Topic: United Arab Emirates

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FSB and Basel Committee set out supervisory recommendations for benchmark transition

On 9 July 2020, the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (Basel Committee) issued a report on supervisory issues associated with benchmark transition. The report includes insights on remaining challenges to LIBOR transition based on surveys undertaken by the FSB, the Basel Committee and the International Association of Insurance Supervisors. … Continue Reading

Basel Committee publication: Targeted revisions to the CVA risk framework

On 8 July 2020, the Basel Committee on Banking Supervision (Basel Committee) published a paper setting out the final targeted revisions to the credit valuation adjustment (CVA) risk framework. In January 2019 the Basel Committee published the revised market risk framework. In November 2019 the Basel Committee consulted on a set of targeted final revisions … Continue Reading

FATF reports on stablecoins and virtual assets

On 7 July 2020, the Financial Action Task Force (FATF) issued a report to G20 Finance Ministers and Central Bank Governors regarding stablecoins. The June 2019 revisions to the FATF Standards place anti-money laundering and counter-terrorism financing (AML/CFT) requirements on virtual assets and virtual asset service providers (VASPs). The FATF report finds that stablecoins share … Continue Reading

Doing business in the EU after the transition period

We have updated our popular client briefing note ‘Doing business in the EU’ covering the temporary transitional relief measures EU27 Member States are implementing, if any, for the period after the transition period should the UK/EU not enter into a free trade agreement. For a copy of the updated briefing note please contact Simon Lovegrove.… 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

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

Financial services regulation hub now available on the NRF Institute

In an increasingly complex and fast-paced regulatory environment, financial services firms must remain responsive to a wide range of evolving areas, whilst ensuring compliance with new laws and regulation. To help our clients stay up to date on regulatory change as it happens, we have created a new financial services regulation hub on the NRF … Continue Reading

Global Asset Management Quarterly – 14th edition now available online

The latest issue of Global Asset Management Quarterly is now available here. This issue contains the following articles: Europe European update Launch of IFR/IFD transition hub EU/UK regulatory roundup United Kingdom COVID-19: action points for boards to consider FCA Dear CEO letter: Asset management firms – prepare now for the end of LIBOR Extension of … 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

What are the top AML and sanctions compliance challenges in 2020?

We recently completed our global anti-money laundering (AML) and sanctions compliance survey that involved discussions with senior financial services executives. Our global analysis covers 375 participating financial institutions from 77 countries. Our initial analysis indicates several key trends: regulatory pressure on AML and sanctions compliance was significant in 2019 and is expected to continue increasing … Continue Reading

Airbus’ $4 billion settlement – Key takeaways for business in the Middle East

Airbus’ record US$4 billion (AED 14.6 billion / 15 billion Saudi Riyal) global settlement with the US Department of Justice (DOJ), France’s parquet national financier (PNF), and the UK’s Serious Fraud Office (SFO) for bribery and related offences has dominated the headlines over the past week. The investigation into Airbus uncovered bribery and attempted bribery … Continue Reading
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