12/21/2022
AES under regulatory restrictions in the UK
But the firm’s CEO tells IA they were placed on the business by the FCA on a ‘voluntary basis’
Legal, Regulation & Compliance
12/21/2022
IFC Investment to Boost Access to Finance for Green Housing in Romania
In Romania, access to housing finance is still limited, and IFC's financing will help develop the green housing loan market.
12/21/2022
CGD selects Wolters Kluwer’s OneSumX for regulatory reporting
Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance (GRC) division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions.
12/20/2022
£10m Gibraltar Qrops case gets green light for UK trial
But in October 2022, the investors, represented by High Street Solicitors, appealed the decision and had it overturned in November 2022.
12/20/2022
Brussels briefing paper: European Commission issues guidance on merger control submissions under Article 22 EUMR
For merging parties, the change raised the prospect of the Commission intervening in transactions that competition regulators in the EU would not have previously reviewed at all.
12/20/2022
Addleshaw Goddard: Financial Services & Banking News
The consultation will be of particular interest for banks, building societies and PRA-designated investment firms.
12/20/2022
HM Treasury’s plans to build a smarter UK financial services framework
The task requires more than simply repealing EU law.
12/20/2022
TSB fined £48.65m for operational resilience failings
The Financial Conduct Authority and the Prudential Regulation Authority (PRA) have fined TSB Bank plc.
12/19/2022
HM Treasury, CMA, FCA and PSR joint statement to update on the future of open banking
Open banking has a continuing role in promoting greater competition and innovation for the benefit of consumers, businesses and the wider economy, as well as maintaining the UK’s international competitiveness and leadership in the field.
12/19/2022
Fos freezes levy citing cost pressure on businesses
Case fees will also be flat, at £750.
12/19/2022
Bank Governors endorse Basle Committee limit on bank exposure to crypto assets
The Committee's standard on cryptoasset is a further example of our commitment, willingness and ability to act in a globally coordinated way to mitigate emerging financial stability risks.
12/19/2022
‘Increased rigour’ in HMRC export controls enforcement since Brexit
The committees also said that data on criminal convictions for export control breaches should be published in the government’s strategic export controls annual reports in future.
12/19/2022
Switzerland presses for ‘open finance’ in banking industry
The Federal Council wants regulators to compel companies to share data, bringing a philosophy of ‘open finance’ to Switzerland for the first time.
12/19/2022
Wall Street to Slash Bonuses, Eyeing More Sovereign Wealth Fund Opportunities
In a measure to contain a drop in profits, Goldman Sachs Group could remove up to 4,000 jobs, or around 8% of the bank’s workforce.
12/16/2022
Treasury committee approves Ashley Alder as FCA chair
That included financial services regulation, the operational independence of the FCA, and the role of the FCA in combatting fraud.
12/16/2022
ECB slows rate hikes but pledges more to keep up inflation fight
In a move shadowing similar steps this week by the Federal Reserve and Bank of England, it raised the rate it pays on bank deposits by 50 basis points to 2%, moving further away from a decade of ultra-easy policy.
12/16/2022
PS12/22 – Insurance special purpose vehicles: Further updates to authorisation and supervision
The PRA received six responses to the CP. Respondents generally welcomed the PRA’s proposals.
12/16/2022
DAC 8 proposal would require service providers to report crypto asset users
Beyond crypto assets, DAC 8 would extend the scope of the automatic exchange of advance cross-border rulings for high net worth individuals
12/16/2022
IFS pension tax reform proposals branded ‘ludicrous’
“This could lead to complaints en masse with advisers picking up the tab.”
12/16/2022
Addleshaw Goddard: Financial Services & Banking News
As a result, the Government does not plan to make secondary legislation under the Taxonomy Regulations this year.