11/26/2021
Leaked emails reveal how Macquarie Bank became entangled in an $80 billion scandal
A memo submitted ahead of the board meeting noted: "The risk of reputational damage remains should the German authorities take action against the funds."
Legal, Regulation & Compliance
11/26/2021
European Commission seeks greater retail participation in update to ELTIF regulation
AIFMD proposals would alter UCITS directive
11/26/2021
Regional wealth firm agrees to stop taking client cash on staff exits
The Liverpool-based investment manager is restricted from taking on new clients while it rebuilds its client assets team.
11/26/2021
European Commission publish proposals on establishing a European single access point
The ESAP is intended to provide an easy centralised point of access to information about financial services, capital markets and sustainability, that entities and competent authorities are required to make public.
11/26/2021
Mandatory reimbursement among proposals to crack down on UK payment scams
The PSR also recommended making reimbursement of APP scam victims mandatory.
11/26/2021
CP21/31: FCA and Bank of England consult on changes to reporting requirements under UK EMIR
The FCA and Bank of England have launched a joint consultation on changes to reporting requirements, procedures for data quality and registration of Trade Repositories under UK EMIR. This would be delivered by amending the relevant onshored Technical Stan
11/26/2021
Financial Services & Banking News
The MiCA proposal seeks to support innovation and fair competition by creating a framework for the issuance, and provision of services related to crypto-assets.
11/26/2021
FRC warns against ‘neglect’ of Corporate Governance Code
The FCA did note general improvement in disclosures concerning environmental and social issues over the last year – particularly in relation to how they were considered at board-level – but said subscription to diversity and inclusion policies
11/26/2021
Anti-money laundering credentials key for Binance's Paris plans - regulator
Binance's CEO told French business newspaper Les Echos earlier this month that his company hoped to get regulatory approval from the AMF in 6 to 12 months.
11/26/2021
Landsbankinn selects Salt Edge to reach PSD2 compliance
The new Act on Payment Services, which transposes the European PSD2 into Icelandic law, entered into force on November 1, 2021
11/26/2021
FCA gives top managers new powers to crack down on scammers
The regulator has handed sweeping new powers to its senior managers to directly act against individual firms, in a move it says is aimed at ‘streamlining decision-making’.
11/25/2021
Financial Regulation: Daily Update
The vast majority of such complaints are authorised push payments (APP) where the victim is tricked into making bank transfers to an account posing as a legitimate payee.
11/25/2021
Daily Legal Update
Publication of the Government's response to a request for an impact assessment on proposed changes to adult social care.
11/25/2021
A chain reaction: the link between diversity and remuneration in financial services
The last decade has seen an unrelenting focus on culture within financial services.
11/25/2021
UK Charity Commission closes its case into The Runnymede Trust
The Commission examined whether the trustees of Runnymede had acted in accordance with their legal duties and responsibilities and whether the charity had been engaging in unlawful political activity.
11/25/2021
UK Charity Commission Inquiry into Manor Building Preservation Trust Limited
The inquiry was prompted by concerns raised by one of the trustees, including unauthorised trustee remuneration, private benefit and occupation by the trustees of a charity-owned property.
11/25/2021
Isle of Man fines corporate and trust services firm
The Isle of Man Financial Services Authority (the “Authority”) makes this public statement in accordance with powers conferred on it under section 13 of the Financial Services Act 2008 (the “Act”).
11/25/2021
UK Payments Regulation Horizon Report 2022
Changes to payments infrastructure will start to take shape, including setting the future course for Open Banking.
11/24/2021
Financial Regulation: Daily Update
The review will be completed within six months and its findings will be reported to the CMA Board and published.
11/24/2021
Financial Services & Banking News
The report covers 112 banks directly supervised by the ECB with €24 trillion of combined assets, and represents a stocktake of European banks’ preparedness to adequately manage and disclose their exposure to C&E risks.