Global Financial Regulatory Blog

Insights and commentary on financial regulatory issues and developments impacting business and innovation in the US, Europe, Asia, and across the world.

Latest from Global Financial Regulatory Blog

This annual publication outlines some of the primary focus areas in 2021 for UK-regulated financial services firms. Some of these topics are attracting attention because they are an emerging trend, or because they are at a key stage in the implementation cycle. Other topics are longstanding, but remain at the top of the PRA’s and FCA’s priority lists. While this publication looks beyond Brexit and COVID-19, inevitably, in the short term, these issues continue to…
Regulators consult on an investor identification regime and outsourcing requirements, and issue guidance on electronic storage of regulatory records and environmental risk management By Farhana Sharmeen, Simon Hawkins, Kenneth Y.F. Hui, and Marc Jia Renn Tan This blog post summarises key regulatory developments in Hong Kong and Singapore during December 2020, including: The SFC’s consultation on an investor identification regime for the securities market The SFC’s additional guidance on external electronic data…
The no-action relief applies to family offices with at least US$50 million in total assets (Institutional Family Offices) and requires broker-dealers seeking to rely on the relief to establish and maintain specific additional policies and procedures. By Dana G. Fleischman, Stephen P. Wink, Naim Culhaci, and Deric Behar On December 23, 2020, the Staff of the Division of Trading and Markets (Staff) of the US Securities and Exchange Commission (SEC) issued a…
The PRA has released a largely positive report, along with nine follow-up actions and recommendations on the SMCR for PRA-regulated firms. By Rob Moulton, Katy Sanders, and Anna Lewis-Martinez The PRA reviewed the operation of the Senior Managers and Certification Regime (SMCR) against its original objectives and examined whether there have been any unintended consequences. The evaluation covered the period 2019-2020, included evidence from internal and external sources, and examined each component of…
Regulators propose new regulations for virtual asset exchanges and enhanced customer identity verification requirements, and launch an innovative commercial data interchange. By Farhana Sharmeen, Simon Hawkins, Kenneth Y.F. Hui, and Marc Jia Renn Tan This blog post summarises key regulatory developments in Hong Kong and Singapore during November 2020, including: — The Hong Kong FSTB’s consultation proposing a new regulatory framework for virtual asset exchanges — The HKMA’s new commercial data interchange…
The proposal would require financial institutions to use certain categories of information for non-face-to-face verification before undertaking transactions or requests. By Farhana Sharmeen and Gen Huong Tan In November 2020, the Monetary Authority of Singapore (the MAS) published a consultation paper proposing to issue a Notice on Identity Verification (the Notice) that would require financial institutions to obtain specific categories of information to verify an individual’s identity for non-face-to-face financial transactions. The Notice would apply…
Three delegated acts that supplement the EU Benchmarks Regulation will come into force on 23 December 2020. By Nicola Higgs, Becky Critchley, Ella McGinn, and Anna Lewis-Martinez The long-awaited delegated acts (Delegated Acts) required by Regulation (EU) 2019/2089 (the Low Carbon Benchmarks Regulation), which amends the EU Benchmarks Regulation (BMR), have been published in the Official Journal of the European Union (OJ). The Delegated Acts will enter into force on 23 December…
Court of Appeal sets out correct approach to transfer of long-term Insurance. Victoria Sander, Jon Holland, Alex Cox, and Duncan Graves Latham & Watkins has won an appeal on behalf of Rothesay Life Plc (Rothesay) in an unprecedented challenge to the High Court’s refusal to sanction the transfer of around 370,000 annuity policies in August 2019 (comprising total policyholder liabilities of approximately £11.2 billion) from The Prudential Assurance Company Limited (PAC) to Rothesay.…
FCA director highlights areas of concern in relation to ESG reporting and provides recommendations. By Paul A. Davies, Nicola Higgs, Michael D. Green, and Anna Lewis-Martinez Richard Monks, Director of Strategy at the UK Financial Conduct Authority (FCA), recently delivered a speech on the environmental, social, and governance (ESG) reporting regime and how it can be improved as part of SRI Services and Partners’ Good Money Week, held in October. The speech…
The US prudential regulator is paying attention to climate risks, and will likely act to mitigate those risks if they threaten financial stability. By Alan W. Avery, Pia Naib, Deric Behar, and Kristina S. Wyatt In its November 2020 Financial Stability Report (the Report), the Board of Governors of the Federal Reserve System (Federal Reserve) acknowledged, for the first time in the Report’s history, the impact of climate risks on financial stability.…