Australia

BEAR Extension (Australia)

By Charlotte Henry on January 23, 2020 Posted in Australia, BEAR

On 22 January 2020 the Australian Government released its proposal paper for extending the Banking and Executive Accountability Regime (BEAR) in Australia to entities regulated by Australia’s prudential regulator, APRA. The extension, known as the Financial Accountability Regime (FAR) is another step in implementing some of the commitments set out in the Government’s Financial Services … Continue Reading

Watch now: global asset management regulation webinar series

By Simon Lovegrove (UK), Martin Krause (DE) and Imogen Garner (UK) on January 15, 2020 Posted in Africa, Asia, Asset Management, Australia, Canada, France, Germany, Italy, The Netherlands, United Kingdom, United States

The recordings from our global asset management regulation webinar series are now available to watch on demand. In this series, our financial services team explored the key issues and requirements firms should be considering when looking to launch an overseas fund in Europe, Asia Pacific, the United States and Canada. Watch now: The AIFMD re-examined … Continue Reading

Global anti-money laundering and sanctions compliance survey

An increasingly globalised business environment, together with technological innovation, political uncertainty and ongoing regulatory change, present a number of challenges for financial institutions when it comes to protecting themselves against financial crime. Our global anti-money laundering and sanctions compliance survey will explore how financial institutions across the globe are managing their compliance programs in light of the … Continue Reading

New global asset management regulation webinar: The use of Canadian investment funds by non-Canadian managers

By Michael Bunn (CA) and Imogen Garner (UK) on January 6, 2020 Posted in Africa, Asia, Asset Management, Australia, Canada, France, Germany, Italy, The Netherlands, United Kingdom, United States

In our latest asset management regulatory webinar, Michael Bunn discusses the use of Canadian investment funds by non-Canadian managers, including types of Canadian investment funds; structuring considerations; and the regulation of Canadian funds. Previous webinars in our global asset management regulation series can be found on our Asset Management Regulation hub located on the NRF … Continue Reading

UK General Election and next steps for Brexit

By Simon Lovegrove (UK) on December 13, 2019 Posted in Africa, Asia, Australia, Brexit, Canada, France, Germany, Italy, The Netherlands, United Kingdom, United States

Following the UK General Election the Conservative Party has won a majority of at least 76 seats in the House of Commons, its biggest election victory since 1987. With one constituency left to declare at the time of writing, the Conservatives have 364 seats, Labour 203, the SNP 48, the Liberal Democrats 11, the DUP … Continue Reading

Global Asset Management Quarterly – 13th edition now available online

The latest issue of Global Asset Management Quarterly is now available here. This issue contains the following articles: UK/Europe UK and European overview The new EU prudential regime for investment firms Navigating the AIFMD EU progresses on its Sustainable Finance Action Plan Contracting for indices EU/UK regulatory roundup Luxembourg update Ireland update Asia Pacific The … Continue Reading

Financial services monthly wrap up – November 2019

By Jon Ireland, Charlotte Henry, Ray Giblett (AU), Stephen Putnin, Matthew Farnsworth (AU) and Anjelica Balis on December 10, 2019 Posted in ASIC, Australia, Financial advice, Financial Services, Funds management

The month of November 2019 saw the much-anticipated updates to Regulatory Guide 97 ‘Disclosing fees and costs in PDSs and periodic statements’ released by ASIC, providing further reforms and guidance in relation to fees and costs disclosure requirements. In addition, APRA has released updated information sheets and prudential standards addressing concerns such as governance, culture, … Continue Reading

Insurance claims handling soon to be a financial service

By Ray Giblett (AU), Matthew Ellis (AU) and Timothy Chan (AU) on December 4, 2019 Posted in ASIC, Australia, Financial Services, Insurance, Uncategorized

Following the release of the Royal Commission final report earlier this year, the Treasury has now released draft legislation that will make insurance claims handling a financial service under the Corporations Act 2001 (Cth). This will give the Australian Securities and Investments Commission (ASIC) greater supervisory responsibility over claims handling and require that these activities … Continue Reading

