A non-US bank launching a presence in the United States must ensure that its anti-money laundering (“AML”) policies and procedures meet the many US AML requirements, including comprehensive compliance programs, suspicious transaction reporting, and due diligence on prospective customers.
In the latest edition of Norton Rose Fulbright’s Business ethics and anti-corruption: Asia Pacific insights,
The Basel Committee of the Bank for International Settlements recently issued guidelines discussing the supervisory tools that should be available to banking supervisors to help them identify and deal with the weaknesses at banking organizations.
Kathleen A. Scott wrote a recent column in The New York Law Journal that compares the general supervisory tools U.S.
The Bank of England (BoE) has set out the timetable for the publication of the UK stress test results, which assesses the resilience of the UK banking system to a deterioration in global economic conditions.
The BoE has received firms’ initial stress testing submissions and is in the process of analysing the results. The Financial Policy Committee and the PRA Board will discuss that analysis over the autumn, with the final decisions on the results of the stress tests to be made by both committees on 30 November 2015. The UK stress test results will be published alongside the Financial Stability Report on 1 December 2015.
The Hedge Fund Standards Board (HFSB) has added a cyber security memo to its Toolbox, which complements the HFSB’s standard-setting activities.
The cyber security memo notes that cyber security has become an increasingly prominent focus of the industry and that regulators are taking a strong interest in understanding and assessing regulated firms’ resilience to cyber
The European Securities and Markets Authority (ESMA) has published its final report on draft regulatory technical standards (RTS) on the European Electronic Access Point (EEAP).
The objective of the EEAP is to provide an easy search and access tool for end-users looking for regulated information, such as annual reports, major shareholdings etc., on issuers admitted
The US Deputy Attorney General, Sally Quillian Yates, recently released a memorandum (Yates Memo) in which she outlined a new strategy to help combat corporate fraud and other wrongdoing. The strategy? Seeking accountability from the individuals who perpetrated the wrongdoing. The Yates Memo, however, acknowledges that pursuing individuals has in the past proved
The FCA has published Policy Statement 15/23: Consumer credit – feedback on CP15/6 and final rules and guidance (PS15/23).
In PS15/23 the FCA sets out its response to the feedback it received to its February 2015 Consultation Paper 15/6: Consumer credit – proposed changes to our rules (CP15/6) and publishes final rules and guidance.
In
The European Securities and Markets Authority (ESMA) has published a consultation paper on the regulatory technical standards on the European Single Electronic Format (ESEF).
The ESEF relates to a requirement in the Transparency Directive for issuers with securities listed on regulated markets to provide investors with annual financial reports (AFR). The Transparency Directive requires issuers
On 25 September 2015, the Financial Stability Board (FSB) met in London to discuss the progress in its ongoing work plan. Amongst other things, the FSB discussed:
