Tag: Sanctions

Updated Guidance for the implementation of the Russia Sanctions EU Exit Regulations 2019

On 2 December 2022, HM Treasury published updated statutory guidance to assist in the implementation of, and compliance with the Russia (Sanctions) (EU Exit) Regulations 2019. The guidance has been updated to clarify the application of the prohibition on provision of technical assistance, financial services or funds related to G7 dependency and further goods.… 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

Financial Sanctions Evasion Typologies: Russian Elites and Enablers

On 12 July 2022, there was published the ‘Financial Sanctions Evasion Typologies: Russian Elites and Enablers’ by the National Economic Crime Centre, a multi-agency unit in the National Crime Agency, and HM Treasury’s Office of Financial Sanctions Implementation, working in conjunction with law enforcement and financial sector partners as part of the Joint Money Laundering … Continue Reading

FCA’s financial sanctions responsibilities

On 11 July 2022, there was published a letter by the Financial Conduct Authority (FCA) to the House of Commons’ Treasury Committee regarding the regulator’s financial sanctions responsibilities. In the letter, the FCA addresses its responsibilities for financial sanctions and covers the following topics: The current level of awareness and compliance at authorised firms of … Continue Reading

FCA PS22/8 ‘Protecting investors in authorised funds following the Russian invasion of Ukraine’

On 6 July 2022, the FCA published Policy Statement 22/8 ‘Protecting investors in authorised funds following the Russian invasion of Ukraine’ (PS22/8). In PS22/8 the FCA responds to feedback to Consultation Paper 22/8 (CP22/8) and sets out final rules and guidance which allow authorised fund managers to create separate unit classes (side pockets) for retail … Continue Reading

FCA CP22/08: Protecting investors in authorized funds following the Russian invasion of Ukraine

On 28 April 2022, the Financial Conduct Authority (FCA) published Consultation Paper 22/08: Protecting investors in authorised funds following the Russian invasion of Ukraine (CP22/08). The FCA has published CP22/08 in light of the significant impact that Russia’s invasion of Ukraine is having on financial markets. Many investments have been affected both by the events … Continue Reading

The Russia (Sanctions) (EU Exit) (Amendment) (No. 9) Regulations 2022

On 27 April 2022, there was published on the legislation.gov.uk website The Russia (Sanctions) (EU Exit) (Amendment) (No. 9) Regulations 2022. These Regulations amend the Russia (Sanctions) (EU Exit) Regulations 2019 (the 2019 Regulations) by adding new trade sanctions to Part 5 (Trade). These amendments will introduce new trade sanctions measures relating to internet services … Continue Reading

EBA statement on financial inclusion in the context of the invasion of Ukraine

On 27 April 2022, the European Banking Authority (EBA) issued a statement setting out what financial institutions and their supervisors can do to provide access to refugees from Ukraine to the EU’s financial system. It also sets out what financial institutions and supervisors can do to protect vulnerable persons from abuse by criminals and calls … Continue Reading

Australian financial services and sanctions law

“Sanctions” have been in the news quite often lately. The United Nations has adopted, and many of its member-states have imposed, trade and economic sanctions against North Korea to pressure its regime to give up nuclear weapons. Similarly, recent political developments surrounding the so-called “Iran Nuclear Deal” have been all about re-imposing sanctions in relation … Continue Reading

FINRA’s National Adjudicatory Council revises Sanction Guidelines for misrepresentations and suitability rule violations

FINRA’s National Adjudicatory Council (“NAC”) has revised its Sanction Guidelines that outline particular securities industry rule violations and the range of disciplinary sanctions that may result from such rule violations.  The revised Sanction Guidelines involve violations of misrepresentation and suitability rules and take effect immediately.  These revisions are part of the NAC’s periodic review of … Continue Reading