The Securities and Futures Commission (SFC) has issued a circular reminding management companies and market makers[1] of SFC-authorized exchange traded funds[2] (ETFs) of their regulatory obligations. The SFC has expressed concerns that management companies and market makers of ETFs may not be sufficiently prepared to respond to operational disruptions
Following up on our past posts on the transition away from the London Interbank Offering Rate (“LIBOR”), and interbank offering rates (“IBOR”) denominated in other currencies, in this post, we discuss the agreement reached by the members of the Alternative Reference Rates Committee (“ARRC”) on a spread adjustment methodology for cash products referencing U.S. dollar
The Financial Conduct Authority (FCA) has published a statement on its website concerning the ability of financial advisers to get professional indemnity insurance (PII). PII is a requirement for a number of authorised persons under FCA rules.
The FCA writes that it is aware that insurers providing PII cover may seek
On 22 April 2020, the FCA published a new web page explaining that it had introduced certain temporary measures for firms submitting regulatory returns.
The FCA has extended the submission deadlines for the regulatory returns listed below. The extension applies for submissions that are due up to and including 30 June 2020.
SUP 16 handbook
On March 30, 2020, the SEC ordered its third ever whistleblower award to a compliance officer in the amount of $450,000.
In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, among other things provided for the payment of monetary awards under certain circumstances to whistleblowers whose tips to the SEC
On 21 April 2020, the Dutch Senate (Eerste Kamer) adopted the Act implementing the Fifth Anti-Money Laundering Directive (5MLD) (Implementatiewet wijziging vierde anti-witwasrichtlijn, the Act).
The Act implements 5MLD into Dutch law, primarily by amending the Act on the prevention of money laundering and financing of terrorism (
On 21 April 2020, the Dutch Minister of Finance submitted the Repair Act Financial Markets 2020 (Herstelwet financiële markten 2020, the 2020 Repair Act) to the Dutch Parliament. The 2020 Repair Act aims to repair deficiencies and omissions that have occurred in the implementation of European directives and regulations in the field
In an increasingly complex and fast-paced regulatory environment, financial services firms must remain responsive to a wide range of evolving areas, whilst ensuring compliance with new laws and regulation.
To help our clients stay up to date on regulatory change as it happens, we have created a new financial services regulation hub on the NRF
Set to take effect from June 2021, the Investment Firms Regulation (IFR) and Investment Firms Directive (IFD) will make significant alterations to the framework governing investment firms. To help our financial services clients navigate the implications of the new prudential regime, we have created an IFR transition hub on the NRF Institute. For further information
On 20 April 2020, the FCA updated its COVID-19 web page providing further information on how firms can comply with requirements to ensure that their employees complete appropriate qualifications during the COVID-19 pandemic.
The web page explains: