Since November 21, Polish has become the sixth language on Risk & Compliance Platform Europe. The platform itself was launched at the end of 2014.
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Recent disclosure of the Governance Committees meeting papers of the Financial Cunduct Autority (FCA) under the Freedom of Information Act has led to speculation about the reason that the FCA did not publish the full Skilled Person’s Report following the independent review of Royal Bank of Scotland’s (RBS) treatment of small and medium-sized enterprise (SME) customers transferred to its Global Restructuring Group (GRG). It has been suggested that FCA chose not to publish the report because they were afraid of legal action being taken against them.
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The bank for International Settlements (BIS) has published a paper that shows how banks in Europe use Credit Default Swaps (CDS). They have analysed whether and how banks use the CDS market to buy or sell protection on the default of firms they lend to (via syndicated loans). Read more about the BIS-paper on our website.
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Are you suspicious? This is a key question at the heart of efforts to tackle money laundering: if you work for a bank or other financial institution and have suspicions money laundering is happening, you have a legal duty to speak up. Your suspicion could be based on pure intuition – a sense that something just doesn’t quite add up – but the law nonetheless expects you to act. In his speech, Rob Gruppetta, Head of the Financial Crime Department at the FCA, he tackels this issue. You can read the speeh on our website.
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The result of the annual review of the significance of credit institutions, as well as changes in group structures and other developments that affected five banking groups in 2017, brings the number of significant institutions to 119, down from 125 at the beginning of 2017.
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Staff from the European Commission, in liaison with staff from the European Central Bank, visited Dublin from 28 November to 1 December to conduct the eighth post-programme surveillance (PPS) review for Ireland. This was coordinated with an International Monetary Fund’s Staff visit. Staff from the European Stability Mechanism also participated in the meetings on aspects related to its Early Warning System. The main objective of PPS is to assess the country’s capacity to repay loans granted under the former EU-IMF financial assistance programme and, if necessary, to recommend corrective actions.
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Risk professionals must make risk “accessible and relevant” to drive value, according to Amanda Mellor, group secretary and head of corporate governance, Marks & Spencer. Risk management still lacks relevance in many boardrooms across the UK, according to Amanda Mellor. She warned that, although risk management is an “increasingly critical topic”, it is still often perceived as “compliance” and “divorced from business”.
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The European Securities and Markets Authority (ESMA) has published the results of its Peer Review on the Guidelines on certain aspects of the compliance function under MiFID (Guidelines). The Guidelines cover national competent authorities (NCAs) supervision of investment firms’ compliance functions, particularly how those functions carry out risk assessments, monitor compliance obligations, report to senior management and fulfil their advisory role.
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In January 2016, the Payment Services Directive 2 (PSD2) passed by the European Union came into legal force, altering existing legislation with the aim of creating safer and more innovative European payments. With the expiration of the two-year implementation period in January 2018, the banking industry will be facing a post-PSD2 world. This is something that Comtrade Digital Services believes will give those in the finance industry two options: go all in and get on board the digital train, or back away, potentially forever.
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