Tag: Financial Services

Bank of England provides Data Standards Review update

On 26 October 2022, the Bank of England (the Bank) provided an update on the Data Standards Review, which has been commissioned by the Transforming Data Collection joint transformation programme being led by the Bank of England and FCA with industry. The joint transformation programme’s vision is that ‘The Bank of England and the FCA … Continue Reading

Bank of England updates webpage on waivers and modification of rules

On 26 October 2022, the Bank of England updated its webpage on waivers and modification of rules. The webpage has updated its section on available waivers and modifications by consent to include the following: Modification by Consent of Rule 6.57 of Annex II of Part 6 (Templates and instructions) of the Reporting (CRR) part of … Continue Reading

Commission proposes to accelerate the rollout of instant payment in euro

On 26 October 2022, the European Commission adopted a legislative proposal to make instant payments in euro available to all citizens and businesses holding a bank account in the EU and EEA countries. The proposal aims to ensure that instant payments in euro are affordable, secure, and processed without hindrance across the EU. The proposal, … Continue Reading

Chancellor unveils ‘Growth Plan’

On 23 September 2022, the Chancellor of the Exchequer, Kwasi Kwarteng, unveiled the new ‘Growth Plan’. Key takeaways for the financial services sector announced within the plan include: Later this autumn the Government will bring forward an ambitious deregulatory package with its aim being to unleash the potential of the UK financial services sector. This … Continue Reading

The FSRA publishes its principles for virtual asset regulation and supervision

How should we regulate virtual assets? This is a question on the mind of almost every financial services regulator in the world. Many have adopted a very cautious and in some cases a prohibitory approach. However, the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) has taken a more innovative and pragmatic approach … Continue Reading

UK sanctions: the ban on providing professional and business services to persons “connected with Russia”

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 conundrum of strict liability

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

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

Blog: FCA review finds Challenger Banks need to enhance financial crime controls

The FCA has recently conducted a review of financial crime controls at a sample of six challenger banks  in order to identify the key financial crime risks to which such banks are exposed. The review was prompted by a substantial increase in the volume of Suspicious Activity Reports (SARs) filed by challenger banks. Whilst the … 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

Financial Institutions and the hybrid work environment

The onset of the pandemic in March 2020 forced financial institutions (FIs) across the world to change their working practices. Large numbers of employees moved from working in an office five days a week to working from home as countries locked down. Today, it appears unlikely that FIs will return to their previous working models … Continue Reading

Fraud-related investigations and their impact on financial institutions

Since the pandemic began in March 2020, there has been a rise in fraudulent behaviour as fraudsters look to take advantage of members of the public and financial institutions (FIs). Phishing, text scams and small-scale fraudulent activity targeting the British public were up 285% in the first half of 2021; HM Revenue and Customs estimates … Continue Reading

FINRA (and selected SEC) regulatory matters at a glance: What compliance officers need to know

Access the December issue for an overview of FINRA and SEC regulatory developments of interest to broker-dealers. Glen Barrentine is Of Counsel in the Denver office of Norton Rose Fulbright. His practice focuses broadly on SEC regulated financial service clients, including broker-dealers, securities exchanges, municipal advisors and investment advisers. Glen frequency represents clients in connection with … Continue Reading

Financial Institutions – Regulatory outlook for 2022

As 2021 draws to a close, we look ahead to the trends and new requirements that we may see over the next twelve months for financial institutions (FIs) in the white collar crime sphere as regulators, legislators and individuals continue to adapt to the pandemic and prevailing public opinion. 1. An increase in fraud-related investigations … Continue Reading

The Future Regulatory Framework Review – RT Plus Podcast out now

Another episode of RT Plus is out now to stream and download. In this episode we are delighted to be joined by UK Finance’s Director of Strategy and Policy, Matthew Conway, for a lively discussion on the Treasury’s latest consultation paper on the Future Regulatory Framework Review. In this episode, Jonathan Herbst and Matthew Gregory … Continue Reading

Norton Rose Fulbright | Transactions special: Deal making in a regulated environment

3 More London Riverside SE1 2AQ  08 December 2021 | 08:50 – 09:30 GMT There have been many macro-economic factors driving enhanced deal volumes in the last few years, from Brexit to pandemic-related realignments. Transactions involving regulated entities present unique challenges to principles, as well as their lawyers and other advisors throughout the transaction timeline. … Continue Reading

FINRA (and selected SEC) regulatory matters at a glance: What compliance officers need to know

Access the October issue for an overview of FINRA and SEC regulatory developments of interest to broker-dealers. Glen Barrentine is Of Counsel in the Denver office of Norton Rose Fulbright. His practice focuses broadly on SEC regulated financial service clients, including broker-dealers, securities exchanges, municipal advisors and investment advisers. Glen frequency represents clients in connection with SEC … Continue Reading

FINRA (and selected SEC) regulatory matters at a glance: What compliance officers need to know

Access the September issue for an overview of FINRA and SEC regulatory developments of interest to broker-dealers. Glen Barrentine is Of Counsel in the Denver office of Norton Rose Fulbright. His practice focuses broadly on SEC regulated financial service clients, including broker-dealers, securities exchanges, municipal advisors and investment advisers. Glen frequency represents clients in connection with SEC … Continue Reading

Regulation Tomorrow Plus – UK IFPR series: Governance and Remuneration

In this latest podcast in our new mini-series focussing on the new UK Investment Firm Prudential Regime (or UK IFPR), brought to you as part of the Regulation Tomorrow podcast, we look at governance requirements, the ICARA process and the new MiFIDPRU Remuneration Code to firms. In addition, we have developed an IFPR: Impact product … Continue Reading
LexBlog