The FCA and PRA have confirmed that the next 12 months will be a critical period in transitioning away from the use of LIBOR, advising firms to accelerate their efforts to cease reliance on LIBOR by end-2021. The regulators will step up engagement with firms on LIBOR transition and have contacted senior management responsible for … Read more
The third episode of Regulation in Focus, our podcast series of short, sharp insights into regulatory issues that matter to you, features Katherine Dillon and Emma Reid from our non-contentious financial services regulatory practice in London, discussing the role that equivalence might play in accessing EU markets post-Brexit. Read more
On 27 December 2019, Bank Negara Malaysia (BNM) issued an exposure draft on the Licensing Framework for Digital Banks (Exposure Draft). According to BNM, up to five licences may be issued to applicants to establish digital banks that conduct either conventional or Islamic banking business in Malaysia.
BNM’s move to promote the development of digital banks is in line with the direction taken by regulators in Singapore and Hong Kong, which have each issued similar licensing frameworks in the past two years. Read more
On 7 January 2020, the Securities and Futures Commission (SFC) issued two circulars to clarify aspects of the licensing obligations applicable to private equity (PE) firms and family offices which conduct business in Hong Kong.
The circulars have been issued in response to enquiries from industry participants and their professional advisers.
An overview of the key aspects covered by the circulars is set out below. Read more
The FCA has warned CEOs that how a firm handles non-financial misconduct is indicative of a firm's culture. It is the FCA's view that embedding healthy cultures includes, therefore, taking steps to address the discrimination, harassment and bullying that remains "prevalent" in firms.
In a 'Dear CEO' letter (the Letter), which follows recent incidents in the wholesale general insurance sector, the FCA considers the need for fundamental change in firms' culture and calls on leaders to bring about that change. Read more
On 5 December 2019, the Bank of England (BoE), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) released a number of publications on operational resilience, marking the launch of a consultation phase which will inform how the UK authorities seek to embed the consideration of operational resilience into the regulatory framework. Read more
Welcome to the December 2019 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Read more
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for December 2019. Read more
We are pleased to announce the release of the first episode of Regulation in Focus, our podcast series of short, sharp insights into regulatory issues that matter to you. Our first episode, a bumper cross-border edition featuring partners Hannah Cassidy (Hong Kong), Natalie Curtis (Singapore) and Chris Ninan (London), focuses on information flows in cross-border regulatory investigations. Read more
