In the latest instalment of our Regulation Around the World series, Financial Services partners in 15 jurisdictions cover recent developments concerning anti-money laundering.

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 from the…

In the summer of 2023, the European Commission issued a payment services legislative package which amends the existing Payment Services Directive 2 (PSD2). A new Directive, PSD3, was proposed together with a Regulation, the Payment Services Regulation (PSR). In addition, a further Regulation was proposed, a Regulation on a Framework for…

The Department of Justice (DOJ) announced on September 17, 2024 that it has withdrawn its 1995 Bank Merger Guidelines, effectively overhauling how it reviews M&A transactions involving banks and bank holding companies. According to the DOJ, the 2023 Merger Guidelines are its sole authoritative statement across all industries that identify the factors and…

Singapore has passed legislative amendments to enhance its anti-money laundering and countering the financing of terrorism (AML/CFT) regime. Such changes will, amongst other things, enable more effective prosecution of money laundering offences, enhance the enforcement and supervisory efforts of AML/CFT regulators, and align the city-state’s AML/CFT framework with international standards.

Read our new…

On August 28, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a final rule that will impose new anti-money laundering and countering terrorism financing (AML/CFT) program requirements on registered investment advisers and exempt reporting advisers (collectively, Covered IAs) by, among other things, including Covered IAs within the definition of “financial…

On 20 August 2024, the Financial Services Regulatory Authority (the FSRA), the financial services regulator in the Abu Dhabi Global Market, published Consultation Paper No. 7 of 2024 (CP7) on a proposed regulatory framework for the issuance of stablecoins that are backed by a fiat currency, or what CP7 refers to as…

In Episode 3 of our podcast series ‘Let’s talk asset management’ Frank Herring and Simon Lovegrove discuss the EU Retail Investment Strategy.

Listen to the episode here.

On July 25, 2024, in the case of Federation of Americans for Consumer Choice, Inc., et al. v. United States Department of Labor, et al., (“Federation of Americans”) the United States District Court for the Eastern District of Texas issued an order staying the effective date of the DOL’s final fiduciary rule (and related amendments…

In PS24/9 (Payment optionality for investment research) the FCA sets out final rules for a new option to pay for investment research and sets out its feedback to its earlier consultation in CP24/7. To remind everyone, the new option will exist alongside those already available, i.e., payments for research from a firm’s own resources and…

Last week, two major stablecoin announcements were made to support Hong Kong’s efforts in facilitating the responsible development of its virtual asset ecosystem.[1] On 17 July 2024, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) jointly published consultation conclusions on the proposed regulatory…

In October, we published an article setting out five key steps for regulated financial services firms to be thinking about in relation to the new failure to prevent fraud (FTPF) offence. We also have a number of more general publications on this topic which can be found on our knowledge hub.

The…

On 5 December 2024, HM Treasury (HMT) published the terms of reference for the new Financial Inclusion Committee, which has met for the first time.

The Committee’s mission is to tackle barriers to individuals’ and households’ ability to access affordable and appropriate financial products and services. It will aim to develop, coordinate and…

On 5 December 2024, the Financial Stability Board (FSB) published its 2024 Resolution Report.

The Resolution Report takes stock of the FSB resolution-related work of the past year as well as of the progress made by FSB members in implementing resolution reforms and enhancing resolvability across the banking, financial market infrastructure, and…

On 4 December 2024, the European Systemic Risk Board (ESRB) issued a press release announcing that it had published a report which provides a response to the European Commission’s (Commission) targeted consultation assessing the adequacy of macroprudential policy for non-bank financial intermediation (NBFI).

Among other things the report notes…

On 4 December 2024, the European Banking Authority (EBA) issued a consultation paper containing draft Regulatory Technical Standards (RTS) specifying the criteria according to which crypto-asset service providers (CASPs) should appoint a central contact point to ensure compliance with local anti-money laundering and countering the financing of terrorism (…

Last month the FCA published Primary Market Bulletin 52 (PMB 52) discussing a number of potential issues, and practical steps for issuers to consider, in relation to the identification, handling and dissemination of inside information in accordance with the UK Market Abuse Regulation.

In our latest briefing we summarise the areas covered in…