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Regulation Tomorrow Plus – The Conduct Healthcheck

The first episode of our new spin-off podcast – Regulation Tomorrow Plus – is out now. Regulation Tomorrow Plus will be released outside of the usual monthly schedule for the Regulation Tomorrow Podcast, and will be reacting to a single issue, piece of news or publication in as timely a manner as possible. These episodes … Continue Reading

Part 5: The increasing emphasis of RegTech and FinTech in combating financial crime

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

IOSCO reviews implementation of liquidity risk management recommendations and market participants´ responses to COVID-19 induced market stresses

On 5 March 2021, the International Organization of Securities Commissions (IOSCO) launched a thematic review of the 2018 Recommendations for Liquidity Risk Management for Collective Investment Schemes.  The thematic review aims to assess the extent to which the Recommendations have been implemented through IOSCO member regulatory frameworks. It also aims to gather information about how … Continue Reading

Regulation Tomorrow Episode 5 and Regulation Tomorrow Plus – out next week

Next week sees a double dose of podcast releases: Episode 5 of the Regulation Tomorrow podcast will be released early next week, closely followed by the first episode of our new spin-off podcast, Regulation Tomorrow Plus. Regulation Tomorrow Plus is designed to be a shorter, sharper and more reactive podcast, released as and when news … Continue Reading

FATF publish guidance to support global supervisors in implementing a risk-based approach to AML/CTF supervision

On 4 March 2021 the Financial Action Task Force (FATF) released new guidance aimed at supporting the application of a risk-based approach to anti-money laundering (AML) and counter terrorist financing (CTF) supervision. This builds on previous guidance released in 2015, but widens the scope of the guidance to enhance applicability to more recently AML regulated … Continue Reading

FATF consults on guidance relating to Proliferation Financing Risk Assessment and Mitigation

FATF consults on guidance relating to Proliferation Financing Risk Assessment and Mitigation On 2 March 2021, the Financial Action Task Force (FATF) launched a consultation aimed at private sector stakeholders in relation to guidance which the FATF is developing regarding risks associated with the financing of proliferation of weapons of mass destruction (proliferation financing). This … Continue Reading

IOSCO work programme 2021/22

On 26 February 2021, the International Organisation of Securities Commissions (IOSCO) published its work programme for 2021/2022. Ashley Alder, Chair of the IOSCO Board, said: “In 2020, our agenda was dominated by the response to COVID-19 induced market stresses. IOSCO has actively taken steps to address potential financial stability risks including a particular focus on … Continue Reading

IOSCO sees an urgent need for globally consistent sustainability disclosure standards and announces its priorities and vision for a Sustainability Standards Board

On 24 February 2021, the International Organization of Securities Commissions (IOSCO) issued a press release following a board meeting in which it discussed the progress made over the past year by its Sustainable Finance Task Force (STF). In the statement the ISOCO board identifies three priority areas for improvement in sustainability-related disclosures by companies and … Continue Reading

FSB Chair’s letter to G20 Finance Ministers and Central Bank Governors: February 2021

On 25 February 2021, the Financial Stability Board (FSB) published a letter from its chair to G20 Finance Ministers and Central Bank Governors. The letter notes the unprecedented challenges faced by the FSB due to the COVID-19 pandemic and the imposition of containment measures across the globe. The letter also discusses the key priorities in … Continue Reading

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

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

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

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

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

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

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

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

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

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

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

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
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