11/28/2021
FCA reforms decision-making to tackle consumer harm
The FCA has reformed its decision-making process to ensure it can make faster and more effective decisions for consumers, markets and firms.
Legal, Regulation & Compliance
11/28/2021
It is not just the super-rich who hide assets in divorce proceedings
The problem of hidden assets means the use of private investigators is now the norm in splits where one or both parties are very wealthy.
11/28/2021
European Commission’s Proposals for reform of AIFMD, UCITS Directive and the ELTIF regime
Welcome changes or regulatory creep?
11/28/2021
HSF Financial Regulation: Daily Update
The Regulation relates to the reporting of credit and market risk information by relevant institutions.
11/26/2021
HSF Financial Regulatory: Daily Update
The proposals aim to enhance outcomes for consumers
11/26/2021
FCA removes IFA's permissions over concerns of unregulated advice
The Firm has the right to make written and oral representations to the Authority
11/26/2021
Convicted LIBOR rigger to learn appeal decision within weeks
The CCRC, which investigates suspected miscarriages of justice, confirmed that a decision on the case could be issued within three weeks.
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."
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.