#Australia's financial services regulatory and compliance landscape is changing rapidly - our weekly Regulatory Roundup ensures you are up to date with the most important changes. In each edition, we set out key developments from the past week. In this most recent edition: 👉 FAR rules: ASIC and APRA have issued the final rules and information for the Financial Accountability Regime! 👉 Whistleblower rewards: Dr Andrew Leigh, Labor frontbencher and assistant treasury minister, has spoken positively about calls to create financial rewards for corporate whistleblowers. 👉 APRA updates Prudential Standard SPS 515 (Strategic Planning and Member Outcomes): SPS 515 and related guidance relate to the duties of superannuation trustees. 👉 ASIC is successful in its first design and distribution (DDO) case against Firstmac Limited: The Federal Court found that Firstmac Limited (Firstmac), a large non-bank lender, breached the new design and distribution (DDO) provisions by failing to take reasonable steps that would have resulted in, or would have been reasonably likely to have resulted in, the distribution of one of its investment products being consistent with its target market determination for the product. 👉 International perspective: the rise of financial influencers, or ‘finfluencers’, has been a headache for global regulators. They are increasingly warning of the risks in media, and enforcement actions - the FCA announced this week that court dates have been set for 9 finfluencers charged by the FCA with unauthorised FX trading schemes. Read more: https://lnkd.in/gSiX7HhB Avryl Lattin, Matt Ellis, Liam Hennessy, Isabella Jones, Crystal Sanders, Amy Thompson #Regulatory #Compliance #FinancialServices #FAR #DigitalAssets #Risk
Clyde & Co’s Post
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#Stringent #regulatory #compliance is a key driver of #financial inclusion and competitive advantage. By upholding strict #standards, #brokerages build #trust, attract #clients and stand out in a crowded market.
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#Stringent #regulatory #compliance is a key driver of #financial inclusion and competitive advantage. By upholding strict #standards, #brokerages build #trust, attract #clients and stand out in a crowded market.
A roadmap to inclusion: Navigating SA’s financial regulations
https://www.abizq.co.za
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The FCA has published examples of good and bad practice which it has observed in firms’ implementation of the Consumer Duty. It covers culture, governance, monitoring, and vulnerable customers, as well as the Duty's four outcomes. Read this week's financial services regulatory update: https://okt.to/LDheJy #FCA #FinancialServices #ConsumerDuty
Your guide to this week in regulation
grantthornton.co.uk
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Understanding the landscape of financial services legislation is crucial for advisers and compliance officers in the EU. The European Commission’s comprehensive overview provides vital insights into the regulatory framework shaping the financial sector. Key highlights: 1. Regulatory Scope: From banking and insurance to securities and market infrastructures, the legislation covers a wide range of financial services. 2. Compliance Obligations: Ensuring compliance with these regulations is essential for maintaining market integrity and protecting consumers. 3. Risk Mitigation: Understanding these policies helps mitigate risks associated with non-compliance, including hefty fines and legal repercussions. 4. Market Confidence: Adhering to regulatory standards fosters trust and confidence among market participants and consumers alike. For financial compliance officers, staying informed about these regulations is not just a responsibility but a necessity to navigate the complexities of the financial services landscape effectively. #FinancialServices #Compliance #Regulation #RiskManagement #EU
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🚨 Regulatory Update Alert! 🚨 🔍 The Corporate Transparency Act's Beneficial Ownership Information provision is now in effect as of January 1, 2024! 📅 This regulation targets both U.S. businesses and foreign entities permitted to do business in the United States. The key requirement is to report the details of any beneficial owner holding more than a 25% stake in the company to Financial Crimes Enforcement Network (FinCEN). 🛡️ Why is this important: To strengthen Anti-Money Laundering (AML) efforts and combat financial crimes! By shedding light on who truly owns and controls companies, this measure aims to prevent the misuse of businesses for illegal activities. It's a crucial step in the ongoing battle against money laundering and other financial crimes. 🌎 Furthermore, this trend is not unique to the U.S. Governments worldwide are increasingly emphasizing the reporting of beneficial ownership as a global effort to enhance transparency and accountability. Let's embrace these changes together for a safer and more secure business environment. Compliance is key, and together we can contribute to a global push for transparency and integrity! To know more about the regulation, reach out to me! Would love to share some more key insights. Any thoughts? #RegulatoryUpdate #CorporateTransparencyAct #BeneficialOwnership #AML #FinancialCrimePrevention #ComplianceMatters
