Katie Stephen (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

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 Between April and June 2022, 374 promotions were amended or withdrawn following FCA intervention.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

Financial Ombudsman Service publishes new guidance for consumers and businesses regarding complaints that involve gambling-related harm

On 27 July 2022, the Financial Ombudsman service (FOS) announced that it has published two new webpages on the subject of complaints that involve gambling-related harm. One page is directed at consumers and the other is directed at businesses.  Key points on the page directed at businesses include that: The FOS has been contacted by … Continue Reading

Upper Tribunal considers the application of the MLRs to a cryptoasset exchange provider and comments on FCA procedures

Vladimir_Consulting_Limited_v_The_Financial_Conduct_Authority.pdf (publishing.service.gov.uk) Introduction The business of Vladimir Consulting Limited (VCL) involved trading in cryptocurrency such as bitcoin on peer-to-peer exchanges which provide a market place for sellers and buyers of cryptocurrency.  The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) were amended with effect from 10 January 2020 … Continue Reading

Commission Implementing Regulation laying down ITS for the application of MAR with regard to the format of insider lists and their updates

On 14 July 2022, there was published in the Official Journal of the EU (OJ) Commission Implementing Regulation (EU) 2022/1210 of 13 July 2022 laying down implementing technical standards for the application of the Market Abuse Regulation with regard to the format of insider lists and their updates. The Implementing Regulation enters into force on … Continue Reading

Spotlight on the Appointed Representatives regime: what is changing and how best to prepare

Ahead of the anticipated FCA policy statement and final rules on the changes to the Appointed Representatives regime, which were expected to be published in H1 2022, in this briefing paper we consider some of the steps that firms should be taking to prepare for the anticipated changes in the FCA’s final policy.… 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

Panel discussion: What should firms focus on in a fast-evolving risk landscape?

On July 12, 2022 our financial services and risk advisory teams will be holding a panel discussion event on the key financial crime issues facing financial services firms. The event, held at our offices in 3 More London Riverside, will include a keynote speech by Louise Stanway, chair of the Joint Money Laundering Steering Group. … Continue Reading

The FCA Business Plan: what does it mean from a governance perspective?

Earlier this year the Financial Conduct Authority (FCA) published its latest Business Plan. The Business Plan itself took a different form when compared to previous incarnations by having a shorter summary of priorities and planned activities and cross referring to other documents including the three-year strategy and the regulatory initiatives grid. Notwithstanding this, the Business … Continue Reading

Financial crime: What should firms focus on in a fast-evolving risk landscape?

On 12 July 2022, at 5pm to 7:30pm we are holding a financial crime panel event at our offices in 3 More London Riverside. Our financial regulation and risk advisory team will be joined by senior individuals from across the sector to discuss themes including anti-money laundering, sanctions, and market abuse, as well as the … Continue Reading

Governance Lessons Learned: experience from implementation of Russian sanctions

UK regulated firms seeking to comply with the Russian sanctions have had to grapple with fast moving legislative and regulatory change, and have inevitably encountered governance challenges along the way.  The lessons learned as part of that process have read across which may assist firms in reacting to future developments beyond sanctions.  Conducting a governance … Continue Reading

Panel discussion: What should firms focus on in a fast-evolving risk landscape?

On July 12, 2022 our financial services and risk advisory teams will be holding a panel discussion event on the key financial crime issues facing financial services firms. The event, held at our offices in 3 More London Riverside, will include a keynote speech by Louise Stanway, chair of the Joint Money Laundering Steering Group. … Continue Reading

Cyber-attacks are on the increase: reminder of FCA and PRA expectations on regulated firms

It has been reported that, in 2021, the FCA experienced a 52% increase in reports of “material” cyber security incidents and we expect this upward trend to continue into 2022.  The rise in ransomware in particular was highlighted in the very recent paper published by UK Finance, which called on UK authorities to focus on … 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

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

FCA updates financial sanctions webpage

On 12 April 2022, the FCA updated its webpage on financial sanctions by adding information on making notifications to it and the Office of Financial Sanctions Implementation (OFSI). The FCA explains that authorised firms should notify it in line with the requirements in chapter 15 of the Supervision manual (SUP 15) through the usual reporting … Continue Reading

20-minute webinar on 6 April: Beyond Sanctions – what should financial services firms prepare for now?

As a result of recent events in Ukraine, and the economic sanctions imposed on Russia, there are a number of potential issues facing financial institutions. Firms have, understandably, concentrated on the immediate sanctions issues facing their organisations but will increasingly need to focus on the broader governance and compliance issues and plan accordingly, with their … 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
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