Europe

Market Infrastructure

Bovill Research Calls into Question Efficacy of FCA’s SMCR

By Shruti Khairnar | 28/10/2020

The FCA’s experience with SMCR could inform senior management regimes in other jurisdictions such as Singapore, Australia and Hong Kong.

Fintech / Regtech

BIS, Swiss National Bank to Issue CBDC Proof of Concept by Year-End

By Sanday Chongo Kabange | 27/10/2020

CBDC research provides an “essential opportunity” to pool knowledge and resources and help enhance cross-border payments, says Benoît Coeuré, head of the BIS Innovation Hub.

AML / KYC

Goldman Resolves Remaining 1MDB Charges for $2.9bn

By Manesh Samtani | 22/10/2020

Under the coordinated resolution, Goldman will pay $606mn in disgorgement and more than $2.3bn in penalties to authorities in the US, UK, Hong Kong and Singapore.

Market Infrastructure

UK Consults on Post-Brexit Regulatory Framework for Financial Services

By Editors | 22/10/2020

The consultation proposes a blueprint for the future regulatory framework that more clearly allocates responsibilities between Parliament, HM Treasury and financial services regulators.

Capital / Liquidity

Capital Buffer Rules May Need to Change, says BOE’s Jon Cunliffe

By Sanday Chongo Kabange | 19/10/2020

Restrictions on dividends and other payouts that can be imposed represent a ‘first-mover disadvantage’ to banks dipping into their capital buffers to support lending.

AML / KYC

Global Tax Evasion Probe Targets Euro Capital Bank, Puerto Rico

By Manesh Samtani | 18/10/2020

Euro Pacific Bank, founded in 2017 by Peter Schiff and Mark Anderson, is said to be used by up to 400 Australian nationals, about 100 of which are considered “high-risk”.

Securities / Derivatives

HKIFA Warns Against Changing UCITS Delegation Model – Report

By Editors | 15/10/2020

HKIFA chief Sally Wong reportedly said a move to restrict the delegation model could prompt capital to flow away from the European fund industry.

Market Infrastructure

SFTR Reporting Regime Goes Live for Buy-Side Firms

By Editors | 14/10/2020

Phase three of the SFTR places reporting obligations on investment funds, insurance companies and pension funds.

Crypto / Digital Assets

UK FCA Bans Retail Sale Of Crypto Asset Derivatives

By Sanday Chongo Kabange | 08/10/2020

The ban covers contracts for difference, options, futures and exchange-traded notes referencing crypto assets, and will come into effect on 6 January 2021.