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FCA proposing changes to streamline decision-making

This will give greater responsibility for decisions to senior members of FCA staff close to the matters.

Ireland Update: Imposing Pay Cuts without Employee Consultation or Consent

This may be due the general level of acceptance by staff that pay cuts were unavoidable given the unprecedented circumstances.

Implications of the BVI Data Protection Act for Investment Funds

The remainder of this note focuses on the specific effect of the Act on investment funds.

HM Treasury Initiates Post-Brexit Review of the UK’s AML and CTF Regime

The planned amendments to the MLRs 2017 by virtue of the SI are either “time-sensitive” or “relatively minor” and were proposals for change that were already in development.

Ireland Update – Publication of initial draft legislation on the Individual Accountability Framework

As this bill progresses through the Irish legislative process, we will provide further updates on any developments in relation to this individual accountability framework.

ESMA’s report on marketing requirements and communications under the regulation on cross-border distribution of funds

Interestingly, the rules relating to marketing by third country AIFMs and registered AIFMs are also included in some of the responses.

FCA Business Plan 2021/22: A new era of assertiveness for the UK regulator

Newgate Compliance (an Ocorian owned company) Managing Director, Traci Pham and Senior Consultant, Jay Pyne summarise the key points and what firms can do to plan ahead.

The Bank of England’s new resolution publications

The former will be of particular interest to mid-sized firms forecasting total assets in excess of £15bn

Hong Kong Proposes Climate Risk Management Guidelines for Banks

In this Legal Update, we highlight key aspects of the Draft Guidelines and takeaways for AIs considering how to approach these new proposals in Hong Kong.

Financial Regulation: Daily Update

The European Union Agency for the Cooperation of Energy Regulators (ACER) has published the 6th edition of its guidance on the application of the Regulation on wholesale energy market integrity

The International Stock Exchange - new Listing Rules

In order to increase TISEA's competitive position in respect of bonds issued under programmes, lifetime fees will be charged which will vary according to specific circumstances.

Central Bank of Ireland Issues Revised AML and CFT Guidelines: Key Changes

The CBI has made a number of key changes to Chapter 6 on 'Governance', placing the main focus on the board's responsibility in ensuring effective governance and AML / CFT compliance.

Consumer protection: UK proposals point to increased enforcement risk

The proposals form part of a broader package of reforms, which include a number of planned changes to the UK’s competition law regime.

The UK competition and merger control frameworks are set to change

The government is now consulting on its proposals to take forward some of the recommendations raised previously.

Updates to European Facilities Agent Requirements

As a result of the pending regulatory updates, this function can now be performed by a single entity, without the need to appoint multiple agents in each relevant member state.

Laundering of funds misappropriated from the Russian Treasury: closure of proceedings and partial forfeiture of assets

The forfeiture of a sum equivalent to more than CHF 4 million has, however, been ordered.

IOSCO consults on ESG Ratings and Data Providers

To inform its work, IOSCO undertook a fact-finding exercise that revealed, amongst other risks and challenges, a lack of transparency about the methodologies underpinning ratings or data products and an often uneven coverage of products offered across ind

Pensions and Climate change: the Pensions Regulator’s draft guidance

The DWP consultation on this statutory guidance has prompted tPR to produce its own, covering both its monetary penalties policy (as applied to non-compliance with the Regulations) and on the steps tPR expects schemes to take and report on in their annua

Trust Essentials: July 2021

The past year has been a difficult and unsettling one for many.

Ireland Update: Gender Pay Gap Information Act 2021

These requirements are likely to apply from 2022.

Government Regulation