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Financial services monthly wrap-up: December 2022 and January 2023

As 2022 came to a close, the regulators concluded the year with a busy month in December. Notably, ASIC ended the year by reminding stakeholders of the importance of ensuring that claims made in relation to a product were accurate, especially in the context of environmental claims, reflecting ASIC’s increased focus on greenwashing in 2022. … Continue Reading

ESAs hold public hearing on DORA, announce upcoming consultations

On 6 February 2023 the three European Supervisory Authorities (ESAs) held a joint public hearing on the implementation of Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (“Digital Operational Resilience Act” or DORA). As per a follow up press release, the event – held online – gathered over 2,000 representatives from credit … Continue Reading

Commission Delegated Regulation amending the RTS laid down in Delegated Regulation 2017/588 as regards the annual application date of the calculations of the average daily number of transactions for shares, depository receipts and exchange-traded funds for the purposes of the tick sizes

On 1 February 2023, the European Commission published a Commission Delegated Regulation (EU) which amends the regulatory technical standards laid down in Delegated Regulation 2017/588 as regards the annual application date of the calculations of the average daily number of transactions for shares, depository receipts and exchange-traded funds for the purposes of the tick sizes. … Continue Reading

The Edinburgh reforms and securitisation: The road ahead

Introduction On 9 December 2022, the Chancellor of the Exchequer announced a set of reforms (the “Edinburgh Reforms”) that aim to drive growth and competitiveness in the financial services sector[1]. As part of the Edinburgh Reforms, the UK Government published both an illustrative Statutory Instrument on the Securitisation Regulation (the “Illustrative Securitisation SI”) and a … Continue Reading

Update of Dutch Minister of Finance on MiCAR

On 21 December 2022, the Dutch Minister of Finance (the Minister) provided an update on the European Markets in Crypto Assets Regulation (MiCAR) to the Dutch Parliament. The text of MiCAR is currently being finalised and translated. MiCAR will be applicable 18 months after the date of publication in the Official Journal of the European … Continue Reading

The Bank of England publishes supervision of financial markets infrastructures annual report

On 19 December 2022, the Bank of England (the Bank) published the supervision of financial market infrastructures annual report. The report explains that financial market infrastructure firms (FMIs) supervised by the Bank are essential to the smooth and safe operation of the UK financial system. Consequently, the Bank’s supervision of FMIs is essential for financial … Continue Reading

AIFMD guides: The marketing passport and the requirements for fund managers across the EU

We have now updated our two guides on the Alternative Investment Fund Managers Directive (AIFMD), which has now been in force for approximately nine years. Both guides are now in their fifth iteration. The first guide considers whether the AIFMD marketing passport is working in practice and is a useful tool for managers as it … Continue Reading

Relief from Requirement to provide FSGs for Authorised Representatives until November 2027

On 24 November 2022, following an application from an insurer and further consultation with industry, consumers and government stakeholders, ASIC introduced the ASIC Corporations (Financial Services Guides) Instrument 2022/910 (Instrument) to provide relief to certain Authorised Representatives of Australian financial services licensees (ARs) from complying with the requirement to provide a Financial Services Guide. This … Continue Reading

FSB encourages final transition to robust reference as cessation of remaining LIBOR panels approaches

On 16 December 2022, the Financial Stability Board (FSB) issued a progress report on the transition from LIBOR and other benchmarks. The progress report: The progress report makes the following conclusions:… Continue Reading

Podcast – Global regulation and conduct series – Cross border distribution of funds: five topics to consider

In the second in our global series of regulatory podcasts focusing on conduct issues, financial services partners from Australia, Hong Kong, Luxembourg, Germany, United Kingdom and the United States consider the cross border distribution of funds by focussing on the following five topics: What trends or industry developments are you seeing in your jurisdiction as … Continue Reading

Monthly Global FinTech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

LIBOR Notice: Article 21(3) Benchmarks Regulation – Notice of first decision

On 21 October 2022, the FCA published LIBOR Notice: Article 21(3) Benchmarks Regulation – Notice of first decision. The notice sets forth that the FCA has decided to compel ICE Benchmark Administration Limited to continue publishing 1- month sterling, and 6- month sterling LIBOR. The compulsion period shall be for 3 months starting immediately after … Continue Reading

Regulation (EU) 2022/3036 published, amending Regulation (EU) No 575/2013 and Directive 2014/59/EU as regards the prudential treatment of global systemically important institutions with a multiple-point-of-entry resolution strategy and methods for the indirect subscription of instruments eligible for meeting the minimum requirement for own funds and eligible liabilities

