On 27 April 2022, the European Banking Authority (EBA) issued a statement setting out what financial institutions and their supervisors can do to provide access to refugees from Ukraine to the EU’s financial system. It also sets out what financial institutions and supervisors can do to protect vulnerable persons from abuse by criminals and calls
The Canadian federal government is bolstering Canada’s anti money laundering (AML) regime by bringing forward plans to introduce a beneficial ownership registry in 2023.
A beneficial ownership registry would require corporations to register and verify the identity of companies’ beneficial owners, making it more difficult to use shell companies to conceal criminal activity.
The need
On 25 April 2022, the Financial Conduct Authority (FCA) updated its webpage concerning the Benchmark Regulation and its powers, policy and decision-making.
The FCA has added a ‘Next steps’ section in which it reports that it will be seeking views on retiring 1-month and 6-month synthetic sterling LIBOR at the end of 2022, and on
On 26 April 2022, the Financial Conduct Authority (FCA) published a speech by its CEO, Nikhil Rathi, entitled Critical issues in financial regulation: The FCA’s perspective.
In a wide-ranging speech, Mr Rathi touches on the following:
On 26 April 2022, the Bank of England published a speech by Sam Woods (Deputy Governor for Prudential Regulation and CEO of the PRA) entitled Bufferati.
In his speech, Mr Woods covers the debate currently going on amongst regulators about ‘buffer usability’ and the extent to which banks are in reality willing and able
On 26 April 2022, the Financial Conduct Authority (FCA) launched Early and High Growth Oversight, which provides enhanced supervision for newly authorised firms. The FCA will offer their support as firms get used to their regulatory status and understand their obligations to ensure they align with the FCA’s standards. It also allows the FCA
On 26 April 2022, the European Central Bank (ECB) issued FAQs on the Russia-Ukraine war and ECB Banking Supervision.
The FAQs cover a number of issues including:
On 26 April 2022, there was published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2022/676 of 3 December 2021 supplementing the Capital Requirements Regulation with regard to regulatory technical standards specifying the conditions in accordance with which consolidation is to be carried out in the cases referred to in Article 18(3)
The pandemic, and the associated move to hybrid working, and the current geopolitical environment are creating a number of unique governance challenges for regulated firms across the financial services industry. Whilst regulators understand the broader backdrop that firms face, they have also remained clear throughout that firms must take reasonable steps to meet their regulatory
On 25 April 2022, the European Commission published the text of Commission Delegated Regulation (EU) of 11 April 2022 supplementing the Investment Firm Regulation with regard to regulatory technical standards (RTS) for own funds requirement for investment firms based on fixed overheads.
The draft RTS: