The Securities and Futures Commission (SFC) issued a circular on 31 August 2018 highlighting both deficiencies and good practices observed in relation to anti-money laundering and counter financing of terrorism (AML/CFT) compliance by licensed corporations (LCs) and associated entities (AEs). The observations were made over the past year from the SFC’s review of AML/CFT measures, policies, procedures and controls (AML/CFT systems) belonging to 13 LCs during thematic inspections and around 270 LCs during routine inspections. This follows on from the SFC’s circular issued on 26 January 2017, setting out its observations relating to AML/CFT compliance from inspections conducted in 2016 (see our earlier bulletin here). Continue reading
With effect from 26 June 2017, the independent Insurance Authority (IA) assumed its regulatory responsibilities and replaced the Office of the Commissioner of Insurance (OCI) in regulating insurers. The IA will be a much more powerful regulator than its predecessor, with enhanced authorisation and supervisory powers, as well as inspection, investigation and disciplinary powers over insurers.
Documents published over the summer provide some insight into how the PRA is supervising insurers. In particular, firms should be aware of a new version of the PRA’s “Approach to insurance supervision” (Approach Document) and of an update on the PRA’s continuing transition from its current Handbook to a new, more concise Rulebook (PS5/14). Continue reading
Being a transparent regulator is at the heart of the approach of the new Financial Conduct Authority (FCA). Clearly there is a need to strike the right balance between fostering the public’s legitimate interest in transparency and refraining from disclosure where there would be unfairness in doing so, where the public interest might be harmed, or where other legal considerations might prevent it. To stimulate debate about when and how the FCA should balance competing calls of transparency and sound regulation, the Financial Services Authority has today published a discussion paper on Transparency: DP13/1.
Martin Wheatley, CEO designate of the FCA, sees this paper as a first step in what will be an ongoing process of identifying ways to increase transparency. Comments on the paper are sought by 26 April 2013. Continue reading