Megan Butler, Executive Director of Supervision – Investment, Wholesale and Specialists, talks about the following during here speech: Financial crime and the criminal activity it facilitates causes incalculable damage to society – our joint endeavour is to monitor entry, devise controls and erect barriers powerful enough to stop criminals from causing further harm. New technologies give us unprecedented access to innovative products and services, and flexibility in how we use them. But they also give criminals sophisticated tools to bend the financial system to their own ends. Used to the right ends, these technologies can be gamechangers in the fight against financial crime – both for industry and the regulator.

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The Financial Reporting Council (FRC) has launched a substantial and ambitious revision to the UK Stewardship Code. The new Code substantially raises expectations for how money is invested on behalf of UK savers and pensioners. In particular, the new Code establishes a clear benchmark for stewardship as the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.

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The FCA has started proceedings against Park First Limited, its senior managers, including its chief executive officer and a number of other companies connected to the Park First group. The FCA is seeking compensation orders in favour of investors in respect of losses they have suffered in the Park First scheme.

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by Michel Klompmaker

The Belgian Cyber Security Convention (BCSC) is an event that was held on October 16 to push organizations to seriously invest in protecting their data from exposure to cybersecurity risks and threats. The convention was organized by Brewery of Ideas and took place at the Lamot Congress Center in Mechelen. It aimed to unite some of the best European experts in cybersecurity coming from about 14 different countries. The goal of the convention was to get businesses, public and private organizations to meet these experts, pass on the latest insights and become informed on the most important best practices and technologies.
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The Serious Fraud Office announced the closure of its investigation into LIBOR manipulation. ollowing a thorough investigation and a detailed review of the available evidence, there will be no further charges brought in this case. This decision was taken in line with the test in the Code for Crown Prosecutors.

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The European Supervisory Authorities (ESAs) have issued a Consultation Paper on amendments to existing rules underpinning the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs). The aims of the review are to address issues that have been identified by stakeholders and supervisors since the implementation of the KID in 2018 and Make specific changes to allow the rules to be applied to investment funds that are expected to have to prepare a KID from 1 January 2022 onwards.

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The European Commission has today recommended the European Council (Article 50) to endorse the agreement reached at negotiator level on the Withdrawal Agreement, including a revised Protocol on Ireland / Northern Ireland, and approve a revised Political Declaration on the framework of the future EU-UK relationship. The Commission also recommends that the European Parliament give its consent to this agreement. This follows a series of intensive negotiations between the European Commission and UK negotiators over the past few days. Continue reading…

The Basel Committee on Banking Supervision has issued the Seventeenth progress report on adoption of the Basel regulatory framework. As noted by the Group of Central Bank Governors and Heads of Supervision, the Committee’s oversight body, member jurisdictions are expected to ensure a full, timely and consistent implementation of the finalised Basel III reforms.

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The European Commission is taking stock of its overall approach to equivalence in the area of financial services. EU equivalence has become a significant tool in recent years, fostering the integration of global financial markets and cooperation with third-country authorities. The EU assesses the overall policy context and to what extent the regulatory regimes of a given third country achieves the same outcomes as its own rules. A positive equivalence decision, which is a unilateral measure by the Commission, allows EU authorities to rely on third-country rules and supervision, allowing market participants from third countries who are active in the EU to comply with only one set of rules. Past Communication also sets out how recent updates to EU legislation will ensure even greater effectiveness of the EU single rulebook, supervision and monitoring, while also fostering cross-border business in global markets. The Commission has, to date, taken over 280 equivalence decisions with regard to over 30 countries.
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The European Union will ensure a greater level of protection to whistleblowers that operate in a range of various sectors, namely money laundering, transport safety, financial services, pubic procurement, nuclear safety and consumer and data protection. The legislation is going to be formally signed and published in the Official journal, of which the member states will have two years to incorporate the new rules into their national laws. On October 7, the European Council of Ministers formally adopted the Whistleblowing Directive that was passed by the European Union Parliament in April of this year. The Council recently formally adopted the new rules to the protection of whistleblowers. Continue reading…