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
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
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
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
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
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
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
During April 2021, ASIC has used its product intervention powers to ban the sale of binary options to retail clients, as well as to extend temporary relief instruments amidst COVID-19. ASIC has also urged claims handling firms to lodge licences by next month. The superannuation sector has seen the release of exposure draft regulations to … Continue Reading
March 2021 has seen the release of legislative reforms to advice fee consent and lack of independence disclosure by financial advisers. ASIC has clarified its position on virtual AGMs and released an interim report on competition in the managed funds industry. APRA has urged life insurers and superannuation funds to ensure their insurance offerings and … Continue Reading
The month of February 2021 has seen continued momentum for a raft of changes affecting financial services providers from various industries. APRA has released its new policies and priorities for 2021, which have a particular focus on the impacts of COVID-19 and seek to strengthen the financial services sector in dealing with future crises. The ‘Your … Continue Reading
The months of December 2020 and January 2021 have been a busy time in the funds management, superannuation and insurance sector. In particular, ASIC has released its final Regulatory Guide 274 Product design and distribution obligations, which will bring industry-wide changes to how financial products are formed, promoted and marketed. The impact of COVID-19 has … Continue Reading
To help licensees design and execute consumer-centred remediation programs, ASIC has recently released a practical field guide titled ‘Making it right: How to run a consumer-centred remediation’ (the Field Guide). A consumer-centred remediation is one that puts the interests of consumers at the heart of every stage of the remediation. The Field Guide outlines the … Continue Reading
On 27 October 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published guidelines on the insurance product information document (IPID) which is required under the Insurance Distribution Directive. The guidelines contain the AFM’s most important findings and points for attention following an assessment of various IPIDs of household, liability and … Continue Reading
The month of July 2020 has seen a number of regulatory updates, guides and reminders to the financial services industry addressing the continuing challenges due to the impact of COVID-19. In particular, ASIC has released an update to its Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements amending transitional arrangements due to COVID-19, … Continue Reading
Glen Barrentine is Of Counsel in the New York 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 and FINRA enforcement proceedings and other contentious regulatory inquiries, purchases and sales, and the … Continue Reading
Businesses have been working very hard to respond to, and deal with, the evolving impacts of Covid-19. The crisis has affected companies in a range of different ways across the spectrum – their governance, culture, sales processes, customer servicing and how they deal with customers that are less resilient, vulnerable and in financial difficulty. All … Continue Reading
The Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) recently submitted its legislative letter (wetgevingsbrief) for 2020 to the Dutch Minister of Finance (the Minister). This letter is submitted to the Minister annually and sets out the relevant European and national developments relevant to the financial sector and the legislative changes desired … Continue Reading
March 2020 has seen a number of responses from the Government, regulators, associations and industry generally addressing issues and risks from the outbreak of the coronavirus (COVID-19). This update includes key regulatory responses in the wake of COVID-19 for the funds and financial services sector. Of the notable developments outside COVID-19, on 10 March 2020 … Continue Reading
On 31 March 2020, the FCA published a Dear CEO letter to firms providing services to retail investors about coronavirus. The Dear CEO letter covers: client identify verification needs to continue, but firms have flexibility within FCA rules. During this period, the FCA expects firms to continue to comply with their obligations on client identity … Continue Reading
On 10 March 2020, ASIC published its media release announcing the new regulatory framework for foreign financial services providers (FFSPs) providing financial services to wholesale clients in Australia. Existing licensing relief has been extended as follows: ASIC has provided a 2 year transition period until 31 March 2022 for FFSPs relying on the sufficient equivalence … Continue Reading
On January 30, 2020, the Federal Reserve Board voted to finalize its April 2019 proposed rule to clarify and simplify the standards under which the Federal Reserve Board determines that one company controls a banking organization or another company. Our post on the April 2019 proposal may be accessed here. The final rule will be … Continue Reading
The months of December 2019 and January 2020 have proven to be a busy time for our Government and regulators, with significant changes and proposals for the funds and financial services sector. In particular, Treasury have released 17 bills in response to 22 recommendations made by Commissioner Hayne in the Royal Commission into Misconduct in … Continue Reading
On 16 January 2020, the European Banking Authority (EBA) published a report on the application by Member State competent authorities (NCAs) of the regulatory technical standards (RTS) on the criteria to identify categories of staff whose professional activities have a material impact on an institution’s risk profile. The review shows that, within the EEA, NCAs … Continue Reading
Following the release of the Royal Commission final report earlier this year, the Treasury has now released draft legislation that will make insurance claims handling a financial service under the Corporations Act 2001 (Cth). This will give the Australian Securities and Investments Commission (ASIC) greater supervisory responsibility over claims handling and require that these activities … Continue Reading
