The Office of the Superintendent of Financial Institutions (OSFI) has issued proposed revisions (the Revisions) to certain chapters of the Liquidity Adequacy Requirements (LAR) guidelines. The LAR set out the framework that Canadian deposit-taking institutions (DTIs) must follow to mitigate the risk of a stressed environment leading to insufficient
New virtual currency bills introduced in the U.S. Congress
Two new bills were introduced in the U.S. House of Representatives at the end of January aimed at recommending possible legislative changes to regulate and promote virtual currencies, also known as cryptocurrencies. The first bill, H.R. 922, Virtual Currency Consumer Protection Act of 2019 aims to promote fair and transparent virtual currency markets by examining
UK regulators issue near final rules for no-deal Brexit
On 28 February 2019, the FCA, PRA and Bank of England (BoE) (collectively, the Regulators) published a number of policy documents following on from their Autumn 2018 consultations, on their respective approaches to a hard Brexit.
FCA: Brexit Policy Statement: Feedback on CP18/28, CP18/29, CP18/34, CP18/36 and CP19/2
The FCA has provided
Global Asset Management Quarterly
The latest issue of Global Asset Management Quarterly is now available here.
In this issue we cover:
- UK and European overview
- Brexit: Financial Services Contracts Regime
- Brexit: EU Level 3 measures
- London financial services team client briefing: buy-side focus
- FCA Asset Management Market Study: FCA tightens the rules further
- VAT: Apportionment of a single
Government wins House of Commons votes
On 27 February 2019, the House of Commons voted on amendments to the motion:
“That this House [the House of Commons] notes the Prime Minister’s statement on Leaving the European Union of 26 February 2019; and further notes that discussions between the UK and the EU are ongoing.”
The voting follows the Prime Minister’s announcement
HM Treasury advisory notice on money laundering and terrorist financing controls in overseas jurisdictions
On 26 February 2019, HM Treasury has published an updated advisory notice regarding the risks posed by unsatisfactory money laundering and terrorist financing controls in a number of jurisdictions.
The advisory notice briefly sets out the requirement to apply Enhanced Due Diligence (EDD) for higher risk jurisdictions and attaches as annexes the two statements that
FCA updated guidance on EU departure preparations
On 27 February 2019, the FCA published updated information concerning Brexit.
Specific information is available for firms operating in the UK in five key sectors:
- banking and payments. The FCA states that UK firms should ensure that they have contingency plans for a range of scenarios, including the risk that the UK will no
Investment firms: Presidency and Parliament agree on a new regulatory and supervision framework
On 26 February 2019, the Presidency of the Council of the EU announced that provisional agreement had been reached with the European Parliament on the legislative proposals for a new prudential regime for investment firms.
The press release makes the following points:
- investment firms will be subject to the same key measures in the CRD
SEC takes aim at digital tokens and smart contracts
On the heels of the first-ever judicial holding this past summer that a cryptocurrency could qualify as a “security” under federal securities laws, the Securities and Exchange Commission (SEC) has brought a wave of new enforcement actions targeting blockchain-based digital token ventures under a variety of provisions in the securities laws.
In a recent New
Latest issue of Global Asset Management Quarterly now available
Issue 11 of our Global Asset Management Quarterly is now available. You can also register to automatically receive each issue as it is released.
This publication highlights key developments that will be of interest to, and affect, our asset management clients, including market trends and developments in tax and buy-side regulation globally.
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