Catherine Pluck (UK)

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New Regulation Tomorrow Plus podcast – ESG: Key regulatory risks in the UK and US and practical steps to manage them

Our latest episode of Regulation Tomorrow Plus is now available to stream and download on ‘Apple podcasts‘ and ‘Spotify‘ In this podcast Katie Stephen, Co-Head of our Contentious Financial Services Group in London, and Celia Cohen, Co-Head of Financial Institutions in the United States, discuss the key regulatory risks for financial services firms in their … Continue Reading

OFSI updates licensing timeframes in its general guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018

On 28 July 2022, the Office of Financial Sanctions Implementation (OFSI) updated its general guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018. The guidance outlines firms’ obligations under financial sanctions, as well as OFSI’s approach to licensing and compliance issues. It takes into account relevant case law and guidance at the … Continue Reading

Cryptoasset providers: Impact of the amendments to the MLRs 2017

In June, HM Treasury issued its response to its October 2021 consultation on amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017). The response contained a number of updates to the MLRs 2017 which, for the most part, come into force on 1 September 2022. … Continue Reading

New RT Plus podcast – Beyond Sanctions – Key updates

The sixth instalment of our Beyond Sanctions podcast series is now available to stream and download on Apple Podcasts and Spotify. In this episode, David Harris, Co-Head of our Contentious Financial Services Group in London, discusses some recent developments in the sanctions landscape for regulated firms, including key points from the: Red Alert on Financial Sanctions … Continue Reading

FCA publishes financial promotions intervention data for Q2 2022

On 22 July 2022, the FCA published its financial promotions quarterly data for Q2 2022. Between April and June 2022, 374 promotions were amended or withdrawn following FCA intervention. Retail investments and retail lending were the sectors with the highest amend/ withdraw outcomes and in 58% of cases website or social media promotions were involved. … Continue Reading

FCA publishes decision notice regarding a fine of £5.8 million for Ghana International Bank Plc in connection with failings in its anti-money laundering controls over its correspondent banking activities

Anti-money laundering and the prevention of financial crime continues to be a key focus for the FCA, which reiterated in its most recent Business Plan its commitment to continue to use its enforcement powers to pursue those committing financial crime and their enablers.   According to the notice published on 23 June 2022, the FCA has … Continue Reading

ESG – Key regulatory risks for financial services firms in the UK and US and how to manage them

Investors are increasingly seeking sustainable financial products and ESG investing, traditional investing combined with sustainable or otherwise philanthropic aims, has seen huge growth in recent years. Regulated firms are also seeking to improve their own ESG performance more generally to build stronger relationships with their stakeholders, including those who use their services. Whilst the growing … Continue Reading

Recent developments signal a rise in sanctions enforcement risk for UK regulated firms

Whilst historically there have been relatively low levels of sanctions enforcement in the UK, in light of recent developments, in the coming months we expect to see more scrutiny in this area and increased enforcement activity in relation to sanctions breaches. In our latest briefing, first published on Thomson Reuters Regulatory Intelligence on 24th June … Continue Reading

New RT Plus podcast – Beyond Sanctions – Enforcement

The next instalment of our Beyond Sanctions podcast series is now available to stream and download on Apple Podcasts and Spotify. In this episode, David Harris and Katie Stephen, Co-Heads of our Contentious Financial Services Group in London, discuss some recent developments regarding sanctions enforcement for regulated firms. For further updates in this area please … Continue Reading

Financial Crime Outlook

As the economy starts to recover following the impact of the COVID-19 pandemic, regulatory changes are under way in the anti-money laundering and market abuse space. In addition, the events in Ukraine, and the wide range of financial sanctions imposed on Russia in response, are having a significant impact on financial markets and must now … Continue Reading

Hot topics in sanctions compliance for financial services firms and broader considerations

The events in Ukraine and the economic sanctions imposed on Russia raise a number of issues that financial services firms will need to consider. Above and beyond the immediate challenges arising from the imposition of sanctions on clients and counterparties, firms may also need to address concerns about market conduct and systems and controls. This … Continue Reading

New resource hub: Governance reviews – are you prepared?