On 25 October 2022, Regulation (EU) 2022/3036 of the European Parliament and of the Council of 19 October 2022 was published in the Official Journal of the European Union, amending Regulation (EU) No 575/2013 and Directive 2014/59/EU as regards the prudential treatment of global systemically important institutions with a multiple-point-of-entry resolution strategy and methods for … Continue Reading

Financial Services monthly wrap-up: September 2022

September saw a variety of regulatory changes from ASIC, APRA, AUSTRAC and ACCC in the financial services sector. Meanwhile, ASIC conducted a review into claims made by funds in their marketing material, finding that many did not adequately explain the risk profile of the investment. ASIC also exempted insurers from releasing a cash settlement fact … Continue Reading

DNB on transactions with non-EU registered crypto service providers

On 6 October 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item in which the regulator comments on transactions taking place between crypto service providers registered in the Netherlands and crypto service providers based outside of the EU which are not registered (non-EU crypto service providers). DNB indicates that when a … Continue Reading

Dutch Minister of Finance announces enforcement of UBO registration obligation

On 14 April 2022, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Parliament (Tweede Kamer) in which it is announced that the enforcement of the statutory obligation to register ultimate beneficial owners (UBOs) in the Dutch UBO register will commence. The Dutch UBO register for most types of Dutch legal … Continue Reading

Financial Services monthly wrap-up: March 2022

The month of March saw developments in relation to major legislative initiatives and regulatory consultations. Notably, the Security Legislation Amendment (Critical Infrastructure Protection) Bill 2022 passed both Houses of Parliament and Amended Regulations pertaining to both Foreign Acquisitions and Takeovers and the CCIV framework were registered. ASIC also opened up industry consultation on the AFS … Continue Reading

PRA consultation on operational resilience and continuity in resolution to holding companies

On 25 November 2021, the PRA published Consultation Paper 21/21: Operational Resilience and Operational Continuity in Resolution: CRR firms, Solvency II firms, and Financial Holding Companies (for Operational Resilience) (CP21/21). In CP21/21 the PRA sets out proposals to apply the group provisions in the Operational Resilience Part of the PRA Rulebook relevant to Capital Requirements … Continue Reading

DNB publishes draft Q&A on sanctions screening by crypto service providers

On 19 November 2021, the Dutch Central Bank (De Nederlandsche Bank, DNB) published for consultation a Q&A addressing crypto service providers’ compliance with the Dutch Sanctions Act 1977 (Sanctiewet 1977). DNB notes that in addition to money laundering and terrorist financing risks, executing crypto transactions and providing crypto services also involve risks of violating sanctions regulations. … Continue Reading

Financial Services monthly wrap-up September 2021

September continued to be a busy month in the funds, super and insurance sectors, as the industry is in the final stages of preparing for the anticipated breach-reporting, anti-hawking reforms and new customer complaints handling requirements which are effective from October. Notably, ASIC has provided further guidance on each of these topics to assist the … Continue Reading

Treasury functions: understanding the regulatory jigsaw

6 October 2021 | 08:50 AM – 09:30 AM BST Treasury activities are subject to constant regulatory change. Acting typically in a sell-side and a buy-side capacity, Treasury functions need to stay on top of regulatory developments, most of which are linked to each other. They may be impacting the instruments on their firm’s balance sheet and … Continue Reading

Financial services monthly wrap-up

The month of August 2021 saw a release of anticipated updates to the upcoming changes in the funds management, superannuation and insurance sectors. Notably, Treasury has released the draft updated Corporate Collective Investment Vehicle fund legislation and tax framework, the release of the first Your Future Your Super performance test results and APRA and ASIC … Continue Reading

Are insurers still allowed to talk to customers? ASIC proposes changes to Hawking Prohibitions regulatory guidance

On 21 July 2021, ASIC released Consultation Paper 346 and a draft updated Regulatory Guide 38 (RG 38) to reflect new legislative changes that strengthen the current hawking prohibitions. As many in the industry will know, new hawking prohibitions come into effect on 5 October 2021. The new hawking prohibitions will not only affect insurers, … Continue Reading

ASIC consults on crypto-asset based listed funds and other investment products

On 30 June 2021, ASIC released its consultation paper 343: Crypto-assets as underlying assets for ETPs and other investment products (CP343). The consultation has a broad remit and potentially significant consequences for trading in and investment exposure to crypto-assets. ASIC is seeking feedback on proposals about exchange-traded products (ETPs) and other investment products that provide … Continue Reading