In recent years, diversity and inclusion (D&I) in the financial services sector has become a focus for regulators around the world. Individual regulators, however, have taken different approaches to D&I to reflect the local socio-economic environment. Below, we provide a high-level summary of the position across a number of key jurisdictions. Jurisdiction Summary of regulatory … Continue Reading
In the fourth podcast in our DE&I series, Hannah McAslan-Schaaf and Lara White discuss the data protection aspects of the FCA’s recent consultation paper on diversity and inclusion.… Continue Reading
In the third podcast in our DE&I series, Simon Lovegrove and Hannah McAslan-Schaaf cover the interplay between the regulatory focus on diversity and inclusion and individual accountability.… Continue Reading
In the second podcast in our DE&I series, Simon Lovegrove and Hannah McAslan-Schaaf discuss what firms should be doing in light of the FCA and PRA consultation papers on diversity and inclusion.… Continue Reading
We have published a new online Diversity, Equality and Inclusion (DE&I) hub which houses, in one place, our financial services resources and insights to help clients stay informed of key developments in this space.… Continue Reading
In the first podcast in our DE&I series, Jonathan Herbst, Hannah Meakin and Hannah McAslan-Schaaf provide an overview of the recent FCA and PRA consultation papers on diversity and inclusion.… Continue Reading
On 6 September 2023, the UK Financial Conduct Authority (the FCA) published the findings of its review of the sanctions systems and controls in place at over 90 financial services firms operating in a range of sectors (the Review). This briefing summarises the FCA’s findings on good practices currently being followed by firms, as well … Continue Reading
On 6 September 2023, the FCA published a new webpage – Sanctions systems and controls: firms’ response to increased sanctions due to Russia’s invasion of Ukraine. The new webpage sets out key findings from the FCA’s assessments of sanctions systems and controls in financial services firms. It includes examples of good practice and areas for … Continue Reading
Global businesses are operating in an ever-changing and increasingly complex regulatory landscape. It is of vital importance that these businesses can manage implementation and regulatory change programmes effectively, on a global basis. In our latest briefing note, we set out some practical steps for firms looking to manage global implementation and change projects in rule-mapping, … Continue Reading
In two recent webinars, we explore some of the key situations in which AI liability can arise and consider what businesses (including financial institutions) can do to manage these risks. Regulatory liability – In this session, we explore the regulatory framework that governs the use of AI through the lens of the proposed EU AI … Continue Reading
On 8 February 2023, the Bank of England (BoE) published its policy on outsourcing and third party risk management for Financial Market Infrastructures (FMIs). The finalisation of this policy follows the BoE’s consultation in 2022. The aims of the policy are to facilitate greater resilience and adoption of cloud and other technologies, set out the … Continue Reading
On 2 December 2022, HM Treasury published updated statutory guidance to assist in the implementation of, and compliance with the Russia (Sanctions) (EU Exit) Regulations 2019. The guidance has been updated to clarify the application of the prohibition on provision of technical assistance, financial services or funds related to G7 dependency and further goods.… Continue Reading
In addition to the obligations on regulated firms to comply with applicable sanctions regimes, individuals also need to be aware of their own compliance with sanctions restrictions. From a territorial perspective, individuals must comply with the sanctions regimes in their home jurisdiction wherever in the world they are located — for example, EU, UK and … Continue Reading
On 1 September 2022, the FCA updated their webpage on cancelling a temporary permission. The webpage has updated the question ‘your firm wants to exit the TPR but has UK business to run-off’. … Continue Reading
On 30 August 2022, the Office of Financial Sanctions Implementation (OFSI) published a blog entitled ‘Reporting to the OFSI: what do I need to do?’ The blog describes what companies’ reporting obligations are under UK financial sanctions legislation and how they can be met. It also sets out high level examples. In terms of how … Continue Reading
On 30 August 2022, the Office of Financial Sanctions Implementation (OFSI) published updated general guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018. Chapter 5 of the general guidance dealing with reporting obligations has been expanded.… Continue Reading
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
On 4 May 2022, the UK Government announced a ban on services exports to Russia, and as of 21 July 2022 that ban is now in force by virtue of regulation 54C of The Russia (Sanctions) (EU Exit) Regulations 2019 (as amended by The Russia (Sanctions) (EU Exit) (Amendment) (No. 14) Regulations 2022) (the Regulations). … Continue Reading
The Economic Crime (Transparency and Enforcement) Act 2022 (the Act), which came into force in March 2022, aimed amongst other things, to give UK sanctions authorities greater power to take enforcement action and impose penalties on persons that breach sanctions restrictions, through the introduction of a “strict liability” test. These new powers of the UK’s … Continue Reading
On 15 July 2022, there was published in the Official Journal of the EU, Commission Implementing Regulation 2022/1220 of 14 July 2022. This Implementing Regulation lays down implementing technical standards for the application of MiFID II with regard to the format in which branches of third-country firms and competent authorities have to report information referred … Continue Reading
On 15 July 2022, the European Securities and Markets Authority (ESMA) published updated Q&As on MIFID II and MIFIR market structures topics. The Q&As fall part of the Interactive Single Rulebook (ISRB), an online tool aimed at providing a comprehensive overview of, and easy access to, all level 2 and level 3 measures adopted in relation … Continue Reading
On 14 July 2022, the European Commission published an Implementing Regulation laying down implementing technical standards (ITS) for the application of MiFID II with regard to the format in which branches of third-country firms and competent authorities have to report the information referred to in Article 41(3) and (4) of that Directive and an annex. … Continue Reading
On 12 July 2022, there was published the ‘Financial Sanctions Evasion Typologies: Russian Elites and Enablers’ by the National Economic Crime Centre, a multi-agency unit in the National Crime Agency, and HM Treasury’s Office of Financial Sanctions Implementation, working in conjunction with law enforcement and financial sector partners as part of the Joint Money Laundering … Continue Reading
On 11 July 2022, there was published a letter by the Financial Conduct Authority (FCA) to the House of Commons’ Treasury Committee regarding the regulator’s financial sanctions responsibilities. In the letter, the FCA addresses its responsibilities for financial sanctions and covers the following topics: The current level of awareness and compliance at authorised firms of … Continue Reading