December 2021

Like the US Department of Justice, Congress is sharpening its focus on lenders and FinTech companies who facilitated pandemic-relief programs. In the latest development, the United States House Select Subcommittee on the Coronavirus Crisis issued letters to two companies demanding documents and responses to specific questions. It is clear that investigations into pandemic-relief fraud are accelerating, and it appears the Department of Justice is not alone in setting its sights on lenders and their FinTech partners. Businesses and individuals in the financial industry now must be prepared for congressional investigations.

Another episode of RT Plus is out now to stream and download. In this episode we are delighted to be joined by UK Finance’s Director of Strategy and Policy, Matthew Conway, for a lively discussion on the Treasury’s latest consultation paper on the Future Regulatory Framework Review.

In this episode, Jonathan Herbst and Matthew Gregory…

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here.

Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has…

On 8 December 2021, Edwin Schooling Latter, Director of Markets and Wholesale Policy and Wholesale Supervision at the Financial Conduct Authority (FCA), delivered a speech at Risk.net’s LIBOR telethon.

Highlights from the speech include:

  • The FCA’s March 2021 Dear CEO letter outlines the regulator’s expectations for regulated firms to meet milestones and targets

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On 10 December 2021, the European Banking Authority (EBA) launched a public consultation on draft guidelines on the use of remote customer onboarding solutions.

The draft guidelines have been developed in response to the European Commission’s request in the context of its Digital Finance Strategy, published in 2020. They are also in line…

On 10 December 2021, the PRA and the FCA co-published a Dear CEO letter concerning a supervisory review of global equity finance businesses. The annex to the Dear CEO letter sets out the PRA’s and FCA’s main observations and expectations for these businesses in the following areas: business strategy and organisation; onboarding and reputational risk;…

On 10 December 2021, the Financial Stability Board (FSB) launched an online survey as part of its work under Building Block 6 of the Roadmap for enhancing Cross-border Payments. The FSB intends to use the survey to gather stakeholders’ feedback in order to better understand how requirements applicable to data could affect (either…

On 10 December 2021, there was published on legislation.gov.uk The Financial Services and Markets Act 2000 (Consequential Amendments of References to Rules) Regulations 2021. This instrument is made under section 141A(2) of the Financial Services and Markets Act 2000. It makes amendments to update references in legislation to rules made by the Prudential Regulation…