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
The mutual evaluation of Hong Kong was a subject of discussion at the Financial Action Task Force (FATF)’s recent plenary meeting in Orlando, Florida (19-21 June 2019). This follows the FATF’s on-site visit to Hong Kong late last year. Read more
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
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
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
The Securities and Futures Commission (SFC) held its third annual Compliance Forum (Forum) on 17 June 2019 – a series of six panel discussions with industry participants: Morning plenary panel: Digital journey of client onboarding, act on red flags of improper client activities Morning breakout session 1: Vaccines of client protection – internal controls and … Read more
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
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation for July 2019. Read more
