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Topic: Regulation and compliance

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IOSCO statement on online harm

On 15 December 2023, the International Organization of Securities Commissions (IOSCO) issued a statement on the risk of online harm to retail investors from investment scams and frauds. IOSCO has issued the statement noting that with growing online retail investor participation there has been a rise of ‘bad actors’ using sophisticated and fraudulent tactics to … Continue Reading

Global Asset Management Review – Issue 1

Our global funds and financial services and regulation teams have recently created a new publication called Global Asset Management Review which comprises of a series of articles from colleagues around the world designed to help clients and contacts keep up-to-date with key trends in the asset management industry. Click here to view it.… Continue Reading

FSB outlines work to further increase the resolvability of banks, central counterparties and insurers

On 15 December 2023, the Financial Stability Board (FSB) issued a 2023 Resolution Report. The 2023 Resolution Report is the FSB’s twelfth report on the implementation of resolution reforms and takes stock of the progress made by FSB members in implementing resolution reforms and enhancing resolvability across the banking, central counterparty, and insurance sectors. It … Continue Reading

IOSCO consultation report on market outages

On 14 December 2023, the International Organization of Securities Commissions (IOSCO) issued a consultation report on market outages. Market outages occur when a technical problem or an operational issue causes a disruption of trading output or the orderly trading of a trading venue, leading to the suspension of trading. Market outages can be highly disruptive. … Continue Reading

Basel Committee report on implementing Principles for effective risk data aggregation and reporting shows progress made but significant work remains

On 28 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a report on the progress that 31 global systemically important banks have made in implementing the Basel Committee’s Principles for effective risk data aggregation and reporting (the Principles). Of the 31 banks assessed, only two banks are fully compliant with all the … Continue Reading

New Regulation Tomorrow Plus podcast: EMEA regulatory insights series – Australia

In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on the key regulatory issues they are seeing in their local market. In this third episode James Morris from our Sydney office discuss what they are seeing in the Australian market touching on reforms to payment systems regulation, buy now pay … Continue Reading

Basel Committee finalisation of various technical amendments

On 8 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a document containing final technical amendments which have been integrated into the consolidated Basel Framework. The amendments relate to: (i) the standardised approach to operational risk; (ii) the disclosure standards for credit valuation adjustment risk; (iii) the description of the calculation of … Continue Reading

FATF consults on FATF Risk-Based Guidance to Recommendation 25

On 31 October 2023, the Financial Action Task Force (FATF) published a public consultation on FATF Risk-Based Guidance to Recommendation 25. At the February 2023 Plenary, the FATF agreed on enhancements to Recommendation 25 on legal arrangements to bring its requirements broadly in line with those for Recommendation 24 on legal persons to ensure a … Continue Reading

HM Treasury publishes joint statement from FRWG

On 29 September 2023, HM Treasury published a joint statement from the US Department of the Treasury and HM Treasury following the eighth official Financial Regulatory Working Group (FRWG) meeting held on Wednesday 6 September. The statement outlines the key themes discussed at the meeting and some of the key outcomes. They include the following: … Continue Reading

IOSCO consults on leveraged loans and CLOs good practices for consideration

On 14 September 2023, the International Organization of Securities Commissions (IOSCO) published a consultation report on leveraged loans (LLs) and collateralised loan obligations (CLO) good practices for consideration. Broadly speaking, LLs are loans to highly indebted, non-investment grade, non-financial corporate issuers and are commonly used to fund mergers and acquisitions. They are typically structured as … Continue Reading

FMSB precious metal compendium

On 12 September 2023, the Financial Markets Standards Board (FMSB) published a compendium: Precious metals market evolution. This compendium consolidates insights from three distinct spotlight reviews considering the potential evolution of precious metals markets. It outlines opportunities for enhancement and offers suggestions for heightening market transparency and efficiency. The compendium looks at key aspects of … Continue Reading

FSB progress report on enhancing the resilience of NBFI

On 6 September 2023, the Financial Stability Board (FSB) published a progress report on enhancing the resilience of non-bank financial intermediation (NBFI). The March 2020 turmoil underscored the need to strengthen resilience in the NBFI sector, as key funding markets experienced acute stress and public authorities needed to take a wide range of measures to … Continue Reading

FSB letters ahead of the New Delhi Summit

On 5 September 2023, the Financial Stability Board (FSB) published two letters from its Chair, Klaas Knot, addressed to G20 leaders ahead of the New Delhi Summit. The first letter outlines the work the FSB has undertaken under the leadership of India’s G20 Presidency to address existing vulnerabilities in the financial system and enhance its … Continue Reading

US SEC adopts wide-reaching rules for private fund advisers

On August 23, 2023, the Securities and Exchange Commission adopted highly controversial new rules and rule amendments to the Investment Advisers Act of 1940 in an effort to further regulate the private funds industry. These new rules attempt to “increase transparency, competition and efficiency in the private funds market.” Our client update can be found … Continue Reading

New briefing note: Managing global implementation and regulatory change projects

Global businesses are operating in an ever-changing and increasingly complex regulatory landscape. It is of vital importance that these businesses can manage implementation and regulatory change programmes effectively, on a global basis. In our latest briefing note, we set out some practical steps for firms looking to manage global implementation and change projects in rule-mapping, … Continue Reading

FSB publish statement on continuity of access to financial market infrastructure services for firms in resolution

On 27 July 2023, the Financial Stability Board (FSB) published a statement following survey feedback on the continuity of access to financial market infrastructure (FMI) services for firms in resolution. In October 2022, the FSB Resolution Steering Group surveyed banks, FMI intermediaries and FMIs about their experiences with the FSB framework. The survey respondents demonstrated, … Continue Reading

FSB publishes letter from Chair to G20 Finance Ministers and Central Bank Governors

On 13 July 2023, the Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 Ministers and Central Bank Governors, ahead of their meeting on 17-18 July 2023. The letter sets forth the following:… Continue Reading

FMSB publishes spotlight review on data and transparency in precious metals

On 5 July 2023, the Financial Markets Standards Board (FMSB) published a spotlight review on data and transparency in precious metals markets. This review is the third in a series of spotlight reviews by FMSB members that also cover precious metals market structure and post-trade. This review focuses on:… Continue Reading

New briefing note: SEC adopts heightened reporting requirements for private funds

In our latest briefing note we look at the SEC’s adoption of new amendments enhancing disclosure requirements for private funds. The amendments are designed to ‘enhance the ability of the Financial Stability Oversight Council (FSOC) to assess systemic risk and to bolster the Commission’s oversight of private fund advisers and its investor protection efforts’.… Continue Reading

Beneficial ownership registers: Regulation Around the World

In this edition of Regulation Around the World we review the position regarding beneficial ownership registers which has come into the spotlight following work by the Financial Action Task Force and the introduction of reforms in a number of jurisdictions. Identifying beneficial owners has always been a difficult task for both regulators and financial institutions … 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

FSB calls for urgent work to address cross-border resolution challenges in the non-bank sector

On 8 December 2022, the Financial Stability Board (FSB) published its 2022 Resolution Report. The report takes stock of progress made by FSB members in implementing resolution reforms and enhancing resolvability across the banking, financial market infrastructure, and insurance sectors. The report notes that there has been a lot of progress in resolvability in the … Continue Reading

DAO token holder personal liability continues to take center stage for the CFTC

A seemingly straightforward enforcement action by the Commodities Futures Trading Commission (CFTC) has attracted the attention of US regulators, large digital asset industry players and the crypto industry in general for its potential wide-reaching implications for DAO governance. The CFTC pushed back on various amicus briefs filed by top industry participants in the digital asset … Continue Reading

CPMI and IOSCO report ‘Implementation monitoring of the PFMI: level 3 assessment on financial market infrastructures’ cyber resilience’

On 29 November 2022, the Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) published a report, ‘Implementation monitoring of the Principles of financial marketing infrastructures (PFMI): level 3 assessment on financial market infrastructures’ cyber resilience’. In April 2012, the CPMI and IOSCO published the PFMI, which set out … Continue Reading
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