11/21/2022
Addleshaw Goddard: Financial Services & Banking News
This review will inform the FSB’s assessment of the effectiveness of its 2017 policy recommendations to address structural vulnerabilities from liquidity mismatch in open ended funds.
Legal, Regulation & Compliance
11/21/2022
EU and UK propose stronger NIS incident reporting requirements
All medium-sized and large companies in selected sectors would fall under the legislation.
11/21/2022
Novia cuts platform charges
This charge will be £525 for those firms holding up to £10mn of AUA.
11/21/2022
Irish Central Bank to clarify KIDs reporting obligations for UCITS funds
The standardised documents make it easier for retail investors to compare products to each other and require firms to consider how their products will fare when distilled down to a uniform product description.
11/18/2022
UK government commits to ‘unsustainable’ pension triple lock
Calls for system to be assessed to find a ‘fairer way’ to raise the state pension
11/18/2022
Addleshaw Goddard: Financial Services & Banking News
The FOS will therefore continue to look at alternative options and will consult on those that it believes will result in a fairer charging mechanism at the appropriate time.
11/18/2022
FCA issues final notice to former Sonali Bank CEO for AML failings
The FCA initially decided to impose a financial penalty of £76,400 on Mr Prodhan in May 2018.
11/18/2022
FCA issues Final Notice to former CEO for anti-money laundering failings
As a result of these failings, SBUK’s staff did not appreciate the need to comply with AML requirements, and the MLRO function was ineffective in monitoring their compliance.
11/17/2022
Bank of England's Andrew Bailey believes mini-budget damaged UK’s reputation
Governor says the UK's name 'has taken a knock' after the mini-budget crisis
11/17/2022
Digital Services Act: EU's landmark rules for online platforms enter into force
Designed as a single, uniform set of rules for the EU, these rules will give users new protections and businesses legal certainty across the whole single market.
11/17/2022
Cypriot banks closer to returning to dividend distribution policy
However, nothing is certain since the European supervisors have also warned that it is their task to instill a good degree of prudence in banks’ behaviours.
11/17/2022
EBA publishes final technical standards on the measurement of liquidity risks for investment firms
These RTS will ensure that all competent authorities follow the same harmonised approach when adopting the decision to impose further liquidity requirements to an investment firm.
11/17/2022
Bailey: ‘Shocks’ responsible for incorrect inflation forecast
Figures released yesterday from the Office for National Statistics showed inflation hit a 41-year high in October of 11.1 per cent.
11/17/2022
FCA: 'We want to bring FSCS levy down'
“Ultimately, meeting these targets and embedding the consumer duty are in firms’ interests too,” Rathi said.
11/16/2022
Addleshaw Goddard: Financial Services & Banking News
In order to have a harmonised application of the specific liquidity requirements, the RTS address the main elements that may affect the liquidity risk of an investment firm.
11/16/2022
EU and international partners launch ground-breaking partnership on just energy transition with Indonesia
In a joint statement , Indonesia and international partners have announced their commitment to meeting ground-breaking climate targets and related financing.
11/16/2022
Banks told to strengthen borrower monitoring procedures after Arena collapse
Account management lacked active oversight and robust control processes and automated transaction monitoring and data capabilities were insufficient
11/16/2022
EBRD supports energy security in Romania
Premier Energy SRL supplies gas to retail, industrial and commercial end-users in Romania.
11/16/2022
White & Case advises Intrum on Piraeus Bank’s €500 million NPL securitsation
Piraeus and Intrum have agreed that Intrum Hellas will act as servicer of the Sunrise III portfolio, and Intrum has agreed to acquire approximately 44 percent of the mezzanine and junior notes of the securitisation.
11/16/2022
Swiss National Bank Chairman Hints Again at Future Rate Hikes
The market expects the SNB to hike rates at its next monetary policy meeting on Dec. 15, a forecast Jordan acknowledged, adding market expectations had the SNB's policy rate rising to 1.5% to 2% in the next two years.