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Topic: Regulation

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Global Asset Management Quarterly – new issue

The latest issue of our Global Asset Management Quarterly publication is now available. In this issue we cover: Europe European update EU/UK regulatory roundup United Kingdom Asset managers and the Task Force for Climate-related Financial Disclosures UK funds regime review Germany German Draft Fund Jurisdiction Promotion Act Australia Greenwashing: International initiatives taken to address the … Continue Reading

G20 – Communique of 2nd Finance Ministers and Central Bank Governors Meeting

On 7 April 2021, there was published an official communique following the second meeting of G20 Finance Ministers and Central Bank Governors under the Italian G20 Presidency. During the meeting the discussion spanned from issues covering the global economy, efforts to push forward the economic recovery and promoting more sustainable growth, to supporting the most … Continue Reading

Financier Worldwide Magazine feature – Regulatory futures: challenges and opportunities in 2021

Throughout 2020 and 2021, financial services firms have had to respond and adapt to a number of regulatory challenges in an unprecedented fashion. Firms now have to navigate a diverging regulatory landscape as a result of Brexit, at the same time as continuing to respond to an array of pandemic-related risks that have arisen. Nevertheless, … Continue Reading

FSB final report – evaluation of the effects of too-big-to-fail reforms

On 31 March 2021, the Financial Stability Board (FSB) published the final report on its evaluation of the effects of too-big-to-fail (TBTF) reforms for systemically important banks (SIBs). The evaluation examines the extent to which the reforms have reduced the systemic and moral hazard risks associated with SIBs, as well as their broader effects on … Continue Reading

Basel Committee issues principles for operational resilience and risk

On 31 March 2021, the Basel Committee on Banking Supervision issued Principles for operational resilience, designed to make banks better able to withstand, adapt to and recover from severe adverse events. The Basel Committee has also issued revisions to its Principles for the sound management of operational risks reflecting the natural relationship between operational resilience … Continue Reading

IIFM White Paper – Global Benchmark Rate Reforms and Implications of IBOR Transition for Islamic Finance

On 22 March 2021, the International Islamic Financial Market (IIFM) issued a White Paper ‘Global Benchmark Rate Reforms and Implications of IBOR Transition for Islamic Finance’. The White Paper is based on contributions from leading financial institutions, accounting firms, law firms (including Norton Rose Fulbright) and other market participants. Its purpose is to create awareness … Continue Reading

IOSCO final report on complaint handling and redress system for retail investors

On 27 January 2021, the International Organisation of Securities Commissions (IOSCO) issued a report, Complaint Handling and Redress System for Retail Investors, which provides a comparative analysis of informal complaint handling processes used by financial services providers and regulators, alternative dispute resolution and formal legal complaint handling for investors pursuing claims for money damages and … 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

US Federal Reserve joins NGFS and two new publications released

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

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

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

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 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

IOSCO final report – thematic review on consistency in implementation of money market funds reforms

On 20 November 2020, the International Organisation of Securities Commissions (IOSCO) published a diagnostic report analysing the events that occurred in the money market funds (MMFs) sector during the market turmoil in March 2020. At the same time, IOSCO has also published a thematic review assessing the implementation of selected IOSCO recommendations issued in 2012 … Continue Reading

FSB acts to address issues highlighted by March market turmoil

On 17 November 2020, the Financial Stability Board (FSB) published a letter from its Chair and two reports delivered to G20 Leaders ahead of their summit this week: Chair’s letter. The letter sets out three responses to financial stability vulnerabilities highlighted by the COVID-19 pandemic: (i) coming to a shared diagnosis – the market turmoil … Continue Reading

FSB releases guidance on CCP financial resources for resolution and announces further work

On 16 November 2020, the Financial Stability Board (FSB) published final guidance on financial resources to support central counterparty (CCP) resolution and on the treatment of CCP equity in resolution. Ensuring the availability of adequate resources and tools for CCP resolution and understanding the potential for certain resources and tools to have an adverse effect … Continue Reading

FSB publishes annual report on implementation and effects of financial regulatory reforms

On 13 November 2020, the Financial Stability Board (FSB) published its 2020 report on the implementation and effects of the G20 financial regulatory reforms. Key points in the report include: Greater resilience of major banks at the core of the financial system has allowed the system largely to absorb, rather than amplify, the macroeconomic shock … Continue Reading

FSB consults on regulatory and supervisory issues relating to outsourcing and third-party relationships

On 9 November 2020, the Financial Stability Board (FSB) issued a discussion paper on regulatory and supervisory issues relating to outsourcing and third-party relationships. The discussion paper is based on a survey that the FSB Standing Committee on Supervisory and Regulatory Cooperation (SRC) conducted among member jurisdictions on the existing regulatory and supervisory landscape relating … Continue Reading

FATF October 2020 plenary: impacts of Covid-19 on AML and CTF; considerations for near-term future FATF assessments; and focus on the financing of the proliferation of weapons of mass destruction

On 21 to 23 October 2020, the Financial Action Task Force (FATF) held its final quarterly plenary of 2020 as a virtual event. The discussions over three days mostly focussed on Strategic Initiatives reacting to the Covid-19 pandemic and progress made on country specific processes. The FATF also provided an update on their strategic focus … Continue Reading

Bribery and money laundering considerations for joint ventures

Introduction Whatever the legal form of a joint venture, the collaboration and joint participation in the JV’s business objectives can present an enhanced corruption risk. This is because in some circumstances, a company entering into a JV could be criminally liable for the corrupt actions of its JV partner, the JV itself, or third parties … Continue Reading

Doing business in the EU after the transition period

We have further updated our popular client briefing note ‘Doing business in the EU’ covering the temporary transitional relief measures EU27 Member States are implementing, if any, for the period after the transition period should the UK/EU not enter into a free trade agreement. For a copy of the updated briefing note please contact Simon … Continue Reading

Market Fragmentation: updates on ongoing work

On 14 October 2020, the Financial Stability Board (FSB) published a report providing an update on its ongoing work concerning market fragmentation. The report describes progress in the four areas identified in the June 2019 FSB Report on Market Fragmentation: (i) deference; (ii) pre-positioning of capital and liquidity; (iii) regulatory and supervisory coordination and information-sharing; … Continue Reading

FSB and IMF publish 2020 Progress Report on G20 Data Gaps Initiative

On 7 October 2020, the Financial Stability Board (FSB) and the International Monetary Fund (IMF) published their Fifth Progress Report – Countdown to 2021 in light of COVID-19 on the implementation of the second phase of the G20 Data Gaps Initiative (DGI-2). In October 2009, the FSB and IMF published ‘The Financial Crisis and Information … Continue Reading

IOSCO issues measures to reduce conflict of interests in debt capital raising

On 21 September 2020, the International Organization of Securities Commissions (IOSCO) published a final report containing guidance on potential conflicts of interest and associated conduct risks market intermediaries may face during the debt capital raising process. The guidance is in the form of nine measures. Each measure is designed to address one or more of … Continue Reading
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