Singapore FinTech Festival 2019 – key takeaways

By Kerri Gevers (ZA), Stella Cramer (SG), Etelka Bogardi (HK) and Hannah Meakin (UK) on November 22, 2019 Posted in Africa, Asia, Australia, Canada, Fintech, United Kingdom, United States

Partners from our global FinTech team flew in from Hong Kong, Vancouver, London, Dallas, Johannesburg and Melbourne to join our Singapore team at the SFF 2019 (Singapore FinTech Festival) 11-13 November. The SFF is the world’s largest annual FinTech conference, bringing together over 45,000 FinTech enthusiasts to explore, collaborate and discuss the future of FinTech. … Continue Reading

One million visitors and counting

By Simon Lovegrove (UK) on November 11, 2019 Posted in Africa, Asia, Australia, Canada, France, General, Germany, The Netherlands, United Kingdom, United States

We have recently passed one million visitors to our Regulation tomorrow blog! My thanks to my colleagues for their contributions to the blog and to clients and contacts for using this resource.… Continue Reading

Financial services monthly wrap up – October 2019

By Jon Ireland, Charlotte Henry, Matthew Farnsworth (AU) and Anjelica Balis on November 7, 2019 Posted in ASIC, Australia, Financial advice, Financial Services, Funds management

In October 2019, the much-anticipated bill to end grandfathered conflicted remuneration was passed, with the ban effective from 1 January 2021. There have also been recent developments in the Courts in relation to the definition of personal advice as well as a joint ASIC report on the role and shortcomings of disclosure in financial services. … Continue Reading

New webinar series: Global asset management regulation

By Imogen Garner (UK) on October 28, 2019 Posted in Asset management, Australia, Canada, France, Germany, Italy, Seminars and webinars, The Netherlands, United Kingdom, United States

To be successful with the launch of an overseas fund, asset managers need to familiarize themselves with legal structures and operational differences as well as an array of regulatory requirements, which can differ between investors and jurisdictions. Our global financial services regulatory team have launched an on-demand webinar series exploring the key issues and requirements … Continue Reading

Updated briefing slides: Doing business in the EU

By Simon Lovegrove (UK) on October 3, 2019 Posted in Africa, Australia, Brexit, Canada, France, Germany, Italy, Regulation, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulatory Compliance, The Netherlands, United Kingdom, United States

We have recently updated our briefing slides on the measures that Member States are implementing for a no-deal Brexit. In particular, the slides include a new section on Luxembourg and updates to the following jurisdictions: Germany, France, Italy, Poland, Finland and Spain. The briefing slides can be accessed here. Our Brexit Pathfinder hub is a … Continue Reading

New webinar recording – Brexit: the final countdown?

The recording from our latest 40 minute briefing webinar is now available. In this webinar our London team discuss what they are seeing in the market as firms make their preparations for a no deal Brexit. They also cover the PRA and FCA temporary transitional relief powers and ask the question of what legal and … Continue Reading

German regulator updates its guidance on the EU-US Covered Agreement

By Andreas Börner (DE) on September 20, 2019 Posted in Financial Services, Germany, Insurance, United States

The German regulator BaFin has updated its guidance on the conduct of reinsurance business by US insurers in Germany under the provisions of the 2017 EU-US Covered Agreement (“Bilateral Agreement between the European Union and the United States of America on prudential measures regarding insurance and reinsurance”). An English language version has also been published, … Continue Reading

Financial services monthly wrap up – August 2019

By Jon Ireland, Charlotte Henry and Matthew Farnsworth (AU) on September 4, 2019 Posted in ASIC, Australia, Financial advice, Financial Services, funds management

In August 2019, ASIC announced plans to review the transition away from grandfathered conflicted remuneration and has proposed to use its new product intervention powers with respect to binary options and contracts for difference (CFDs). APRA and the Treasury have also provided an update on the implementation of recommendations made from the Royal Commission into … Continue Reading

Financial services monthly wrap up – July 2019

By Jon Ireland, Charlotte Henry, Matthew Farnsworth (AU) and Cate Shirley (AU) on August 5, 2019 Posted in ASIC, Australia, Financial advice, Financial Services, funds management

In July 2019, ASIC released the highly anticipated consultation on foreign financial services providers (FFSPs) licensing relief in Australia and announced that it had requested that exchange market operators not admit any managed funds that do not disclose their portfolio holdings daily and which have internal market makers. ASIC implements pause on admission of managed … Continue Reading

Global Asset Management Quarterly

The latest issue of Global Asset Management Quarterly is now available here. In this issue we cover: Sustainable finance is a trend set to stay Brexit: latest developments Luxemburg update Ireland update The proposed Australian corporate collective investment vehicle SFC raises disclosure requirements for Green or ESG funds Mutual recognition of funds: Netherland – Hong … Continue Reading

What do ASIC’s proposals mean for foreign financial services providers?

By Matthew Farnsworth (AU), Cate Shirley (AU), Jon Ireland and Charlotte Henry on July 12, 2019 Posted in Asia, Australia, Financial advice, Funds management, General, Germany, Investment, Regulators, Regulatory Compliance

Introduction As noted in our earlier update, ASIC has released its updated proposals for the licensing relief available to foreign financial services providers (FFSPs) servicing wholesale clients in Australia, with the release of Consultation Paper 315. In summary, ASIC has proposed to: extend the expiry of the sufficient equivalence relief and limited connection relief until … Continue Reading

ASIC proposes to extend FFSP relief to 31 March 2020 and new funds management relief

By Cate Shirley (AU) and Matthew Farnsworth (AU) on July 3, 2019 Posted in ASIC, Australia, Financial advice

ASIC has today published a media release on Consultation Paper 315 proposing to extend the current licensing relief for foreign financial service providers (FFSP) in Australia, while it further consults on the new licensing relief that will apply to FFSPs. Main takeaways: ASIC proposes to extend the ‘limited connection relief’ to 31 March 2020 and … Continue Reading

Financial services monthly wrap up – June 2019

By Jon Ireland, Charlotte Henry, Matthew Farnsworth (AU) and Cate Shirley (AU) on July 2, 2019 Posted in Australia, Banking, Banking, Banking, Financial Services, Regulation, Superannuation

In June 2019 ASIC released its estimates for the Industry Funding levy for the 2018-19 financial year. Further, ASIC and APRA have formally commenced consultation on product intervention powers and product responsibility under the Banking Executive Accountability Regime respectively. 1 July 2019 also marks the commencement date of a variety of new and updated legislation … Continue Reading

Open Banking around the world | A global comparative guide

By Simon Lovegrove (UK) and Alan Bainbridge (UK) on June 20, 2019 Posted in Africa, Asia, Australia, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Canada, Germany, Italy, The Netherlands, United Kingdom, United States

The UK continues to be the global pioneer in open banking through the implementation of the EU PSD2 and the CMA open banking initiative. However, through regulatory reforms and/or market-led initiatives, many jurisdictions are now catching up. Working with our colleagues across the globe, we have produced a comparative guide to open banking as part … Continue Reading

Financial services monthly wrap up – May 2019

By Jon Ireland, Matthew Farnsworth (AU), Charlotte Henry and Cate Shirley (AU) on June 4, 2019 Posted in Australia, Regulatory Compliance

The May issue of the financial services monthly wrap up is now available. In this issue we report on: ASIC releases market integrity report for 1 July to 31 December 2018; ASIC releases guidance on ICOs and crypto-assets; ASIC invites public consultation in relation to complaints handling standards of financial institutions; ASIC Annual Forum 2019; … Continue Reading

Consensus New York & Blockchain week – key takeaways

By Hannah Meakin (UK) and Etelka Bogardi (HK) on May 21, 2019 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Germany, Italy, The Netherlands, United Kingdom, United States

Partners from our global FinTech team flew in from Hong Kong, Vancouver, London and Dallas to join our New York team to attend Consensus and Blockchain week in NYC (13-15 May). Consensus is an annual global conference which brings together the world’s most innovative minds to explore and debate the future of blockchain and crypto. … Continue Reading