12/18/2019
Remarks by Mark Carney at Benoît Cœure’s leaving reception
Speech given by Mark Carney, Governor of the Bank of England
Legal, Regulation & Compliance
12/18/2019
High Court upholds strike out of claim based on allegation a financial institution breached fiduciary duties as a shadow director of its customer
The decision will be of particular interest to financial institutions involved in turnarounds, restructurings and the exercise of control, management or similar rights arising upon default under facility agreements.
12/18/2019
Watchdog chases firms over money laundering rules
Earlier in the year the regulator had asked 400 firms to complete risk assessments to demonstrate
12/18/2019
The Russian Federation's measures to combat money laundering and terrorist financing
Russia recognises that it faces significant money laundering risks as a result of the proceeds of crimes committed within the country, in particular those related to corruption and its role as both a transit and destination country for narcotics trafficki
12/18/2019
Beacon Wealth Legal shortlisted in Modern Law Awards
The award Beacon Wealth Legal have been shortlisted for is ABS (Alternative Business Structures) of the year.
12/18/2019
Carey Olsen secures double shortlisting at Citywealth's Magic Circle Awards 2020
In respect of its shortlisting for the UHNW Private Client Services Innovation of the Year category, Carey Olsen has been specifically recognised for the growth of its Bermuda office and its offering in the fintech sector.
12/18/2019
Bank of England consults on its proposals for stress testing the financial stability implications of climate change
The Bank of England has published a discussion paper which sets out its proposed framework for the 2021 Biennial Exploratory Scenario (‘BES’) exercise.
12/17/2019
ESAs publish joint guidelines on AML/CFT cooperation and information exchange under MLD4
The Guidelines also include provisions to structure supervisory cooperation in situations where the conditions for setting up an AML/CFT college are not met.
12/17/2019
Asian financial firms face 'benchmark-aggedon' as tough EU rules near
Organisations that compile and publish market indexes outside the European Union were in February given an extension to the end of 2021 to comply with the EU’s benchmark regulation.
12/17/2019
Ogier advises on Dream Global transaction
Dream Global Real Estate Investment Trust is the owner and operator of a diversified high-quality portfolio of office and industrial properties located in key markets in Western Europe with a focus on Germany and the Netherlands.
12/17/2019
FCA and Bank of England statement on joint review of open-ended funds
The FCA will use the conclusions of the review which will be released in 2020 to inform the development of the FCA’s rules for open-ended funds.
12/17/2019
FCA asks for proposals on how open finance could transform financial services
The CfI will launch a discussion on the opportunities and risks arising from open finance, what is needed to ensure it develops in the best interests of consumers, and what role the FCA should play.
12/17/2019
FCA fines PPC for misleading consumers and banks in first CMC case closed by the regulator
PPC also failed to present accurate, fully formed, detailed and specific complaints to banks.
12/17/2019
FCA secures confiscation order totalling £5 million against illegal money lender
This follows the FCA’s prosecution in which Mr Gopee was convicted of illegal money lending and sentenced to 3 and a half years in prison.
12/17/2019
CSSF guidance on persons involved in AML/CFT for Luxembourg regulated funds and investment fund managers
This article of the law requires the appointment of two AML/CFT functions
12/17/2019
EU to roll out sanctions against blacklisted jurisdictions
The Finnish presidency confirmed that the four sanctions have been approved by EU member countries and will be automatically agreed to at the opening of the Council of Ministers meeting.
12/17/2019
The CSDR Journey
Track the Central Securities Depository Regulation timeline so far to assist your preparation for what’s next.
12/16/2019
ESMA report on AMPs under MAR
MAR’s purpose is to guarantee the integrity of European financial markets and promote investor confidence.
12/16/2019
ESMA Provides Information on Pending Applications for Benchmark Administrators
This newly published information will complement that already info included in the register of administrators and benchmarks.
12/16/2019
IOSCO launches framework for monitoring leverage in funds that may pose stability risks
The recommendations aim to achieve a balance between precise leverage measures and simple, robust metrics that regulators can apply consistently to the wide range of funds offered in different jurisdictions.