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In the June edition of UK Regulatory Radar, we introduce a new series on how private asset managers and banks are likely to be impacted by the industry’s changing dynamics and regulators’ priorities. See our article here for more on key industry trends and regulatory drivers: #kpmg #regulation
UK Regulatory Radar
kpmg.com
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MOUs and cooperation are just so important in the regulatory space. 👌
ASIC and the Australian Financial Complaints Authority (AFCA) have signed a memorandum of understanding (MoU) setting out how we will continue to work together to support a fair and efficient #FinancialServices sector. The MoU documents how we will engage, including through information sharing, and acknowledges importance of consultation and cooperation in the effective discharge of our respective responsibilities. Read more https://bit.ly/3N7EYhp
ASIC and AFCA sign memorandum of understanding | ASIC
asic.gov.au
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The eagerly awaited seventh edition of the Financial Services Regulatory Initiatives Grid was published on 30 November 2023 by the Financial Services Regulatory Initiatives Forum. The Regulatory Initiatives Grid sets out the UK regulatory pipeline for the next 24 months. #FinancialServices #Regulatory
UK Financial Services Regulatory Initiatives Forum publishes seventh edition of Grid
engage.hoganlovells.com
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Director of Legal at Axoni, the data platform for financial markets | Legal leader for exceptional technology companies
More excellent reasoning why the U.S. will regret the overturning of "Chevron Deference". The Israeli case should be a warning. Israel never had a "Chevron"-style judicial deference doctrine and the Supreme Courts always assumed the power to review legislation under its own interpretation. However, there is no legislative interpretation without injecting policy considerations and principles. Consequently, since the 1990's, the court came increasingly under attack for its perceived "judicial activism" and legislating from the bench. For the past year and a half, Israel's democracy has been in crisis due to continuing attempts by its extreme right-wing the government to severely curtail the power and independence of the judiciary (which it perceives as "leftist"). Accusing the courts of judicial overreach as its rallying cry. In case you haven't been following, it doesn't end well. "Chevron" was a powerful doctrine of judicial restraint and separation of powers. Now the U.S. courts led by the U.S. Supreme Court will no longer be able to pretend they are not engaged in administrative rule-making. It is very curious that those who with to take away the final say on interpreting administrative laws from the hands of unelected bureaucrats (who serve under the elected administrative branch) have no problem giving that role to unelected judges.
Last week the Supreme Court decided to end “Chevron deference” to government agencies. Some commentators have opined that this ultimately will result in more clarity by forcing Congress to eliminate statutory ambiguity. It was this ambiguity that enabled regulators to promulgate supposed interpretations that effectively served as new laws for regulated industries like fintech and banking. Unfortunately, I think the opposite is likely true. 🔹The demise of Chevron deference in the Loper Bright Enterprises v. Raimondo decision hints at a decentralized regulatory approach, but for fintech and banking, it's likely more of a shift from explicit rules to the murkier realm of "soft law" like non-binding guidelines and recommendations. A clever way for agencies to maintain control without the hassle of formal rulemaking. 🔹Idealists might hope that Congress would step back into the driver's seat of regulation, but let's face it – the track record of Congress is dismal. For fintech and banking, expect more of the same: agencies like the CFPB, FDIC, FRB, and OCC running the show with little meaningful oversight. 🔹As regulators cannot rely on judicial deference to formal rulemaking, watch as regulation increasingly relies on the whims of agency guidelines and the so-called enforcement discretion. It’s regulation by “suggestion” rather than by law, making compliance a guessing game. 🔹The end of Chevron might seem like a win for reducing overreach, but it opens the door to subtler forms of influence. For fintech firms and banks, this means navigating a landscape where the rules are implied rather than inscribed. 🔹Don’t expect a sudden clarity or return to strict legal frameworks in regulation. Instead, prepare for a slow creep of evolving, informal practices that keep agencies in power. The bottom line is that for fintech and bank execs and legal teams, the post- Chevron world isn't about clearer rules; it's likely about staying nimble in a game where the rules are increasingly made up and the points don't matter. #Fintech #Regulation #ChevronDeference #Compliance #CFPB #Banking
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The eagerly awaited seventh edition of the Financial Services Regulatory Initiatives Grid was published on 30 November 2023 by the Financial Services Regulatory Initiatives Forum. The Regulatory Initiatives Grid sets out the UK regulatory pipeline for the next 24 months. #FinancialServices #Regulatory
UK Financial Services Regulatory Initiatives Forum publishes seventh edition of Grid
engage.hoganlovells.com
