07/25/2018
ESMA review finds improvements with NCAs’ supervision of the suitability requirements
The Report identifies enhancements in supervising the requirements and greater deployment of enforcement action by some NCAs.
Legal, Regulation & Compliance
07/25/2018
ESMA fines five banks €2.48 million for issuing credit ratings without authorisation test
ESMA found that the five banks infringed the CRAR by issuing credit ratings without being authorised by ESMA to do so.
07/25/2018
Payment Systems Regulator announces market review into card-acquiring services
The draft terms of reference for the market review is open for consultation until 14 September 2018.
07/25/2018
Barclays back in UK prosecutors' sights over Qatari payments
UK Serious Fraud Office seeking to resurrect its high-profile prosecution of bank over undisclosed payments to Qatari investors
07/25/2018
Kremlin critic Browder expands criminal complaint against Danske Bank
We can confirm that he has filed a complaint but the exact content of that complaint
07/25/2018
Seven years on: The effects of the UK Bribery Act on the Middle East - Clyde & Co.
Businesses that are subject to the UKBA must ensure that the risks of such payments are mitigated. Procedures should be proportionate, taking account of regional risks.
07/24/2018
New EU Report Lists Competition Risks in the FinTech Sector
Payment services are important to economies. It allows governments to keep control and order while ensuring that trading activities are legal.
07/24/2018
FCA webpage on Digital Regulatory Reporting
Any financial services firm that wishes to participate in the pilot will need to contribute to the resourcing of them.
07/24/2018
PRA CP on regulatory reporting
This gives firms an opportunity to provide their views on how we regulate industry.
07/24/2018
Regulatory reporting: occasional consultation paper
The proposals would result in changes to the Glossary, Regulatory Reporting, Reporting Pillar 2, and Close Links Parts of the PRA Rulebook
07/24/2018
BoE completes POC for RTGS Renewal Programme
The Bank has completed a Proof of Concept to understand how a renewed RTGS service could be capable of supporting settlement in systems operating on innovative payment technologies.
07/24/2018
SJP claims FCA deemed pension transfers suitable
The probe into SJP pension transfer cases was made in the context of this review.
07/24/2018
Guernsey Receives Top Marks For Transparency From OECD's Global Forum
Confirmation from the OECD that Guernsey is Compliant matches the ratings of the other Crown Dependencies.
07/24/2018
Under pressure UK taxman facing more High Court challenges
Taxpayers are fighting back against the more aggressive and dogmatic approach being taken by HM Revenue & Customs, according to law firm RPC.
07/23/2018
Anti-money laundering crackdown should be more focused on most suspicious activity – Law Commission
Money laundering is estimated to cost every household in the UK £255 a year and allows criminals to profit from their crimes.
07/23/2018
Guernsey submits 'hard Brexit' paper to UK
The GDPR maintains the need for robust protections to be in place when personal data is transferred outside the EU a
07/22/2018
Bank of England, FCA, PRA and PSR conduct review of Memorandum of Understanding in relation to payment systems in the UK
The Authorities are also making minor changes to the MoU this year to reflect recent legislative changes or other structural changes, or in relation to those changes.
07/22/2018
Second cold-call ban consultation released
The government created the power to make secondary legislation to ban pensions cold calling through section 21 of the Financial Guidance and Claims Act 2018, which gained Royal Assent on 10 May 2018.
07/22/2018
UK regulatory autonomy, recognition, and a productive economy
The United Kingdom has a unique opportunity to use withdrawal from the EU to grow its economy and become considerably more productive.
07/22/2018
Police to get Bitcoin training amid money-laundering worries
Other authorities in the Square Mile are also scrambling to catch up with the cryptocurrency boom.