08/14/2020
EBA Consultation paper on guidelines on criteria for use of data inputs in ES risk measure under IMA
Feedback is requested by 12 November 2020.
Legal, Regulation & Compliance
08/14/2020
FCA wants evidence of ‘informed decisions’ in DB advice
Mr Harries said he believed the regulator would also move to focus on charging structures as this will ultimately lead to better outcomes for consumers following on from its contingent charging ban, which comes into force from October.
08/14/2020
'Markets can't price risk properly'
"And with the pandemic, that showed markets had not been pricing risk well at all.”
08/14/2020
European Commission provides notice to stakeholders on EU to UK data transfers post-Brexit Transition Period
The European Commission notes that Article 71(1) of the Withdrawal Agreement seeks to ensure continued personal data protection for Non-UK Data Subjects
08/14/2020
COVID-19 – A New Marshall Plan?
Key messaging from governments has positioned COVID-19 as the greatest challenge that many nations have encountered since the Second World War (even bigger than the great financial crisis of 2008/09).
08/13/2020
Private bank enters voluntary liquidation
Process will go ahead despite ‘intensive negotiations’ taking place with ‘interested parties’
08/13/2020
Covid-19: FCA 'Dear CEO' letter on client money balances
The FCA expects firms to return client money balances which are unlikely to be reinvested in the short term, if this is in the clients' best interests during this period.
08/13/2020
Freshfields lawyer sent list of concerns over her conduct in UBS rape case
UK’s Solicitors Regulation Authority reviewing complaint that Caroline Stroud did not make bank relationship clear
08/13/2020
CMTA tests decentralised trading with five banks including Vontobel
SEBA Bank, Sygnum Bank, Arab Bank (Switzerland) and Hypothekarbank Lenzburg also took part in the test.
08/13/2020
NatWest to 'reconfigure' Coutts' HQ as it plans 800 job cuts
The banking group is targeting 550 full-time redundancies across branches and its top-earner service, but says none will be compulsory.
08/13/2020
Wirecard: Germany’s anti-money laundering unit failed to share ‘dozens’ of warnings
The agency has been looking over the reports for offenses including falsification of accounts, fraud, embezzlement, market manipulation and insider trading, and says it is re-examining the evidence in light of new information.
08/13/2020
The FCA wants advisers to be more resilient
The FCA expects all companies to have contingency plans to deal with major events and that these plans have been properly tested.
08/13/2020
FCA warns firms on holding client funds
FCA will continue to review client money balances
08/12/2020
FCA and PRA consult on remuneration provisions for Banks and Credit Institutions
The changes will be particularly significant for banks that currently fall within the PRA/FCA's Proportionality Level Three.
08/12/2020
Covid-19: FCA confirms extension of guidance for insurance and premium finance firms on customers in temporary financial difficulty
Covid-19: PRA 'Dear CEO' letter on suspension of guidance levels on fixed rate lending limits for non-systemic building societies
08/12/2020
Fit and Proper - How to Manage Employee Breaches if You Are a Regulated Business
At all times, the employer will need to weigh up the competing requirements of the regulatory and employment regimes in Jersey.
08/12/2020
UCITS can no longer invest in loans
This new position is the result of a detailed eligibility assessment of loans by the CSSF, and reflects discussions held at ESMA level as well as the regulatory practices of other EU Member States.
08/12/2020
Fimbank fined €168,943 for ‘serious’ anti-money laundering failures
FIAU says remedial action being undertaken by bank at the time of review
08/12/2020
Third supervisory organisation authorised by Finma
Two other supervisory organisations were granted licences in July.
08/12/2020
German police launch raids in Russia money laundering probe
The bank allegedly maintained a network of offshore firms with accounts in the Baltic region.