Australia

FSB and Basel Committee set out supervisory recommendations for benchmark transition

On 9 July 2020, the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (Basel Committee) issued a report on supervisory issues associated with benchmark transition. The report includes insights on remaining challenges to LIBOR transition based on surveys undertaken by the FSB, the Basel Committee and the International Association of Insurance Supervisors. … Continue Reading

Basel Committee publication: Targeted revisions to the CVA risk framework

On 8 July 2020, the Basel Committee on Banking Supervision (Basel Committee) published a paper setting out the final targeted revisions to the credit valuation adjustment (CVA) risk framework. In January 2019 the Basel Committee published the revised market risk framework. In November 2019 the Basel Committee consulted on a set of targeted final revisions … Continue Reading

Last chance to take part – Global operational resilience survey

Operational resilience, which has risen to increased prominence over recent years, has been brought into even sharper focus following the outbreak of COVID-19. Our risk consulting team is carrying out a survey to explore how financial institutions are managing their crisis response planning and preparedness in the event of severe operational disruption, particularly leading up … Continue Reading

FATF reports on stablecoins and virtual assets

By Simon Lovegrove (UK) on July 8, 2020 Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, The Netherlands, United Arab Emirates, United Kingdom, United States

On 7 July 2020, the Financial Action Task Force (FATF) issued a report to G20 Finance Ministers and Central Bank Governors regarding stablecoins. The June 2019 revisions to the FATF Standards place anti-money laundering and counter-terrorism financing (AML/CFT) requirements on virtual assets and virtual asset service providers (VASPs). The FATF report finds that stablecoins share … Continue Reading

Financial services monthly wrap-up: June 2020

By Jon Ireland, Ray Giblett (AU), Matthew Farnsworth (AU), Stephen Putnins and Anjelica Balis on June 30, 2020 Posted in ASIC, Asset Management, Australia, Financial Services, funds management, Regulators, Regulatory Compliance

In June 2020, the Australian regulators continued to recalibrate their priorities and responses due to the ongoing impact of the COVID-19 pandemic. In particular, ASIC released reports putting investment funds ‘on notice’ to correct advertising and disclosure, as well as warning consumers and investors on the rise of scams during COVID-19. ASIC has also published … Continue Reading

Webinar: LIBOR Transition: market update and managing key risks and challenges

By Hannah Meakin (UK) and Davide Barzilai (UK) on June 23, 2020 Posted in Africa, Asia, Australia, France, Germany, Italy, Seminars and webinars, The Netherlands, United Kingdom

Tuesday 14 July | 08:30H BST We invite you to join our interactive webinar during which we will discuss recent LIBOR transition updates from a loans, derivatives and regulatory perspective as well as talk about some of the key risks and challenges from a disputes viewpoint. With some banks well underway with the due diligence … Continue Reading

Doing business in the EU after the transition period

We have 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 Lovegrove.… Continue Reading

Monthly Global FinTech regulatory updater

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

Financial services monthly wrap up: May 2020

By Jon Ireland, Ray Giblett (AU), Matthew Farnsworth (AU), Stephen Putnins and Anjelica Balis on June 3, 2020 Posted in ASIC, Asset Management, Australia, Funds management, Investigations, Regulators, Regulatory Compliance

With the impact of COVID-19 still being felt, May 2020 has seen further responses from the Federal Government and regulators to address risks, with a particular focus on recovery. Many consultations and reforms have been delayed as a consequence, including the commencement of the design and distribution obligations and recommendations from the Financial Services Royal … Continue Reading

Monthly Global FinTech regulatory updater

Financial services monthly wrap up: April 2020

By Jon Ireland, Ray Giblett (AU), Matthew Farnsworth (AU), Stephen Putnins and Anjelica Balis on May 11, 2020 Posted in ASIC, Asset Management, Australia, Coronavirus, Investigations, Regulators, Regulatory Compliance, Superannuation, Tax

In April 2020, the financial services industry has been actively engaging with the Federal Government and regulators in order to address key issues and mitigate risks as a consequence of COVID-19. While regulators have changed certain priorities, with a number of initiatives and consultations put on hold, focus has primarily been on ensuring financial stability … Continue Reading

COVID-19 and regulatory implications for superannuation

By Jon Ireland, Stephen Putnins and Anjelica Balis on May 6, 2020 Posted in ASIC, Australia, Regulators, Superannuation

The exponential growth and impact of COVID-19 has not only affected most industries and our everyday lives, but in particular has had significant repercussions within the superannuation industry. In this update, we make some general observations and examine the responses from the key Australian regulators and what this means for superannuation trustees, as well as … Continue Reading

New client briefing note – The Master-KVG: an attractive option post-AIFMD

By Caroline Herkströter and Martin Krause (DE) on May 5, 2020 Posted in Australia, Collective investment schemes, Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, France, Funds management, Germany, Italy, The Netherlands, United Kingdom, United States

