04/25/2022
CASS Compliance: The importance of good governance
The FCA frequently discuss these two dimensions in public enforcements cases they issue.
Government Regulation
04/25/2022
FCA gives a nod to greater diversity on boards
In addition, amendments have been made to the language used for the targets in relation to ethnic minority background and provide that "Other ethnic group" includes Arab.
04/24/2022
Financial Regulation: Daily Update
In terms of next steps, the FCA says it will continue to monitor firms' compliance with their anti-money laundering (AML) obligations; the regulator also sets out a number of actions for challenger banks.
04/24/2022
FCA review finds weaknesses in some challenger banks’ financial crime controls
Challenger banks aim to compete with traditional high street banks using smarter technology and more up-to-date IT systems.
04/22/2022
UK consumer law enforcement powers to be bolstered
The paper further details forthcoming changes to UK competition and merger control laws and follows a consultation on possible reform last year.
04/22/2022
Central Bank of Ireland makes changes to controlled function roles for financial firms
The CBI has also created another new standalone role, that of head of anti-money laundering and counter terrorist financing compliance (PCF-52). This is in addition to the existing role of head of compliance (PCF-15).
04/22/2022
Cyprus announces expansion of responsibilities of the Financial Sanctions Advisory Committee
The examination of requests in relation to the wrongful freezing of funds at credit institutions.
04/22/2022
UAE’s new whistleblowing regime ‘significant and positive’ step for employees
“The new regime is significant and positive and takes the DIFC and the UAE further in the journey to create an environment of transparency and accountability.”
04/22/2022
Negligence case offers guide for settlement and contribution claims
Contribution claims are provided for under the Civil Liability (Contribution) Act 1978.
04/22/2022
New Laws Targeting Assets of Russian Oligarchs: The U.S. Announces Task Force KleptoCapture and the Kleptocracy Asset Recovery Rewards Program
Task Force KleptoCapture will operate out of the Office of the Deputy Attorney General, but will also include agents and analysts from numerous law enforcement agencies.
04/22/2022
Singapore: Updated conditions of Sections 13O and 13U applications for family offices
The MAS has revised the conditions for tax incentive scheme applications
04/22/2022
US SEC’s Climate Risk Disclosure Proposal Likely to Face Legal Challenges
Though some companies voluntarily report climate-related information, currently there are not any standardized requirements imposed by the SEC.
04/22/2022
Establishing A Regulated Fintech Firm In Ireland
This includes project management, application submission and support, and regulatory advice.
04/22/2022
Registering and managing a trust – do the new rules apply to you?
The new regulations mean that most UK express trusts must now register unless specifically excluded.
04/21/2022
Snapshot: Cayman Grand Court considers section 238 valuation date and impact of PRC laws on discovery obligations
At an initial directions hearing, the Court was required to determine inter alia
04/21/2022
UK and EU competition authorities launch first parallel dawn raids since Brexit
Alongside the dawn raids, the Commission also sent formal requests for information to several companies active in the automotive sector.
04/21/2022
SEC Rule Proposal Seeks to Clarify “Dealer” Definition for Persons Engaging in Liquidity-Providing Activities
Proposed Rules would establish three (3) qualitative standards designed to require registration of market participants who engage in a routine pattern of buying and selling securities
04/21/2022
Enforcement Guidelines and administrative fines – CRS and economic substance
The TIA will exercise its enforcement powers in a manner which is reasonable, transparent, lawful, rational and proportionate.
04/21/2022
Competition authorities in Europe respond to Ukraine crisis
No formal exemptions from competition law have been introduced by the ECN
04/21/2022
FCA launches bespoke support service for innovative financial services firms
The FCA said the service was for authorised firms