07/22/2021
Financial Regulation: Daily Update
The European Banking Authority (EBA) has published a discussion paper (DP) seeking preliminary input on how to standardise the proportionality assessment methodology for credit institutions
Legal, Regulation & Compliance
07/21/2021
New EU AML rules will ensure full traceability of crypto transfers
The measures recognise the emerging challenges linked to technological innovation, with the crypto sector a particular focus for rule-makers.
07/21/2021
Separation and tax considerations in the UK
The new law is a long overdue acknowledgement that this process starts off on an unnecessarily hostile basis
07/21/2021
Remuneration: Correction to the definition of ‘higher paid material risk taker’
This PS is relevant to PRA-authorised banks, building societies, and PRA-designated investment firms.
07/21/2021
Isle of Man refreshes AML strategy
The Isle of Man has increasing success in this area
07/21/2021
Ashurst partner profit smashes £1m for first time since financial crisis
Global law firm Ashurst has announced its results for the financial year ended 30 April 2021.
07/21/2021
Beyond #MeToo: what next for regulatory investigations and employment law?
Our BCRI team review developments in the regulatory investigations space and consider the impact of #MeToo on current and future employment law and practice
07/21/2021
Increase in UK regulation of cryptoassets anticipated
As we improve our technology and capabilities, we will be able to identify and make better, faster judgements about harm.
07/21/2021
Financial Regulation: Daily Update
The work programme includes a data review and analysis which will take place over July to October
07/21/2021
The FCA and the Bank of England encourage market participants in a switch to RFRs in the LIBOR cross-currency swaps market from 21 September
This is to facilitate a further shift in market liquidity toward RFRs, bringing benefits for a wide range of users as they move away from LIBOR.
07/21/2021
FCA: Financial promotions quarterly data 2021 Q2
This data includes statistics about how we review and act on certain non-compliant financial promotions.
07/20/2021
UK FCA tackles ‘greenwashing’ fund mis-selling risks
Its findings will be helpful to firms challenging themselves to assess where regulatory systemic problems may exist within their operations.
07/20/2021
UK Financial Conduct Authority takes action against debt packager firms
Debt packager firms advise consumers on how to deal with their debts, often referring them to an Insolvency Practitioner or debt management firm, for which they receive referral fees.
07/20/2021
Vatican criminal trial to shed light on failed Carige bank takeover
Vatican prosecutors allege that Mincione bought a stake in Carige with embezzled money including funds raised from faithful Catholics and intended for the needy.
07/20/2021
ESMA Finds NCAs Imposed Sanctions of €8.4 Million for MiFID II breaches in 2020
Some differences persist in the way sanctions and measures are distinguished and identified for the purpose of reporting to ESMA.
07/20/2021
Danish pension firms censured for failure to ID money-laundering risks
The watchdog said that although the sector was generally considered at a low risk of being used for money laundering, not all pension products carried the same attached risks.
07/20/2021
UK 'batman' investor faces extradition to Germany in €125m tax fraud battle
German prosecutors last year reissued an arrest warrant for Virdee after he was apprehended in 2017 at Heathrow Airport and later released.
07/20/2021
FCA secures conditional resolution of proceedings against Park First and its senior management
The FCA brought proceedings against chief executive, Toby Scott Whittaker, director John Slater and a number of companies involved or connected to the Park First Scheme.
07/20/2021
Ireland Update – Central Bank of Ireland updates AML/CFT Guidelines for Financial Sector
The Updated Guidelines list a number of steps that the Board should take in order to meet the necessary standard of governance and oversight.
07/20/2021
Financial Regulation: Daily Update
The FCA may consult on proposals later this year to address the significant potential for harm through poor advice that the debt packager business model poses.