The pandemic, and the associated move to hybrid working, and the current geopolitical environment are creating a number of unique governance challenges for regulated firms across the financial services industry. Whilst regulators understand the broader backdrop that firms face, they have also remained clear throughout that firms must take reasonable steps to meet their regulatory … Continue Reading

RT Plus – Beyond Sanctions – Sanctions and governance insights

In this episode of our Beyond Sanctions series, David Harris and Katie Stephen, Co-Heads of our Contentious Financial Services Group in London, discuss their sanctions and governance insights from recent work, as well as some practical takeaways for firms from these. The podcast is available to stream and download from the Norton Rose Fulbright website, … Continue Reading

RT Plus – Beyond Sanctions – Market manipulation

In this next instalment of our Beyond Sanctions series, Katie Stephen and Joe Smallshaw discuss examples of market manipulation, red flags for firms and practical steps firms can be taking now to help detect and prevent market manipulation. The podcast is available to stream and download from the Norton Rose Fulbright website, Apple Podcasts and … Continue Reading

Manipulative trading practices: A guide for banks’ legal and compliance departments

The events in Ukraine are having a significant impact on financial markets. In the UK, the FCA recently issued a statement reminding issuers of securities admitted to UK trading venues of their disclosure obligations under the UK Market Abuse Regulation. More widely, the FCA will be keeping a close eye on market conduct during this … Continue Reading

Manipulative trading practices: A guide for banks’ legal and compliance departments

UK regulators have sent strong messages to financial institutions operating manipulative trading practices. As at 31 March 2021, the Financial Conduct Authority had 17 market manipulation cases open according to its 2020-21 Annual Report and the Office of Gas and Electricity Markets has also made it clear that market manipulation will not be tolerated. To … Continue Reading

Episode 11 of the Regulation Tomorrow Podcast is out now

The latest episode of the Regulation Tomorrow Podcast is out now to stream and download. In this episode we hear from Celia Cohen in New York who discusses privilege, particularly in the context of internal investigations; Joe Smallshaw and Catherine Pluck discuss the Frensham case and how the FCA treats non-financial misconduct; and Lisa Lee … Continue Reading

FCA reviewing how its Regulatory Decisions Committee functions

In a speech yesterday by the FCA’s CEO, Nikhil Rathi, to FinTech Week the FCA has said that it is currently reviewing how the Regulatory Decisions Committee (RDC) functions. The RDC  is  a Committee of the FCA Board which makes certain key decisions including in the context of contested enforcement matters and supervisory and authorisation … Continue Reading

ESMA advises the Commission on the application of sanctions under MiFID II/MiFIR

On 29 March 2021, the European Securities and Markets Authority (ESMA) published its advice to the European Commission concerning the application of administrative and criminal sanctions under MiFID II/MiFIR. The legislative background to the advice is Article 90 of MiFID II which provides that the Commission, after consulting with ESMA, will present a report to … Continue Reading

‘In confidence, with confidence’ – new FCA whistleblowing campaign

Culture and governance remains a key focus for the FCA and line with this, the FCA has today launched a new whistleblowing campaign called ‘In confidence, with confidence’ to encourage more reporting of potential misconduct to the FCA by those working in financial services. To support the campaign the FCA has produced: materials for firms … Continue Reading

Enhancing regulatory accountability through increased challenge

Executive summary The ability of firms to effectively challenge regulatory decisions on rule-making and rule application is a key part of holding regulators properly to account. Whilst there are existing review mechanisms in place for firms such as the ability to seek judicial review through the courts, some features of these mechanisms may currently be … Continue Reading

Operational resilience and key learnings from operational incidents across the financial services industry

Operational incidents show no signs of abating: in recent years, there have been a number of high profile cyber-attacks by third parties, as well as IT incidents such as those resulting from system updates and migrations. Certain of these have attracted regulatory attention and in this final part of our three part series on operational … Continue Reading

Enforcement Update – vulnerable customers, AML and market disclosures

After a relatively quiet start to the year on the enforcement front, the FCA published three notable Final Notices in June 2020. All relate to areas which have been a focus for the FCA for some time: the fair treatment of customers experiencing financial difficulty (especially important in light of Covid-19); AML controls; and ensuring … Continue Reading
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