The European Commission’s review of the Market Abuse Regulation has the industry hoping that some of the more contentious elements will be rectified, but it is already clear to a panel of experts that upcoming revisions will only go so far.
Subjects
Citigroup slapped with $400m fine over risk failings
US regulators have hit Citigroup with a $400m fine because it failed to address long-standing deficiencies in its risk and control systems and has been told to upgrade its IT systems and processes.
FCA enforcement actions plunged during UK lockdown
The number of enforcement cases conducted by the UK’s Financial Conduct Authority (FCA) plunged by 76% during the population lockdowns meant to stem the spread of the Covid-19 pandemic, according to data obtained by law firm Reed Smith.
Bank of England keeps negative interest rate debate alive with letter
The debate over zero or negative interest rates is refusing to die in the UK, with the Bank of England (BoE) writing a letter on October 12 to bank CEOs asking about their operational readiness for such an eventuality.
Spanish parliament passes FTT on share trading
On October 7, the upper house of the Spanish parliament passed a bill authorising a financial transaction tax (FTT) that will take effect in January 2021, and is designed to raise funds to support the Covid-19 hit economy.
Federal agencies consult on their use of supervisory guidance
A consultation was launched on October 29 by five federal regulatory agencies confirming their use of supervisory guidance for regulated financial firms.
Employee misconduct is key operational risk planning issue
Employee conduct issues, such as mis-selling of services and improper businesses practices, are the most significant risks financial firms are preparing for in their scenario analysis, according to a report by the Financial Operational Risk Management Association (ORX).
TFCD sees continued boom in firms following its recommendations
Since 2017 the Task Force on Climate-related Financial Disclosures (TFCD) said in its latest status report that it has seen a dramatic increase in the number of organisations following its recommendations finalised three years ago, but challenges remain.
Shadow bank vulnerabilities worry regulators
Non-bank financial institutions (NBFI) remain a source of concern for regulators according to Randal Quarles, vice chair of the US Federal Reserve Board and chair of the Financial Stability Board (FSB), who also praised the resilience of banks.
FSB encourages use of its cyber toolkit to help preserve financial stability
The Financial Stability Board (FSB) published on October 19 its ‘toolkit of effective practices for financial institutions’ cyber incident response and recovery’ and is encouraging supervisors and firms to use it to enhance their capabilities.
Most Viewed
- MiFID II: how firms can ensure compliance for year three
- A practical approach to EU sustainable finance
- Banks can’t rest on laurels over operational resilience
- Spread of transaction taxes raises important operational issues
- MLRO’s have key role to play in protecting banks from money laundering risks
@RiskRegulator
