Overview

Macfarlanes' financial services regulatory update looks at the following:

• The Bribery Act: The Ministry of Justice has now issued guidance aimed at helping commercial organisations to understand what sorts of procedures they can put in place to prevent bribery. The guidance is based around six principles, which are framed as descriptions of a compliant organisation.

• Credit rating agencies: The Bank of England has published its ninth financial stability paper examining the economic role of credit rating agencies in the financial system and considering how, hardwiring, conflicts of interest and over reliance on ratings contributed to the problems observed during the financial crisis.

• Economic policy: The European Council has adopted a comprehensive package of measures to respond to the financial crisis, preserve financial stability and lay the ground for smart, sustainable, socially inclusive and job-creating growth.


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