On 14 November 2022, the Financial Stability Board (FSB) published ‘Financial policies in the wake of COVID-19: supporting equitable recovery and addressing effects from scarring in the financial sector’.
The final report considers exit strategies through the lens of financial stability and the capacity of the financial system to finance strong and
On 14 November 2022, HM Treasury published an updated advisory notice on money laundering and terrorist financing controls in high-risk third countries. The updated advisory notice follows the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No.3) Regulations 2022 which came into force on 7 November 2022 and substitutes the list of high-risk third countries
On 28 October 2022, the Bank of Italy (“BoI”) issued a communication (“Communication”) on Buy Now Pay Later schemes (“BNPL”) to draw the attention of consumers on the prevalent forms of BNPL on the Italian market, the related potential risks and the means of protections afforded to customers by
We have published a new briefing note, Spotlight on the Appointed Representatives regime: what you should be doing now. This briefing note follows our first briefing note on the revised Appointed Representatives regime.
In this briefing note, we have focussed on five key areas including where the FCA has revised its original consultation proposals.
On 11 November 2022, the Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 leaders ahead of their Summit in Bali on 15-16 November.
The letter sets forth that developments since the Rome Summit have been a stark reminder that global financial stability should not be taken for
October has been a busy month for regulators with both ASIC and APRA releasing their reports on the 2021/22 financial year. The chairs of both regulators, in addressing the House of Representatives, signalled their progress in the past year and their goals for the year ahead.
The month of October 2022 also saw both ASIC
On 8 November 2022, the Council of the EU adopted its general approach on the European Commission’s (Commission) legislative package on the implementation of the final Basel III standards.
The Basel III legislative package comprises of a:
In this episode, following the FCA’s interim 31st October deadline, Jonathan Herbst, Matthew Gregory, Joe Bamford and Iain Hawthorn focus on where firm’s should be now, and the key things they need to consider in taking forward their implementation plans for the new Consumer Duty. The discussion includes the steps that firms need to
On 7 November 2022, Sara Breeden (Executive Director, Financial Stability Strategy and Risk, Bank of England) gave a speech at the ISDA and AIMA on ‘Risks from leverage: how did a small corner of the pensions industry threaten financial stability?’
In her speech, Ms Breeden sets out how leverage outside the banking sector can create
On 8 November 2022, there was published in the Official Journal of EU the following regulatory technical standards (RTS) and implementing technical standards (ITS) supplementing the EU Crowdfunding Regulation: