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Topic: Regulatory Compliance

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CPMI and IOSCO report ‘Implementation monitoring of the PFMI: level 3 assessment on financial market infrastructures’ cyber resilience’

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 IOSCO published the PFMI, which set out … Continue Reading

IOSCO final report ‘Investor behaviour and investor education in times of turmoil: Recommended framework for regulators based on lessons learned from the COVID- 19 pandemic’

On 30 November 2022, the International Organisation of Securities Commissions published a report, ‘Investor behaviour and investor education in times of turmoil: Recommended framework for regulators based on lessons learned from the COVID- 19 pandemic’.  The final report highlights the research insights and experiences IOSCO members gained during the COVID-19 pandemic. It explores changes in … Continue Reading

FSB publishes 2022 annual report on promoting global financial stability

On 16 November 2022, the Financial Stability Board (FSB) published its latest annual report on promoting financial stability. The report, delivered to the G20 leaders ahead of their Bali Summit, describes the FSB’s work to promote global financial stability. Among other things the report makes the following findings: The outlook for financial stability is particularly … Continue Reading

FSB final report ‘Financial policies in the wake of COVID-19: supporting equitable recovery and addressing effects from scarring in the financial sector’

On 14 November 2022, the Financial Stability Board (FSB) published ‘Financial policies in the wake of COVID-19: supporting equitable recovery and addressing effects from scarring in the financial sector’. The final report considers exit strategies through the lens of financial stability and the capacity of the financial system to finance strong and equitable growth. Incorporating … Continue Reading

FSB chair writes to G20 leaders ahead of the Bali Summit

On 11 November 2022, the Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 leaders ahead of their Summit in Bali on 15-16 November. The letter sets forth that developments since the Rome Summit have been a stark reminder that global financial stability should not be taken for granted. So … Continue Reading

Regulation Around the World – Operational resilience

In the latest instalment of our Regulation Around the World series, financial services partners in 15 jurisdictions provide an update on regulatory developments concerning operational resilience. Our global updater is accompanied by further analysis and insights in our Regulation Around the World podcast which is available now to stream and download. The podcast features speakers … Continue Reading

FSB publishes survey on experiences with the FSB framework

On 14 September 2022, the Financial Stability Board (FSB) published a survey seeking to gather feedback on experiences with its framework for information from financial market infrastructure (FMI) intermediaries to support resolution planning. The deadline for completing the survey is 9 October 2022. The framework aims to help FMI intermediaries better understand what information clients … Continue Reading

FSI paper on safeguarding operational resilience: the macroprudential perspective

On 26 August 2022, the Financial Stability Institute (FSI) published a paper on safeguarding operational resilience: the macroprudential perspective. The FSI was jointly created in 1998 by the Bank for International Settlements and the Basel Committee on Banking Supervision. Its mandate is to assist supervisors around the world in improving and strengthening their financial systems. … Continue Reading

FSB publish letter to G20 Finance Ministers and Central Bank Governors on the current outlook for financial stability

On 13 July 2022, the Financial Stability Board (FSB) published a letter to G20 Finance Ministers and Central Bank Governors regarding the current outlook for financial stability ahead of their meeting on 15-16 July. The letter warns that the combination of lower growth, rising inflation and tighter global financial conditions may crystallise pre-existing vulnerabilities in … Continue Reading

FSB interim report – Exit strategies to support equitable recovery and address effects from COVID-19 scarring in the financial sector

On 13 July 2022, the Financial Stability Board (FSB) published an interim report on exit strategies to support equitable recovery and address effects from COVID-19 and Russia’s invasion of Ukraine on the financial sector and how the FSB will address these issues going forward. It considers exit strategies in relation to financial stability and the … Continue Reading

IOSCO final report on operational resilience of trading venues and market intermediaries during the COVID-19 pandemic & lessons for future disruptions

On 11 July 2022, the International Organization of Securities Commissions (IOSCO) published a final report on the operational resilience of trading venues and market intermediaries during the COVID-19 pandemic & lessons for future disruptions. In the report IOSCO summarizes some of the existing operational resilience work by IOSCO and other international organizations and outlines how … Continue Reading

Regulation Around the World – Beyond Sanctions

What have the financial services regulators been doing following the sanctions imposed on Russia? In the latest instalment of our Regulation Around the World series we cover some of the regulatory alerts that financial services regulators have issued in key jurisdictions. Our global updater focussing on the regulatory alerts is accompanied by further analysis in our … Continue Reading

FSB Chair’s letter to G20 outlines financial stability issues arising from Russia’s invasion of Ukraine

On 20 April 2022, the Financial Stability Board (FSB) published a letter from its chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 20 April. The letter notes that the Russian invasion of Ukraine triggered large price fluctuations in global financial markets. Thus far, the global financial stability … Continue Reading

FSB welcomes smooth transition from LIBOR

On 5 April 2022, the Financial Stability Board (FSB) issued a statement welcoming the smooth transition away from LIBOR at the end of last year. The FSB also reminds firms that given the significant use of USD LIBOR globally, they should have plans in place to ensure their preparedness for the cessation of the USD … Continue Reading

IOSCO consults on recent retail investor trends and related conduct implications

On 21 March 2022, the International Organisation of Securities Commissions (IOSCO) published a consultation report that seeks comments on the issues identified in an earlier report by its Retail Market Conduct Task Force (RMCTF) which focussed on the retail conduct implications of COVID-19. The RMCTF report was largely based on a survey which highlighted some … Continue Reading

Russian sanctions – practical guidance for regulated firms

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 … Continue Reading

FSB Chair outlines work priorities for 2022 to G20 Finance Ministers and Central Bank Governors

On 17 February 2022, the Financial Stability Board (FSB) published a letter from its chair detailing its policy work during 2022. The letter was submitted to G20 Finance Ministers and Central Bank Governors ahead of their 17-18 February meeting. The letter highlights the current challenges of promoting global financial resilience during the transition to a … Continue Reading

IOSCO good practices aim to foster cooperation through global supervisory colleges

On 18 January 2022, the International Organization of Securities Commissions (IOSCO) issued a final report on lessons learned from the use of global supervisory colleges. The report is based on previous IOSCO work on market fragmentation and provides a framework for securities regulators seeking to create new global supervisory colleges for sectors of financial markets … Continue Reading

IOSCO consults on lessons learned from the operational resilience of trading venues and market intermediaries during the pandemic

On 13 January 2022, the International Organization of Securities Commissions (IOSCO) issued a consultation report seeking feedback on the lessons learned regarding the operational resilience of trading venues and market intermediaries during the COVID-19 pandemic. The consultation report concludes that these regulated entities largely proved to be operationally resilient and continued to serve their clients … Continue Reading

FSB seeks feedback on how existing national and regional data frameworks affect cross-border data flows

On 10 December 2021, the Financial Stability Board (FSB) launched an online survey as part of its work under Building Block 6 of the Roadmap for enhancing Cross-border Payments. The FSB intends to use the survey to gather stakeholders’ feedback in order to better understand how requirements applicable to data could affect (either enabling or … Continue Reading

ABC Compliance Survey 2021: five key areas to consider enhancements

Since the UK Bribery Act 2010 came into force in July 2011, standards and scope of anti-bribery and corruption (ABC) compliance programmes have evolved significantly in many jurisdictions. Norton Rose Fulbright recently carried out a global survey to assess how companies’ ABC compliance programmes compare against current global best practice expectations, as documented in guidance … Continue Reading

IOSCO consultation report – The use of innovation facilitators in growth and emerging markets

On 7 December 2021, the International Organization of Securities Commissions issued a consultation report, The use of innovation facilitators in growth and emerging markets. The consultation report covers three types of innovation facilitators: innovation hubs, regulatory sandboxes, and regulatory accelerators. The consultation report proposes four recommendations for emerging market member jurisdictions to consider when setting … Continue Reading

FSB report on good practices for Crisis Management Groups

On 30 November 2021, the Financial Stability Board (FSB) issued a report on good practices for Crisis Management Groups (CMGs). The report sets out good practices that have helped CMGs to enhance preparedness for the management and resolution of a cross-border financial crisis affecting a global systemically important bank (G-SIB) consistent with the FSB’s Key … Continue Reading

Global Asset Management Quarterly – New issue

The latest issue of our Global Asset Management Quarterly publication is now available. In this issue we cover: Europe European update EU/UK regulatory roundup United Kingdom The new regime for preferential taxation of qualifying asset holding companies Luxembourg Luxembourg update Australia Australian Federal Government commits to the new corporate collective investment vehicle (CCIV) regime with … Continue Reading
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