In summer 2024, the Prudential Regulation Authority (PRA) published a Consultation Paper, CP11/24, on International firms: Updates to Supervisory Statement (SS5/21) and branch reporting. CP11/24 is key to understanding the booking models that the PRA will accept and reflects the debates which the branches of European banks have had in
In our latest Global Regulation Tomorrow Plus podcast, Matthew Gregory, Joe Bamford, Hishaam Khan and Anita Edwards discuss the first annual governing body report, and the governing body’s obligations with respect to it, under the FCA’s Consumer Duty rules. Firms are required to have prepared the report by 31 July 2024, and in this podcast
In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on the key regulatory issues they are seeing in their local market. In this third episode James Morris from our Sydney office discuss what they are seeing in the Australian market touching on reforms to payment systems regulation, buy now pay
On 31 October 2023, the Financial Action Task Force (FATF) published a public consultation on FATF Risk-Based Guidance to Recommendation 25.
At the February 2023 Plenary, the FATF agreed on enhancements to Recommendation 25 on legal arrangements to bring its requirements broadly in line with those for Recommendation 24 on legal persons
On 12 September 2023, the Financial Markets Standards Board (FMSB) published a compendium: Precious metals market evolution.
This compendium consolidates insights from three distinct spotlight reviews considering the potential evolution of precious metals markets. It outlines opportunities for enhancement and offers suggestions for heightening market transparency and efficiency.
The compendium looks at
Global businesses are operating in an ever-changing and increasingly complex regulatory landscape. It is of vital importance that these businesses can manage implementation and regulatory change programmes effectively, on a global basis.
In our latest briefing note, we set out some practical steps for firms looking to manage global implementation and change projects in rule-mapping
On 5 July 2023, the Financial Markets Standards Board (FMSB) published a spotlight review on data and transparency in precious metals markets.
This review is the third in a series of spotlight reviews by FMSB members that also cover precious metals market structure and post-trade.
This review focuses on:
In this edition of Regulation Around the World we review the position regarding beneficial ownership registers which has come into the spotlight following work by the Financial Action Task Force and the introduction of reforms in a number of jurisdictions. Identifying beneficial owners has always been a difficult task for both regulators and financial institutions
On 29 November 2022, the Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) published a report, ‘Implementation monitoring of the Principles of financial marketing infrastructures (PFMI): level 3 assessment on financial market infrastructures’ cyber resilience’.
In April 2012, the CPMI and
We recently published a blog reporting on governance considerations for regulated firms in relation to Russian sanctions. As the sanctions landscape continues to evolve, impacted firms operating in different jurisdictions are grappling with overlapping and differing requirements, and global firms will need to ensure a coordinated approach across their operations. We have set out below