Lisa Lee Lewis (UK)

Firm/Organization: Norton Rose Fulbright

Blogs: Financial services: Regulation tomorrow

Latest Articles

New videos: What’s on the horizon in 2020?

By Hannah Meakin (UK), Albert Weatherill (UK), John Coley (UK) & Lisa Lee Lewis (UK)

February 18, 2020

Our team in London have produced a series of videos exploring what is on the horizon for financial services firms in 2020. Watch now via the links below: Market infrastructure (Hannah Meakin) FinTech (Albert Weatherill) Risk and compliance (John Coley and Lisa Lee Lewis)…

Financial services: Regulation tomorrow

Commission consults on strengthening AML framework

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

February 13, 2020

On 12 February 2020, the European Commission (Commission) published a roadmap for a proposed communication highlighting the areas in which it intends to focus on to address deficiencies in the EU’s anti-money laundering (AML) framework. The Commission published an analysis of money laundering scandals in July 2019 which illustrated the cross-border nature of money laundering, concluding that even full implementation of the latest anti-money laundering provisions introduced by the Fifth Anti-Money Laundering Directive and of…

Financial services: Regulation tomorrow

EBA report on competent authorities approach to AML/CTF banking supervision

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

February 6, 2020

On 5 February 2020, the European Banking Authority (EBA) published a report on competent authorities’ approaches to anti-money laundering and countering the financing of terrorism (AML/CFT) supervision of banks. The report summarises the findings from the first year of ongoing reviews of all competent authorities responsible for AML/CFT supervision of banks in the EU. In 2019, the EBA reviewed seven competent authorities from five Member States and made recommendations tailored to each competent authority to…

Financial services: Regulation tomorrow

JMLSG consults on changes to anti-money laundering guidance

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

February 5, 2020

On 4 February 2020, the Joint Money Laundering Steering Group (JMLSG) published the text of proposed revisions to Parts I, II and III of its guidance on the prevention of money laundering and the financing of terrorism for the UK financial services. The proposed revisions take account of The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 which came into force on 10 January 2020. The JMLSG is also developing a new section in Part…

Financial services: Regulation tomorrow

FCA Handbook Notice 73

By Lisa Lee Lewis (UK)

February 3, 2020

On 31 January 2020, the FCA published Handbook Notice 73. This Handbook Notice provides a summary of the changes the FCA board made to the Handbook on 12 December 2019, 10 January 2020 and 30 January 2020. The relevant instruments are: Conduct of Business Sourcebook (Independent Governance Committees) Instrument 2019; Fees (Cryptoasset Business) Instrument 2020; Mortgages (Advice) Instrument 2020; Exiting the European Union: Deferral of Commencement and Miscellaneous Fees Instrument 2020; and Exiting the…

Financial services: Regulation tomorrow

HM Treasury responds to consultation on implementing MLD5

By Lisa Lee Lewis (UK)

January 27, 2020

Introduction On 24 January 2020, HM Treasury (HMT) published its response to the feedback it received on its consultation on the transposition of the EU Fifth Money Laundering Directive (5MLD). For further information on the consultation, please see our previous blog here. Points to note in the HMT response include: Cryptoassets The 5MLD definition of “virtual currencies” has been amended as proposed by HMT to the broader definition set out by the Cryptoasset Taskforce,…

Financial services: Regulation tomorrow

February 40 minute briefing seminar: Managing your relationship with the regulators

By Jonathan Herbst (UK), Hannah Meakin (UK), Imogen Garner (UK), Katie Stephen (UK), John Coley (UK) & Lisa Lee Lewis (UK)

January 20, 2020

Our extended 40 minute briefing on 5 February 2020 will be a practical workshop involving lawyers and compliance professionals leading roundtable discussions that provide insight into the FCA’s and PRA’s approach to the scenarios set out below and the good and poor practices they have observed from firms: Managing the supervisory relationship on a business-as-usual basis across a regulatory lifecycle; Skilled Person reviews: Common pitfalls to consider and their impact on firms; and Enforcement: Key…

Financial services: Regulation tomorrow

FSCS plan and budget for 2020/21

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

January 17, 2020

On 16 January 2020, the Financial Services Compensation Scheme (FSCS) published its Plan and Budget 2020/21. The Plan and Budget is led by the FSCS’ strategy for the 2020s, which is now in its second year following its launch in November 2018. The Plan and Budget 2020/21 sets out the progress that has been made on the Strategy for the 2020s based on the four pillars of prepare, protect, promote and prevent. It also…

Financial services: Regulation tomorrow

Fees (Cryptoasset Business) Instrument 2020

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

January 15, 2020

On 13 January 2020, there was published on the FCA website, The Fees (Cryptoasset Business) Instrument 2020 (the Instrument). The Instrument has been made by the FCA in exercise of the power conferred by regulation 102 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 as amended by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019. The Instrument amends the FCA’s Fees manual to include the fees…

Financial services: Regulation tomorrow

New webinar recording – What’s in store for financial services firms in 2020?

By Jonathan Herbst (UK), Imogen Garner (UK), Hannah Meakin (UK), Katie Stephen (UK), Albert Weatherill (UK), Matthew Gregory (UK), John Coley (UK) & Lisa Lee Lewis (UK)

January 10, 2020

The recording from our latest 40 minute briefing webinar is now available. In this webinar our London team provides their views on what 2020 will bring to the following sectors: Market infrastructure; Asset management; Wholesale and retail banking; and FinTech, open banking and payments. The webinar concludes with some thoughts on key trends from an investigations and enforcement perspective. The webinar can be accessed here (register first, and it should play automatically).…

Lisa Lee Lewis (UK)

New videos: What’s on the horizon in 2020?

Commission consults on strengthening AML framework

EBA report on competent authorities approach to AML/CTF banking supervision

JMLSG consults on changes to anti-money laundering guidance

FCA Handbook Notice 73

HM Treasury responds to consultation on implementing MLD5

February 40 minute briefing seminar: Managing your relationship with the regulators

FSCS plan and budget for 2020/21

Fees (Cryptoasset Business) Instrument 2020

New webinar recording – What’s in store for financial services firms in 2020?

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