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Topic: Regulation and compliance

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IOSCO consults on leveraged loans and CLOs good practices for consideration

On 14 September 2023, the International Organization of Securities Commissions (IOSCO) published a consultation report on leveraged loans (LLs) and collateralised loan obligations (CLO) good practices for consideration. Broadly speaking, LLs are loans to highly indebted, non-investment grade, non-financial corporate issuers and are commonly used to fund mergers and acquisitions. They are typically structured as … Continue Reading

FMSB precious metal compendium

On 12 September 2023, the Financial Markets Standards Board (FMSB) published a compendium: Precious metals market evolution. This compendium consolidates insights from three distinct spotlight reviews considering the potential evolution of precious metals markets. It outlines opportunities for enhancement and offers suggestions for heightening market transparency and efficiency. The compendium looks at key aspects of … Continue Reading

FSB progress report on enhancing the resilience of NBFI

On 6 September 2023, the Financial Stability Board (FSB) published a progress report on enhancing the resilience of non-bank financial intermediation (NBFI). The March 2020 turmoil underscored the need to strengthen resilience in the NBFI sector, as key funding markets experienced acute stress and public authorities needed to take a wide range of measures to … Continue Reading

FSB letters ahead of the New Delhi Summit

On 5 September 2023, the Financial Stability Board (FSB) published two letters from its Chair, Klaas Knot, addressed to G20 leaders ahead of the New Delhi Summit. The first letter outlines the work the FSB has undertaken under the leadership of India’s G20 Presidency to address existing vulnerabilities in the financial system and enhance its … Continue Reading

New briefing note: Managing global implementation and regulatory change projects

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

FSB publish statement on continuity of access to financial market infrastructure services for firms in resolution

On 27 July 2023, the Financial Stability Board (FSB) published a statement following survey feedback on the continuity of access to financial market infrastructure (FMI) services for firms in resolution. In October 2022, the FSB Resolution Steering Group surveyed banks, FMI intermediaries and FMIs about their experiences with the FSB framework. The survey respondents demonstrated, … Continue Reading

FSB publishes letter from Chair to G20 Finance Ministers and Central Bank Governors

On 13 July 2023, the Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 Ministers and Central Bank Governors, ahead of their meeting on 17-18 July 2023. The letter sets forth the following:… Continue Reading

FMSB publishes spotlight review on data and transparency in precious metals

On 5 July 2023, the Financial Markets Standards Board (FMSB) published a spotlight review on data and transparency in precious metals markets. This review is the third in a series of spotlight reviews by FMSB members that also cover precious metals market structure and post-trade. This review focuses on:… Continue Reading

Beneficial ownership registers: Regulation Around the World

In this edition of Regulation Around the World we review the position regarding beneficial ownership registers which has come into the spotlight following work by the Financial Action Task Force and the introduction of reforms in a number of jurisdictions. Identifying beneficial owners has always been a difficult task for both regulators and financial institutions … Continue Reading

FSB calls for urgent work to address cross-border resolution challenges in the non-bank sector

On 8 December 2022, the Financial Stability Board (FSB) published its 2022 Resolution Report. The report takes stock of progress made by FSB members in implementing resolution reforms and enhancing resolvability across the banking, financial market infrastructure, and insurance sectors. The report notes that there has been a lot of progress in resolvability in the … Continue Reading

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

Voluntary disclosure to law enforcement does not waive privilege

The Québec Court of Appeal has ruled that cooperation with a police investigation by voluntarily disclosing privileged documents will not automatically waive privilege with respect to third parties (Centre universitaire de santé McGill c. Lemay).[i] The decision compliments a wider legislative trend towards encouraging cooperation with criminal investigations (including, for example, Immunity and Leniency Programs … 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

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

Lutte contre l’esclavage moderne et la corruption dans les chaines d’approvisionnement : les mesures proposées au Canada tiennent-elles compte des difficultés auxquelles font face les marchés émergents?

Au cours de la dernière année, les législateurs et les autorités gouvernementales du Canada ont redoublé d’efforts pour lutter contre la corruption et la violation des droits de la personne au sein des chaines d’approvisionnement mondiales. De tels efforts ciblent souvent des multinationales dans le but de leur imposer des obligations de vérification diligente concernant … Continue Reading

Fighting modern slavery and corruption in supply chains: do proposed measures in Canada account for the challenges facing emerging markets?

Over the last year, legislators and government authorities in Canada have increased efforts to combat corruption and human rights abuses in global supply chains. Such efforts often targeted multinational corporations (MNCs), with the aim of imposing anti-corruption and human rights due diligence obligations on MNCs that will ensure compliance among their small and medium-sized enterprise … 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

[New?] Sheriff in town: governments crack down on crypto’s “Wild West”

Regardless of your position on whether cryptocurrency is a legitimate method of payment, you can’t deny its permeation into mainstream society recently.  From donations to Ottawa “freedom” protests[1] to countries approving bitcoin as legal tender,[2] the use of cryptocurrency is emerging beyond the dark web. But with use comes misuse. In 2021, there were an … Continue Reading
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