On 24 August 2022, the Bank of England (BoE) published a Policy Statement setting out its final policy in relation to adding overnight index swaps (OIS) that reference the Secured Overnight Funding Rate (SOFR) to the scope of contracts subject to the derivatives clearing obligation (DCO) and
On 24 August 2022, the FCA launched a new webpage announcing that it has launched a diversity, equity and inclusion (DEI) spotlight initiative. The initiative aims to encourage firms developing innovative products, focused in the DEI space, to work with the FCA’s innovation services.
The FCA is mindful that the financial wellbeing of
On 23 August 2022, the FCA announced that it is establishing a new advisory committee to the FCA’s Board to work on Environmental, Social and Governance (ESG) issues, and is looking for expressions of interest from stakeholders to join.
Earlier this year, the FCA Board decided to establish a brand new ESG Advisory
On 23 August 2022, the Wolfsberg Group published best practice guidance on requests for information (RFIs) initiated as a result of transaction monitoring.
An RFI is used when a correspondent (or any other provider of payment services) is seeking to understand the background of a transaction that has been processed through an account
Our latest episode of Regulation Tomorrow Plus is now available to stream and download on ‘Apple podcasts‘ and ‘Spotify‘
In this podcast Katie Stephen, Co-Head of our Contentious Financial Services Group in London, and Celia Cohen, Co-Head of Financial Institutions in the United States, discuss the key regulatory risks for financial
We have published a new webpage on the Norton Rose Fulbright website containing our materials to help firms prepare for the new Consumer Duty. The webpage can be found here.
In particular, the webpage contains our new briefing note The FCA’s Consumer Duty: New milestones for firms ahead of implementation which includes details of
On 19 August 2022, the FCA updated its webpage regarding Policy Statement 22/11: ‘Improving the Appointed Representatives regime’.
The FCA has added new text under the heading ’Next Steps’. The full section now reads:
The changes will take effect on 8 December 2022. Principals should read our updated rules and expectations and take any necessary
On 19 August 2022, the Financial Conduct Authority (FCA) published a press release warning Buy Now Pay Later firms about misleading adverts.
The FCA has warned firms that offer Buy Now Pay Later (BNPL) products that although some agreements are unregulated, the financial promotions of all BNPL products must comply with
Introduction
On 19 August 2022, the European Securities and Markets Authority (ESMA) published its response to the European Commission’s consultation on the regime applicable to the use of benchmarks administered in a third country.
Earlier consultation
The consultation covered the topic of the continued use by supervised entities of third country benchmarks and
Canada’s Special Economics Measure Act (SEMA) provides the Government of Canada the authority to impose sanctions on foreign jurisdictions and persons. Since February 24, 2022, Canada has frequently amended the SEMA (Russia) Regulations (SOR/2014-58) (and other regulations enacted under SEMA), to list a significant number of individuals and entities as “designated persons”, thereby imposing a