Australia

Part 4: The Growing Importance of the Money Laundering Reporting Officer

2021 Financial crime Outlook series 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. Our financial crime compliance … Continue Reading

Financial services monthly wrap-up: December 2020 to January 2021

By Jon Ireland, Ray Giblett (AU), Stephen Putnins, Laura Taylor and Timothy Chan (AU) on February 15, 2021 Posted in Australia, General, Uncategorized

The months of December 2020 and January 2021 have been a busy time in the funds management, superannuation and insurance sector. In particular, ASIC has released its final Regulatory Guide 274 Product design and distribution obligations, which will bring industry-wide changes to how financial products are formed, promoted and marketed. The impact of COVID-19 has … Continue Reading

GLEIF unveils issuance and infrastructure models for verifiable LEI system

By Albert Weatherill (UK) on February 12, 2021 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 11 February 2021, the Global Legal Entity Identifier Foundation (GLEIF) published issuance and technical infrastructure models for its recently announced verifiable LEI (vLEI) system. A vLEI is a secure digital attestation of a conventional LEI. When fully developed, the vLEI will enable instant and automated identity verification between counterparties operating across all industry sectors, … Continue Reading

Part 3: The expansion of virtual currencies – Are virtual assets businesses ready for regulators?

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. Our financial crime compliance specialists, located in the UK, … Continue Reading

ASIC releases practical field guide on consumer-centred remediation programs

By Helen Taylor (AU), Claudine Salameh and Candy Lau on February 12, 2021 Posted in ASIC, General, Regulators, Regulatory Compliance, Uncategorized

To help licensees design and execute consumer-centred remediation programs, ASIC has recently released a practical field guide titled ‘Making it right: How to run a consumer-centred remediation’ (the Field Guide). A consumer-centred remediation is one that puts the interests of consumers at the heart of every stage of the remediation. The Field Guide outlines the … Continue Reading

Monthly Global FinTech regulatory updater

By Hannah Meakin (UK) on February 9, 2021 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, 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

Episode 4 of the Regulation Tomorrow Podcast – out now

By Jonathan Herbst (UK), Joseph Williams (US), michael_alliston, Albert Weatherill (UK), Arup Sen and Simon Lovegrove (UK) on February 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 is back with Episode 4. Jonathan Herbst gives a quick update on Brexit before examining the short selling restrictions on GameStop in the US from a UK MAR perspective. We’re delighted to be joined by our first special guest, the Payment Systems Regulator’s General Counsel and Head of Enforcement and Competition, … Continue Reading

Episode 4 of the Regulation Tomorrow Podcast – out on Thursday

By Jonathan Herbst (UK), Joseph Williams (US), michael_alliston, Albert Weatherill (UK), Arup Sen and Simon Lovegrove (UK) on February 3, 2021 Posted in Africa, Asia, Australia, Canada, Germany, Italy, Seminars, webinars and podcasts, The Netherlands, United Arab Emirates, United Kingdom, United States

After a Christmas hiatus, the Regulation Tomorrow Podcast is back with a bumper-sized episode to kick 2021 off with a bang. In episode 4, Jonathan Herbst gives a quick update on Brexit before examining the short selling restrictions on GameStop in the US, from a UK market abuse perspective. We’re delighted to be joined by … 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

Financial Crime Outlook: 2021 and beyond

By Clarinda Grundy, Jeremy Moller, Lisa Lee Lewis (UK), Kathleen Scott (US) and Daniel Leslie (CA) on January 28, 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

Basel Committee proposes amendments to rules on haircut floors for securities financing transactions

By Jochen Vester (UK) on January 27, 2021 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 26 January 2021, the Basel Committee on Banking Supervision published for consultation two technical amendments to the standard on minimum haircut floors for securities financing transactions (SFTs). Technical amendments are defined as changes in the Basel standards that are not substantial in nature but that cannot be unambiguously resolved based on the current text. … Continue Reading

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, 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

Supervisory Guidance on managing FX settlement risk and the Global FX Code

By Simon Lovegrove (UK) on December 21, 2020 Posted in Australia, Canada, Clearing and settlement, Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Germany, Italy, The Netherlands, United Kingdom, United States

On 18 December 2020, there was published a letter from the chairs from the Basel Committee on Banking Supervision (BCBS) and the Committee on Payments and Market Infrastructures (CPMI) encouraging bank supervisors and banks and other participants in the FX market to follow the expectations set out in the 2013 BCBS Supervisory Guidance on managing … 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, 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, 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

Financial services monthly wrap-up: November 2020

By Jon Ireland, Ray Giblett (AU), Stephen Putnins and Anjelica Balis on December 10, 2020 Posted in ASIC, Asset Management, Australia, Funds management, Investigations, Regulators, Regulatory Compliance

In November 2020, ASIC released a number of anticipated industry reports, providing an update on the buy now pay later industry as well as licensing and professional registration activities for 2020. The superannuation and funds management sector also had some notable developments, including the exposure draft legislation and explanatory memorandum released as part of the … Continue Reading