair advantage over other market participants. Additional requirements are imposed where a high frequency strategy is employed and specific requirements apply to market makers using algorithmic techniques. These MiFID II requirements have been implemented by the FCA in the Market Conduct sourcebook of its Handbook and by the PRA in the Algorithmic Trading Part of its Rulebook. The MiFID II requirements apply to MiFID investment firms and also to some non-MiFID investment firms, such as collective investment firms engaging in algorithmic trading.

The FCA's paper, "Algorithmic Trading Compliance in Wholesale Markets," follows firm-specific and cross- firm work undertaken by the FCA to assess in detail how firms have been developing, testing and deploying algorithmic trading strategies. It sets out examples of good and poor practices the FCA identified during the reviews it conducted ahead of MiFID II implementation. The FCA paper highlights the need for firms to make further improvements in a number of areas and summarizes five key areas of focus: (i) defining algorithmic trading; (ii) development and testing of algorithms; (iii) risk controls; (iv) governance and oversight; and (v) market conduct.

The PRA's consultation paper highlights that risk controls linked to a firm's risk appetite are crucial to manage the risks stemming from algorithmic trading. The proposed Supervisory Statement sets out the PRA's supervisory expectations on firms in five sections: (i) governance; (ii) algorithmic approval process (by the firm); (iii) testing and deployment; (iv) inventories and documentation; and (v) risk management and other systems and controls functions. The proposed Supervisory Statement will apply, once in force, to all algorithmic trading activities of a firm, including in respect of unregulated financial instruments, such as spot FX instruments. Where a third-country firm operates in the U.K. through a branch, the PRA's proposed approach to branch supervision will include a specific expectation that the third-country branch will have risk management in place that includes algorithmic trading risks.

Comments on the PRA consultation are invited by May 7, 2018. The PRA proposes that the supervisory statement will take effect from June 30, 2018.

Both regulators will continue to collaborate in this area to ensure their approaches remain coordinated. The PRA also proposes to publish a related discussion paper on operational resilience later in 2018.

The FCA paper is available at: https://www.fca.org.uk/publication/multi-firm-reviews/algorithmic-trading-compliance-wholesale-markets.pdfand the PRA consultation (PRA CP5/18) is available at: https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/consultation-paper/2018/cp518.pdf.


February 27, 2018: Economic and Monetary Affairs Committee of the European Parliament public hearing on the Review of the European System of Financial Supervision

March 22, 2018: U.K. Government's second annual International Fintech Conference


February 23, 2018: European Commission proposals to revise the prudential regime for investment firms

February 26, 2018: European Commission consultation on SME listing

February 27, 2018: PRA consultation on authorization and supervision of international banks (CP29/17)

February 27, 2018: PRA consultation on authorization and supervision of international insurers (CP30/17)

February 28, 2018: European Commission consultation on supervisory reporting requirements

February 28, 2018: ESMA consultation on draft guidelines on the requirement for CCPs to adopt anti- procyclicality margin measures

March 2, 2018: FCA proposals for a global sandbox

March 5, 2018: Comments to Federal Reserve Board's Proposed Regulation M Revisions due

March 5, 2018: Comments to Federal Reserve Board's Proposed Call Report Revisions due March  6, 2018: PRA consultation on proposed updates to the Pillar 2 reporting requirements March 6, 2018: PRA consultation on model risk management principles for stress testing

March 9, 2018: Basel Committee discussion paper on the regulatory treatment of sovereign exposures March 9, 2018: ESMA consultation on draft RTS under the new Prospectus Regulation (ESMA31-62-802)

March 15, 2018: Federal Reserve Board's proposed guidance clarifying risk management supervisory expectations for large financial institutions due

March 15, 2018: EBA Discussion Paper on EU implementation of the revised market risk and counterparty credit risk frameworks

March 15, 2018: EBA consultation on draft RTS for risk retention under STS Regulation

March 15, 2018: EBA consultation on draft RTS on homogeneity of underlying exposures in STS securitizations under the STS Regulation

March 19, 2018: ESMA consultation on draft technical standards on the content and format of the "Simple, Transparent and Standardized" notification under the STS Regulation

March 19, 2018: ESMA consultation on draft technical standards on disclosure requirements, operational standards, and access conditions under the STS Regulation

March 19, 2018: ESMA consultation on draft technical standards on third-party firms providing STS verification services under the STS Regulation

March 23, 2018: Basel Committee consultation on revised principles for supervisory and bank stress testing March 23, 2018: FCA consultation on implementation of the Money Market Funds Regulation

March 27, 2018: Comments to CFPB's Civil Investigative Demands request for information due April 3, 2018: BoE consultation on new incident reporting rules for CCPs April 9, 2018: PRA consultation on MREL reporting requirements

May 16, 2018: PRA consultation on guidance on the eligibility of guarantees as unfunded credit protection for capital requirement purposes

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Similar Articles
Relevancy Powered by MondaqAI
In association with
Related Topics
Similar Articles
Relevancy Powered by MondaqAI
Related Articles
Related Video
Up-coming Events Search
Font Size:
Mondaq on Twitter
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions