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Financial Regulation: Daily Update

The new rule will apply for accounting periods beginning on or after 1 January 2022, and the first annual financial reports subject to the new rule will be published in early 2023.

CovidCheck at the workplace

The employee does not show a valid certificate: the person will be sent home.

SEC Sets the Table for Stricter Rule 1085-1 Insider Trading Plans and Enhanced Disclosures for Company Repurchases

The public will have an opportunity to submit comments within 45 days after the proposed stock repurchase disclosure rules are published in the Federal Register.

PRA fines Standard Chartered Bank

The PRA’s investigation identified that SCB’s internal controls and governance arrangements underpinning its regulatory reporting in relation to the liquidity metric were not implemented or operating effectively.

Digital Markets Act to enter into trialogue negotiations

The European Parliament voted for stronger and centralised enforcement by the European Commission, in cooperation with national authorities.

JPMorgan Admits to Widespread Recordkeeping Failures and Agrees to Pay $125 Million Penalty to Resolve SEC Charges

Firm also agrees to implement significant improvements to its compliance controls

CBI Identifies MIFID Client Suitability Requirements Deficiencies

The Central Bank has initiated 36 risk mitigation programmes requiring individual Firms to take specific action to improve their client suitability frameworks.

Digital Services Act: MEPs vote for stricter rules on targeted advertising and content moderation

The Report by the Danish Social-democratic MEP, Christel Schaldemose, was adopted by 36 votes in favour, 7 against and with 2 abstentions.

UK restrictions on use of ‘red’ diesel from 1 April 2022

Businesses in the construction industry will no longer be able to use ‘red’ diesel from 1 April 2022 for most purposes.

MSG fined £1.5 million for anti-competitive non-compete clauses

The GCRA considers that this conduct had the potential to obstruct its investigation.

Financial Services and Banking News

The European Banking Authority (EBA) has published final report EBA/REP/2021/38 on a feasibility study of an integrated reporting system under article 430c CRR.

Appointed Representatives reforms – ‘strengthening’ of existing regime for now but more fundamental changes likely

This is a model used by around 3,600 principals and 40,000 ARs across a wide range of financial services markets.

Financial Services and Banking News

Ofcom should require internet service providers to conduct internal risk assessments

Cyprus revamps temporary permissions regime for British firms

Regulator set up the scheme in December 2020

Proposal to Amend the Alternative Investment Fund Managers Directive - A Closer Look

What follows is a brief overview of some of the key proposed amendments to AIFMD described in the EC Proposal.

CBI Calls On Fintech Firms To Undertake Regulatory Review

The letter sets out the CBI's expectations for the Firms and outlines specific actions for each Firm to take by 31 March 2022.

European Commision presents new digital strategy to modernise financial supervisory reporting

Today's strategy aims at tackling the challenges arising from the increased volume and complexity of the data required to oversee the financial system.

LIBOR transition - impact for trustees

In light of the discontinuation of LIBOR, trustees should ensure that, going forwards, interest rates are no longer linked to LIBOR for any new loan relationships.

NatWest fined £264.8 million for anti-money laundering failures

This is the first time the FCA has pursued criminal charges for money laundering failings.

Introducing Ucits VI: Legislative Proposals To Amend Ucit Regime

The Proposals also contain changes to the UCITS Directive, as considered in this update.

Government Regulation