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Topic: Regulation and compliance

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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

Le shérif arrive en ville : les gouvernements s’attaquent au « Far West » de la cryptomonnaie

Que l’on croit ou non qu’elle constitue un mode de paiement légitime, on ne peut nier que la cryptomonnaie s’insinue récemment dans la société en général.  En effet, qu’elle serve à des dons pour les « manifestations pour la liberté » à Ottawa[1] ou encore que des pays approuvent le bitcoin en tant que monnaie légale[2], la … Continue Reading

Attention, âmes dirigeantes : l’imputabilité individuelle est la « priorité absolue » du Department of Justice des États-Unis dans le cadre des poursuites relatives aux crimes d’entreprise

Les dirigeants et administrateurs canadiens devraient bien prendre en note les changements de priorités en matière d’application des dispositions pénales aux États-Unis. Dans de récents discours lors de la tenue de la 37e édition du National Institute on White Collar Crime de l’ABA, le procureur général des États-Unis, Merrick Garland, et le procureur général adjoint, Kenneth … Continue Reading

Directing minds beware: individual accountability is US DOJ’s “first priority” in prosecuting corporate crimes

Canadian officers and directors should take note of shifting criminal enforcement priorities in the US. In recent addresses to the ABA’s 37th National Institute on White Collar Crime, US AG Merrick Garland and Assistant AG Kenneth Polite Jr. confirmed that in prosecuting corporate crime, the US DOJ’s “first priority” is the individuals responsible for the … Continue Reading

Borders blur in the regulation of digital assets

Once a far-off concept, digital assets, including cryptocurrency, have grown dramatically, achieving over US$3 trillion in value last November with no signs of slowing. Extraterritorial application of foreign laws is an emerging concern as cryptocurrency regulations take shape in other countries, notably the United States. While cryptocurrency regulations have yet to develop in Canada, Canadian … Continue Reading

Les frontières s’estompent en matière de réglementation des actifs numériques

Autrefois un concept obscur, les actifs numériques, dont les cryptomonnaies, ont connu une croissance spectaculaire, réalisant une valeur de plus de 3 T$ US en novembre dernier sans le moindre signe de ralentissement. L’application extraterritoriale des lois étrangères est une préoccupation émergente alors que des règlements sur les cryptomonnaies sont mis en œuvre dans d’autres pays, notamment … Continue Reading

Avis du ministère de la Justice américain sur une violation en vertu de la FCPA – est-ce que cela se produirait au Canada?

Avis du ministère de la Justice américain sur une violation en vertu de la FCPA – est-ce que cela se produirait au Canada? En janvier, le ministère de la Justice américain (Ministère) a rendu un avis à une société américaine sur la question de savoir si le fait de payer un tiers pour la libération … Continue Reading

DOJ opinion on FCPA breach – would this happen in Canada?

In January, the US Department of Justice (DOJ) issued an opinion to a US company on whether paying a third party for release of its employees would breach the Foreign Corrupt Practices Act (FCPA).[1] The DOJ said it would not bring charges against the company if it made a payment to prevent imminent threat to … Continue Reading

“Follow the (AML) Leader” – Canada’s Beneficial Ownership Registry in Global Context, Part 2

Canada’s new beneficial ownership registry is slated to arrive in 2023 but the details remain uncertain. One way for corporations to prepare for these changes is by looking at how similar registries operate in other jurisdictions. Canada has been criticized for having a relatively weak AML regime. Experts indicate that casinos, real estate, and shell … 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

FSB work programme for 2022

On 31 March 2022, the Financial Stability Board (FSB) published its work programme for 2022. Priority areas for the FSB include: Supporting international cooperation and coordination on current financial stability issues. Against the backdrop of the Russia-Ukraine conflict and its economic impacts, the FSB is reinforcing its forward-looking monitoring to identify, assess and address new … 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
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