FCA calls for input on proposed Cross-sector Sandbox by 30 August 2019

New technologies, such as artificial intelligence (“AI“) and distributed ledger technology (“DLT“), continue to have a significant impact on the way in which firms, customers and regulators interact.  Firms introducing innovative business models whose products or services fall under the jurisdiction of different sectoral regulators can find themselves having to address competing regulatory expectations. As … Read more

Corporate Crime update – Spring 2019

Welcome to the Spring 2019 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. Read more

FCA’s First Annual Perimeter Report – have you crossed the line?

The FCA has published its first annual perimeter report, reflecting on perimeter issues. The perimeter is basically the legal boundary determining what the FCA regulates (and therefore also what it does not regulate). Andrew Bailey, CEO of the FCA commented that the perimeter “is tested by the actions of particular firms and how those actions … Read more

SFC encourages the industry to keep in mind the ‘spirit’ of the new Internal Investigation Disclosure Requirement introduced to halt the ‘roll’ of ‘bad apples’

On 17 June 2019, Ms Julia Leung (Deputy Chief Executive Officer, Intermediaries) and Mr Wilson Lo (Senior Director, Licensing) discussed the recent initiative by the Securities and Futures Commission (SFC) to halt the ‘roll’ of ‘bad apples’ within the financial services industry at the 2019 SFC Compliance Forum (Forum). The SFC encourages industry participants to … Read more

Cryptoassets – what should the second line of defence be focussing on?

First published on Thomson Reuters Regulatory Intelligence on 12 June 2019. In our first article on cryptoassets we discussed considerations for boards and senior management. This second article considers regulatory risks specific to cryptoassets which the second line of defence (i.e. compliance and risk functions) within the three lines of defence (TLOD) model of compliance … Read more