Africa

Special Q&A report for Financier Worldwide Magazine: AML and sustainable compliance

AML as a focus area and point of discussion for many companies will never fade. If anything, the increasing pressure on companies and the expanding list of companies which are caught or impacted by global legislative AML changes means that many will need to continually assess if their AML frameworks are not only adequate but … Continue Reading

Part II: Navigating the US presidential transition – cross-border business and regulatory perspective

By Samuel Ramer (US) and Kevin Harnisch (US) on January 15, 2021 Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Seminars and webinars, Seminars, webinars and podcasts, The Netherlands, United Arab Emirates, United Kingdom, United States

United States | January 26, 2021 | 10:00 am ET | 3:00 pm GMT In the second installment of our post-election webinar series, George E. Pataki, former Governor of New York, and Sam Ramer, former Senior Associate Counsel to President Trump, will consider the latest developments regarding the US presidential election. With one party now … Continue Reading

Financial Crime Outlook: 2021 and beyond

By Clarinda Grundy, Wilson Ang (SG), Sun Hong, Lisa Lee Lewis (UK), Kathleen Scott (US), Daniel Leslie (CA) and Jeremy Moller on January 14, 2021 Posted in Africa, Asia, Australia, Canada, Germany, Italy, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, The Netherlands, United Arab Emirates, United Kingdom, United States

Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Norton Rose Fulbright’s financial crime compliance specialists, located in … Continue Reading

The Regulation Tomorrow Podcast – back in February 2021

By Arup Sen and Simon Lovegrove (UK) on January 5, 2021 Posted in Africa, Asia, Australia, Canada, Germany, Italy, Seminars, webinars and podcasts, The Netherlands, United Arab Emirates, United Kingdom, United States

The Regulation Tomorrow Podcast will be back in February 2021 with episode 4. To listen to episode 3, where we discussed Brexit, vulnerable customer initiatives and also gave an enforcement update, please click here. The Regulation Tomorrow Podcast is available to download and subscribe to on Apple Podcasts, iTunes and Soundcloud. We are keen to … Continue Reading

Merry Christmas and a Happy New Year to our readers

By Simon Lovegrove (UK), Jonathan Herbst (UK), Hannah Meakin (UK), Katie Stephen (UK) and Imogen Garner (UK) on December 22, 2020 Posted in Africa, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year. We will resume posting material on the UK page following the festive period on 4 January 2021 although if there are any significant developments we will endeavour to provide an … Continue Reading

FSB global report on non-bank financial intermediation

On 16 December 2020, the Financial Stability Board published its latest global monitoring report on non-bank financial intermediation. The report presents the results of the annual FSB monitoring exercise to assess global trends and risks in non-bank financial intermediation (NBFI), covering 29 jurisdictions that account for 80% of global GDP. The annual monitoring exercise focuses … Continue Reading

FATF update on COVID-19 related money laundering and terrorist financing risks

By Lisa Lee Lewis (UK) and Weronika Sowa on December 18, 2020 Posted in Africa, Asia, Australia, Canada, Germany, Italy, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, The Netherlands, United Arab Emirates, United Kingdom, United States

On 16 December 2020, the Financial Action Task Force (FATF) published a paper providing entities with additional information on COVID-19 related money laundering and terrorist financing risks. The paper covers both changes in predicate offences and changes in money laundering and terrorist financing activity. It provides selected case studies, displaying criminal activity that has occurred … Continue Reading

US Federal Reserve joins NGFS and two new publications released

By Daniel Nevzat (UK) on December 16, 2020 Posted in Africa, Asia, Australia, Canada, ESG, ESG, ESG, ESG, Germany, Italy, Regulation, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulatory Compliance, United Arab Emirates, United Kingdom, United States

On 15 December 2020, the Network for Greening the Financial System (NGFS) announced the following new members: US Federal Reserve System, Central Bank of Paraguay, Financial Regulatory Authority of Egypt, Financial Services Authority of Indonesia, Central Bank of Iceland, Polish Financial Supervision Authority, Central Bank of Uruguay and the European Securities and Markets Authority. The … Continue Reading

Basel III monitoring results based on end-December 2019 data published by the Basel Committee

By Simon Lovegrove (UK) on December 11, 2020 Posted in Africa, Asia, Australia, Canada, Capital adequacy, Capital adequacy, Capital adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 10 December 2020, the Basel Committee on Banking Supervision issued the results of its latest Basel III monitoring exercise, based on data as of 31 December 2019. The report sets out the impact of the Basel III framework that was agreed in 2010 as well as the effects of the Basel Committee’s finalisation of … Continue Reading

FSB paper – Continuity of access to FMIs for firms in resolution: Informal summary of outreach and Q&A

On 9 December 2020, the Financial Stability Board (FSB) issued a paper setting out the answers to questions raised at a virtual outreach meeting which sought to provide stakeholders with further information concerning the questionnaire that was published in August for gathering information about continuity of access to financial market infrastructures (FMIs) for firms in … Continue Reading

Regulation Tomorrow Podcast – Episode 3 out now

By Jonathan Herbst (UK), Katie Stephen (UK), Helen Taylor (AU), John Coley (UK), Sonya Zywko (UK), Simon Lovegrove (UK) and Arup Sen on December 11, 2020 Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Seminars, webinars and podcasts, The Netherlands, United Arab Emirates, United Kingdom, United States

Episode 3 of the Regulation Tomorrow Podcast is out now. In this month’s episode we catch up on Brexit with Jonathan Herbst, we take a global look at vulnerable customer initiatives with John Coley from the Risk Consultancy practice in London and Helen Taylor from Sydney, and we speak to Katie Stephen and Sonya Zywko … Continue Reading

Conduct Healthcheck | Find out more in our latest video

By John Coley (UK) and Iain Hawthorn on December 11, 2020 Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Risk consulting, The Netherlands, United Arab Emirates, United Kingdom, United States

Last week our Risk Consulting team launched the Conduct Healthcheck, a new product which will provide retail financial institutions with practical insights, analysis and guidance, helping them to navigate the conduct challenges and risks they are facing in respect of the pandemic. To find out more about the Conduct Healthcheck, watch our short video in which … Continue Reading

DeFi: Insurance / Alternative Risk Coverage

By Charlotte Rowlandson on December 8, 2020 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Germany, Italy, The Netherlands, United Kingdom, United States

In this series of blogposts, we explore some of the main types of decentralised finance (DeFi) applications (dApps), and key areas of legal risk that may be of particular relevance for that type of application or product. In this second blogpost in the series, we consider the nature of tokenised insurance or alternative risk coverage … Continue Reading

IOSCO consultation on market data in the secondary equity markets

On 3 December 2020, the International Organisation of Securities Commissions (IOSCO) issued a consultation report on market data in the secondary equity markets. The consultation report describes several issues relating to market data in equity markets and asks for industry views on both the issues and possible solutions. These issues include: What market data is … Continue Reading

OTC Derivatives Market Reforms – 2020 Note on Implementation Progress

By Hannah Meakin (UK) on December 4, 2020 Posted in Africa, Asia, Australia, Canada, Clearing and settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 3 December 2020, the Financial Stability Board (FSB) published a note regarding the progress made in implementing the over-the-counter (OTC) derivatives market reforms. The key message in the note is that overall implementation of the G20’s OTC derivatives reforms is well advanced, but there has been limited progress since October 2019 across Financial Stability … Continue Reading

Monthly Global FinTech regulatory updater

By Hannah Meakin (UK) on December 4, 2020 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

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 brought … Continue Reading

UNEP FI draft guidance document – reporting on the principles for responsible banking

By Simon Lovegrove (UK) on December 4, 2020 Posted in Africa, Asia, Australia, Canada, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

The United Nations Environment Programme Finance Initiative (UNEP FI) is a partnership between UNEP and the global financial sector to mobilize private sector finance for sustainable development. The Principles for Responsible Banking (PRB) are a unique framework for ensuring that signatory banks’ strategy and practice align with the vision society has set out for its … Continue Reading

Navigating the US presidential transition: Cross-border business and regulatory perspective

By Jonathan Herbst (UK) and Samuel Ramer (US) on December 3, 2020 Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Seminars, webinars and podcasts, The Netherlands, United Arab Emirates, United Kingdom, United States

On the 10th December we will be holding the first in a two-part webinar series which will see George E. Pataki, former Governor of New York and Sam Ramer, former Senior Associate Counsel to President Trump, discuss the latest developments regarding the US presidential election and what policies we can expect from the new administration … Continue Reading

Conduct Healthcheck | Take our questionnaire

By John Coley (UK) and Iain Hawthorn on December 1, 2020 Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Retail, Retail, Retail, Retail, Retail, Risk consulting, The Netherlands, United Arab Emirates, United Kingdom, United States

The global pandemic has brought the importance of good conduct and fair customer outcomes firmly into the spotlight. Whilst this principle is clear, how to interpret it effectively across different sectors, customer service arrangements and delivery models can be challenging. Businesses have also had to rapidly adapt to the broad and growing range of guidance … Continue Reading

Capital treatment of securitisations of non-performing loans

On 26 November 2020, the Basel Committee on Banking Supervision published a technical amendment ‘Capital treatment of securitisations of non-performing loans’. The technical amendment closes a gap in the Basel framework by setting out prudent and risk sensitive capital requirements for non-performing loan securitisations. The Basel Committee has agreed to add the following elements to … Continue Reading

Global comparative guide – Senior management responsibility in financial services

We have updated our cross border comparative guide on individual accountability which is located on the NRF Institute. The comparative guide, Senior management responsibility in financial services, allows clients to better understand how senior management responsibility in different types of financial services firm other than insurers is being treated in different jurisdictions around the world. … Continue Reading

FSB examines financial stability implications of climate change

By Simon Lovegrove (UK) on November 24, 2020 Posted in Africa, Asia, Australia, Canada, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 23 November 2020, the Financial Stability Board (FSB) published a report that discusses the potential implications of climate change for financial stability. It investigates channels through which climate-related risks might impact the financial system. The report: Sets out the ways in which physical and transition risks from climate change can affect financial stability, as … Continue Reading

Leaders’ Declaration – G20 Riyadh Summit

On 22 November 2020, the G20 leaders issued a declaration following their summit in Riyadh on 21 – 22 November 2020. Paragraphs 16 to 18 of the declaration cover financial sector issues. Key points include: The pandemic has reaffirmed the need to enhance global cross-border payment arrangements to facilitate cheaper, faster, more inclusive and more … Continue Reading

FSB sets out progress on interest rate benchmark reform

On 20 November 2020, the Financial Stability Board (FSB) published a progress report on implementation of reforms to major interest rate benchmarks. Among other things the report notes: Production of LIBOR cannot be guaranteed after the end of 2021. The administrator of LIBOR, ICE Benchmark Administration, has recently announced that it will consult on its … Continue Reading