It may be tempting to dismiss the new Brexit Freedoms Bill, designed to make significant changes to the legal status of retained EU law and the post-Brexit regulatory landscape, as more about style than substance, but that would be unwise.
Reporting and Governance
New ‘controls library’ launched so banks can benchmark operational risk practices
A controls library for operational risk has been launched by the Operational Riskdata eXchange (ORX) and consulting firm Mckinsey & Co and is designed to support the understanding and benchmarking of risk controls within banks.
ASIFMA paper advises listed companies to pay closer attention to labour relations
Companies and investors should engage with each other on ESG matters and the managements of listed companies need to stay on top of labour issues, according to a paper published in Hong Kong for asset managers.
Preparing for the CFTC Rewrite with Digital Regulatory Reporting
One of the challenges facing financial institutions when it comes to compliance is the lack of standardisation across regions. This has led to a duplication of processes, increasing the cost, complexity and operational risk of trade reporting and degrading the quality of the data collected by regulators globally.
SFC to enhance disclosures to boost Hong Kong’s role as a green financial centre
Providing better quality information and enhanced data disclosures are part of the Hong Kong Securities and Futures Commission’s (SFC’s) plans to help investors make better climate change-related decisions.
ASIC extends licensing relief for foreign financial firms operating in Australia
Foreign financial services providers (FFSPs) are to get a further 12 months relief from having to hold an Australian financial services (AFS) licence for providing financial services to Australian wholesale clients.
IRA puts US on course towards greener economy
The US agreed the biggest climate mitigation strategy in its history with the passing of the Inflation Reduction Act (IRA) on August 12 signalling the nation’s strong commitment to greening its economy.
Barr sworn in as Fed’s vice chair for supervision
On July 19, Michael Barr was sworn in as vice chair for supervision at the US Federal Reserve and as a member of the board of governors and is described as pragmatic, collaborative and non-ideological.
The crypto industry must act now to regain consumer trust
According to the Bank of England’s Financial Policy Committee, the market capitalisation of digital assets tumbled to about $900bn at the start of July 2022 from a peak of almost $3tn in late 2021. This near $2tn drop in the value of crypto assets has delivered the industry one mighty shock to the system. The crypto winter is well and truly here.
Are financial firms ready for the ‘UK version’ of Sarbanes–Oxley?
The UK government published the outcome of the consultation on the “Restoring trust in audit and corporate governance” white paper on May 31, 2022 and though it does not go as far as the US Sarbanes–Oxley Act, it will still have a significant impact on firms.
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