In order to sell their expertise to German institutional and retail investors, non-German asset managers must find ways to operate in the German investment market. This has become much more difficult under the Alternative Investment Fund Managers Directive. An attractive option is to cooperate with a German Master-KVG. We have recently published a new client … Continue Reading

Financial services regulation hub now available on the NRF Institute

In an increasingly complex and fast-paced regulatory environment, financial services firms must remain responsive to a wide range of evolving areas, whilst ensuring compliance with new laws and regulation. To help our clients stay up to date on regulatory change as it happens, we have created a new financial services regulation hub on the NRF … Continue Reading

Global Asset Management Quarterly – 14th edition now available online

By Richard Sheen (UK), Imogen Garner (UK) and Simon Lovegrove (UK) on April 6, 2020 Posted in Asia, Australia, Canada, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

The latest issue of Global Asset Management Quarterly is now available here. This issue contains the following articles: Europe European update Launch of IFR/IFD transition hub EU/UK regulatory roundup United Kingdom COVID-19: action points for boards to consider FCA Dear CEO letter: Asset management firms – prepare now for the end of LIBOR Extension of … Continue Reading

Monthly global FinTech regulatory updater

Financial services monthly wrap-up: March 2020

By Jon Ireland, Ray Giblett (AU), Matthew Farnsworth (AU), Stephen Putnins and Anjelica Balis on April 2, 2020 Posted in ASIC, Asset Management, Australia, Financial Services, Funds management, Investigations, Regulators, Regulatory Compliance, Uncategorized

March 2020 has seen a number of responses from the Government, regulators, associations and industry generally addressing issues and risks from the outbreak of the coronavirus (COVID-19). This update includes key regulatory responses in the wake of COVID-19 for the funds and financial services sector. Of the notable developments outside COVID-19, on 10 March 2020 … Continue Reading

Monthly global FinTech regulatory updater

By Hannah Meakin (UK) on March 17, 2020 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom, United States

The new rules for foreign financial service providers in Australia: What now?

By Jon Ireland, Ray Giblett (AU), Matthew Farnsworth (AU) and Laura Taylor on March 16, 2020 Posted in ASIC, Asset Management, Australia, Financial Services, Funds management, Investment, Regulators, Regulatory Compliance

Introduction On 10 March 2020, following extensive consultation with industry, the Australian Securities and Investments Commission (ASIC) released its new regulatory framework for foreign financial services providers (FFSPs). These new rules are critically important for foreign firms (including asset managers and funds, brokers, foreign banks and other offshore institutions) undertaking wholesale financial services business into … Continue Reading

What are the top AML and sanctions compliance challenges in 2020?

By Sven Stumbauer on March 13, 2020 Posted in Africa, Anti-corruption and business and human rights, Anti-money laundering, Anti-money laundering, Anti-Money Laundering, Asia, Australia, Canada, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

We recently completed our global anti-money laundering (AML) and sanctions compliance survey that involved discussions with senior financial services executives. Our global analysis covers 375 participating financial institutions from 77 countries. Our initial analysis indicates several key trends: regulatory pressure on AML and sanctions compliance was significant in 2019 and is expected to continue increasing … Continue Reading

ASIC releases new regulatory framework for foreign financial service providers

By Jon Ireland, Ray Giblett (AU), Matthew Farnsworth (AU) and Anjelica Balis on March 11, 2020 Posted in ASIC, Australia, Financial Services, Funds management, Investment, Regulators, Uncategorized

On 10 March 2020, ASIC published its media release announcing the new regulatory framework for foreign financial services providers (FFSPs) providing financial services to wholesale clients in Australia. Existing licensing relief has been extended as follows: ASIC has provided a 2 year transition period until 31 March 2022 for FFSPs relying on the sufficient equivalence … Continue Reading

Financial services monthly wrap up – February 2020

By Jon Ireland, Charlotte Henry, Ray Giblett (AU), Matthew Farnsworth (AU), Stephen Putnins and Anjelica Balis on March 2, 2020 Posted in ASIC, Asset Management, Australia, Financial Services, funds management

The month of February 2020 has seen the passing of a number of bills implementing recommendations from the financial services Royal Commission, including measures strengthening the Australian Securities and Investments Commission’s (ASIC) licensing, search warrant and banning powers as well as reforms to protect consumers. February has also seen the welcoming of proposals from both … Continue Reading

Financial services monthly wrap up: December 2019 to January 2020

By Jon Ireland, Charlotte Henry, Ray Giblett (AU), Matthew Farnsworth (AU), Stephen Putnins and Anjelica Balis on February 11, 2020 Posted in ASIC, Asset Management, Australia, Regulators, Uncategorized

The months of December 2019 and January 2020 have proven to be a busy time for our Government and regulators, with significant changes and proposals for the funds and financial services sector. In particular, Treasury have released 17 bills in response to 22 recommendations made by Commissioner Hayne in the Royal Commission into Misconduct in … Continue Reading