WORD OF THE DAY® – Clean-Up Call
December 11, 2023- The U.S. Department of the Treasury published a fact sheet entitled, "U.S. Department of the Treasury Actions to Prevent and Disrupt Corruption" following up on the U.S. Strategy on Countering...more
Major Developments- Justice Department Announces Enforcement Action Charging Six Individuals with Cryptocurrency Fraud Offenses in Cases Involving Over $100 Million in Intended Losses...more
Major Developments- Federal Reserve Board- Federal Reserve Board releases results of annual bank stress test- June 23, 2022- The Federal Reserve Board released the results of its annual bank stress test....more
Major Developments- Federal Reserve issues FOMC statement- June 15, 2022- The Federal Reserve issued a statement regarding the Federal Open Market Committee meeting held June 14-15.-...more
Federal Agencies- Federal Reserve Bank of New York- Survey of Consumer Expectations: Household Spending Expectations Rise Sharply; Credit Access Perceptions and Expectations Deteriorate Further-...more
Our quarterly Financial Crime Horizon Scanner for the UK summarizes key financial crime related legal and regulatory changes expected over the next 2 years and provides electronic links to key resources. We hope that you...more
In this period we bid farewell to 2021 and 24 LIBOR settings and welcomed 2022 and the application of a range of new prudential measures in the UK. It was, however, a relatively quiet period for the regulators. The FCA...more
Of particular note this week, HM Treasury published a policy paper on ‘Greening Finance: A Roadmap to Sustainable Investing’ which sets out the UK government’s ambition to support the financial services sector to align with...more
The Financial Conduct Authority (“FCA”) published a statement reminding firms about potential financial crime risks linked to Afghanistan. Commission Delegated Regulation (EU) 2021/1415 supplementing the Securitisation...more
Brexit - Please see the Other Developments section for the MoU agreed between the ECB, FCA and BoE on post-Brexit supervisory cooperation, effective from 1 January. ...more
Brexit - FCA provides information on the Temporary Permissions Regime (TPR) On 3 March, the FCA published new webpages providing information on the TPR. Firstly, the FCA published a webpage on how it will supervise firms...more
Implementation of CRD V: PRA CP17/20 - The UK Prudential Regulation Authority (PRA) has published a consultation paper, CP17/20, setting out proposed changes to its rules, supervisory statements (SS) and statements of...more
COVID-19: EBA statement on actions to mitigate financial crime risks - On 31 March 2020, the European Banking Authority (EBA) published a statement on actions to mitigate financial crime risks in light of COVID-19....more
BREXIT - Please see our section on Other Developments for the FCA’s regulation round-up for January which updates on the FCA’s Brexit implementation activities. EC publish slides on the future relationship between the...more
CONDUCT - FCA guidance on approving financial promotions - On 26 November, the FCA published guidance on approving financial promotions for unauthorised persons. The guidance sets out some practical implications of the...more
BREXIT - Please refer to the Markets and Markets Infrastructure section for an update regarding the made Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment etc and Transitional...more
BREXIT - The Financial Services (Miscellaneous) (Amendment) (EU Exit) (No.3) Regulations 2019 On 24 October, the Financial Services (Miscellaneous) (Amendment) (EU Exit) (No.3) Regulations 2019 were made, and an...more
SEMINARS - ESG and sustainable finance conference On 11 November, 8:30am to 1:00pm, A&O will be hosting its inaugural ESG and sustainable finance conference. The conference will bring together a wide range of market...more
BREXIT - Please refer to the Payment Services and Payment Systems section for an update regarding the operational implications of a “no-deal Brexit” on SCT and SDD transactions. ...more
BREXIT - ECB on no-deal Brexit - On 28 August, the ECB published the transcript of an interview (dated 15 August) with by Andrea Enria, Supervisory Board Chair of the ECB. In the interview, among other things, Mr Enria...more
BREXIT - Post-Brexit options in the Luxembourg financial sector - Allen & Overy has published a list of available options for UK firms currently passporting their activities to Luxembourg or willing to provide services...more
BREXIT - Please see our article, ‘Can the UK Parliament stop a no-deal Brexit?’ CONDUCT - FCA findings of review into the banking sector’s implementation of SMCR - On 5 August, the FCA published the findings of...more
BREXIT - Draft Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment etc and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 laid before Parliament On 25 July, the draft Over the...more
BREXIT - EEA Joint Committee Decisions - On 18 July, four Decisions of the EEA Joint Committee made on 29 March and five Decisions made on 11 April that amend Annex IX (Financial Services) to the EEA Agreement were...more
BREXIT - Counter-Terrorism International sanctions guidance published On 3 May, the Secretary of State for Foreign and Commonwealth Affairs published statutory guidance, as required by section 43 of the Sanctions and...more