Category Archives: Banking and Finance law

Banking and Finance Law news articles, reiews, notes and blog examples.

EBA Revises Recommendation on Equivalence of Confidentiality Regimes of Non-EU Authorities

On November 8, the European Banking Authority (“EBA“) published a final report on recommendations on the equivalence of confidentiality regimes (EBA/REC/2018/03). In the report, the EBA makes amendments to its recommendation on the equivalence of confidentiality regimes (EBA/REC/2015/01), which was originally published in April 2015. The purpose of the recommendation is to provide guidance for competent authorities on the equivalence of the confidentiality regime applicable to a particular third-country supervisory authority, whose participation in a given college is to be determined under Article 116(6) of the CRD IV Directive (2013/36/EU). The EBA has added the following third-country authorities to the recommendation, following assessments of the professional secrecy and confidentiality frameworks under which they operate: The Abu Dhabi Global Market (“ADGM“) Financial Services Regulation Authority; The Republic of South Kora Financial….. To continue reading this legal news please click Read full information...

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BoE announces sector resilience exercise

On 9 November 2018, the Bank of England (BoE) published a press release announcing that (in conjunction with other UK regulators and industry bodies) it will be hosting a one-day exercise to test the financial sector’s resilience to a major UK cyber-attack. The exercise will help authorities and firms identify improvements to the collective response arrangements, in turn improving the resilience of the sector as a whole... To continue reading this legal news please click Read full information...

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DWT’s Project W Hosts FinTech Women Event: FI Perspective on the FinTech Ecosystem

On November 6, 2018, DWT’s Project W hosted the third FinTech Women event of the year, featuring a panel discussion titled “State of the FinTech Ecosystem: the FI Perspective.” The panelists represented a wide cross-section of financial institutions engaged in the FinTech ecosystem, including a large national bank, a growing commu… Read the rest.. To continue reading this legal news please click Read full information...

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OCIE announces risk-based exam initiatives focused on funds and advisers

By Amy Leisinger, J.D. The SEC’s Office of Compliance Inspections and Examinations has issued a risk alert announcing its intention to conduct a series of examination initiatives focused on issues affecting certain registered investment companies and investment advisers. According to the alert, examiners will focus on mutual funds and ETFs, adviser activities, and oversight by fund boards of directors and target compliance potential problems that could directly affect retail investors. In particular, examinations will focus on index funds tracking custom-built indexes and assess the unique challenges associated with the selection and weighting of the custom-built or bespoke index components. Examiners will also review how portfolios are managed in comparison with disclosures describing strategy and the adequacy of disclosures made to the fund boards regarding index providers, as well as efforts to address conflicts of interest between index providers and advisers. In….. To continue reading this legal news please click Read full information...

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SM&CR: FCA guidance consultation on statements of responsibilities and responsibilities maps for FCA firms

On 11 October 2018, the FCA published a guidance consultation relating to the senior managers’ and certification regime (SMCR). The guidance consultation concerns statements of responsibilities and responsibilities maps for FCA firms. The guidance sets out the purpose of statement of responsibilities and responsibilities maps, provides some questions for firms to ask themselves and outlines examples of good and poor practice. It is designed to be read alongside the guide for FCA solo-regulated forms as well as applicable rules and guidance in the FCA Handbook. The FCA states that the guidance should be applied in a risk-based and proportionate way. This includes considering the size, nature and complexity of the firm when deciding whether a certain example of good or poor practice is appropriate to its business. Other points to note include: the self-assessment key questions and the examples of good and poor practice that the FCA uses in the guidance are not exhaustive;….. To continue reading this legal news please click Read full information...

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