Lisa Lee Lewis (UK)

Firm/Organization: Norton Rose Fulbright

Blogs: Financial services: Regulation tomorrow

Latest Articles

The FCA provides views on Operational resilience

By Zaynah Bamgboye & Lisa Lee Lewis (UK)

December 10, 2019

The FCA’s Executive Director of Supervision – Investment, Wholesale and Specialist, Megan Butler, gave a speech at the TISA’s Operational Resilience Forum in London about their joint consultation paper published on 5 December 2019 regarding operational resilience. Her speech addressed the outcomes the FCA is seeking from the new requirements and expectations that operational resilience is strengthened, so that firms “are more focused on the continuity of supply of the financial products and services that…

Financial services: Regulation tomorrow

1LoD Summit: Reflections and key takeaways

By John Coley (UK), Lisa Lee Lewis (UK), Sven Stumbauer & Thomas Lord

December 9, 2019

Members of our global risk consulting team including John Coley (head of risk consulting), Lisa Lee Lewis (head of advisory), Sven Stumbauer (senior advisor) and Tom Lord (senior consultant) attended and presented at the 1LoD Summit on 21 November 2019. The conference brought together around 250 senior members of the financial services community, with panels focussed on key areas such as governance, culture, controls, conduct risk, surveillance and financial crime. Significant time was spent discussing…

Financial services: Regulation tomorrow

Council of the EU adopts conclusions on strategic AML and CTF priorities

By Lisa Lee Lewis (UK) & John Coley (UK)

December 6, 2019

On 5 December 2019, the Council of the EU published an outcome of proceedings document setting out the conclusions on strategic priorities on anti-money laundering (AML) and countering terrorist financing (CTF). These conclusions were adopted by the Council in its configuration as the Economic and Financial Affairs Council at its 3736th meeting held on 5 December 2019 in Brussels. The Council highlights that the fight against AML and terrorist financing remains a high priority for…

Financial services: Regulation tomorrow

FCA consults on proposed 2020/21 regulatory fees and levies

By John Coley (UK) & Lisa Lee Lewis (UK)

November 14, 2019

On 13 November 2019, the FCA published Consultation Paper 19/30: FCA regulated fees and levies: rates proposals 2020/21 (CP19/30). In CP19/30 the FCA consults on its periodic fees for the next financial year (1 April 2020 to 31 March 2021) and any proposed changes to application fees and other fees. The FCA also consults on the Financial Ombudsman Service general levy, Money and Pensions Service, Devolved Authorities and illegal money-lending levies for the next financial…

Financial services: Regulation tomorrow

New publication: UK financial services reporting: Trends and enforcement

By John Coley (UK), Lisa Lee Lewis (UK) & Katie Stephen (UK)

November 12, 2019

There has been a dramatic increase in regulatory reporting obligations, in step with an increase in investigations and enforcement actions. John Coley, Lisa Lee Lewis and Katie Stephen explore the risks and opportunities this creates for firms in the November 2019 issue of PLC magazine. You can access the publication on our webpage.…

Financial services: Regulation tomorrow

PRA Dear CEO letter on reliability of regulatory returns

By Lisa Lee Lewis (UK) & John Coley (UK)

November 4, 2019

On 1 November 2019, the PRA published a Dear CEO letter (dated 31 October 2019) on the reliability of regulatory returns. In the letter, the PRA sets out its expectations for firms to be able to respond promptly to a request to: demonstrate how the design and operation of the governance, controls and other processes deliver regulatory reporting of appropriate quality. Firms should also be able to provide details of the key interpretations and judgements…

Financial services: Regulation tomorrow

FATF consults on draft guidance on digital identity

By Lisa Lee Lewis (UK) & John Coley (UK)

November 1, 2019

On 31 October 2019, the Financial Action Task Force (FATF) launched a consultation on draft guidance on digital identity (Digital ID). The purpose of the consultation is to develop guidance to clarify how Digital ID can be used for customer due diligence (CDD). The FATF intends to use the guidance to assist governments, regulated entities and other relevant stakeholders apply a risk-based approach to the use of Digital ID for CDD. Section II of the…

Financial services: Regulation tomorrow

New FCA webpage – cryptoassets and AML / CTF regime

By John Coley (UK) & Lisa Lee Lewis (UK)

October 28, 2019

On 25 October 2019, the FCA published a new webpage concerning its future role as the anti-money laundering and counter terrorist financing (AML / CTF) supervisor of UK cryptoasset businesses under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (MLRs). The new webpage describes the scope of cryptoasset activities that come within the MLRs as described in HM Treasury’s April 2019 consultation, the registration requirements for…

Financial services: Regulation tomorrow

Updated HMT advisory notice on money laundering and terrorist financing controls in higher risk jurisdictions

By John Coley (UK) & Lisa Lee Lewis (UK)

October 23, 2019

On 21 October 2019, HM Treasury updated its advisory notice regarding the risks posed by unsatisfactory money laundering and terrorist financing controls in certain overseas jurisdictions. The advisory notice provides that: the Democratic People’s Republic of Korea should be considered as high risk and firms should apply counter measures and enhanced due diligence measures in accordance with the risks; Iran should be considered as high risk and firms should apply enhanced due diligence measures in…

Financial services: Regulation tomorrow

FATF public statement DPRK and Iran

By John Coley (UK) & Lisa Lee Lewis (UK)

October 23, 2019

On 18 October 2019, the Financial Action Task Force (FATF) issued a statement concerning: Democratic People’s Republic of Korea (DPRK). The FATF reaffirms its 25 February 2011 call on its members and urges all jurisdictions to advise their financial institutions to give special attention to business relationships and transactions with the DPRK, including DPRK companies, financial institutions, and those acting on their behalf; and The FATF decided in June 2019 to call upon its members…

Lisa Lee Lewis (UK)

The FCA provides views on Operational resilience

1LoD Summit: Reflections and key takeaways

Council of the EU adopts conclusions on strategic AML and CTF priorities

FCA consults on proposed 2020/21 regulatory fees and levies

New publication: UK financial services reporting: Trends and enforcement

PRA Dear CEO letter on reliability of regulatory returns

FATF consults on draft guidance on digital identity

New FCA webpage – cryptoassets and AML / CTF regime

Updated HMT advisory notice on money laundering and terrorist financing controls in higher risk jurisdictions

FATF public statement DPRK and Iran

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