FCA Building operational resilience
On 29 March 2021, the FCA published its final rules and guidance on new requirements to strengthen operational resilience in the financial services sector – PS21/3. In December 2019, the […]
Key regulatory information: Directory Persons data submission deadline – 31st March
All firms under the obligations of SM&CR must have identified, certified & assessed their Certified Staff (“Directory Persons”) and have submitted the relevant information to the FCA before 31 March […]
Basel Committee proposes amendments to rules on haircut floors for securities financing transactions
On 26 January 2021, the Basel Committee on Banking Supervision published for consultation two technical amendments to the standard on minimum haircut floors for securities financing transactions (“SFTs”). The technical […]
FATF Plenary 22 to 25 February 2021
The Financial Action Task Force (“FATF”) held a Plenary meeting between 22 and 25 February 2021. Delegates representing the 205 members of the Global Network and observer organisations, such as […]
Jersey Financial Services Commission fines firms £700,000 for breaching anti-money-laundering rules
On 16 February 2021, the Jersey Financial Services Commission (“JFSC”) issued a public statement relating to civil financial penalties totalling about £700,000 imposed on three companies in the SG Kleinwort […]
SFO Internal Guidance on evaluating a Compliance Programme
On 17 January 2020, the Serious Fraud Office (“SFO”) updated its Operational Handbook to include a new chapter on evaluating a compliance programme. The update considers the relevance of compliance programmes […]
The Kalifa Review of UK FinTech
On 26 February 2021, HM Treasury published an independent report on the UK Fintech sector by Ron Kalifa OBE. At the Budget 2020, the Chancellor asked Ron Kalifa OBE to […]
PRA consultation on its approach to supervision of branches and subsidiaries of international banks
On 11 January 2021, the Prudential Regulation Authority (PRA) published a consultation on its proposed approach to supervising the UK activities of PRA-authorised banks and designated investment firms that are […]
Bank of England Key elements of the 2021 stress test
The 2021 solvency stress test will assess the major UK banks and building societies against a UK and global scenario that reflects a severe path for the current macroeconomic outlook. […]
FCA asks banks to reconsider branch closures during coronavirus lockdown
The FCA has reminded firms to consider the impact of national restrictions on compliance with the Principles, given their existing guidance on branch closures. In September 2020, the FCA published guidance […]