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FCA Issues Warning to CEOs to Improve Anti-Money Laundering Controls
Posted by John Gollaglee, Prag Sivaguru and Amelia Shannon on 30 April 2024The FCA have issued a stark warning to the industry with its latest in a series of publications regarding money laundering control failings.
Adjusting to a new normal - International Debt Finance Intelligence Report 2024
Posted by Matthew Christmas on 24 April 2024The latest version of our International Debt Finance Intelligence Report 2024 is now live.
Building on the success of our inaugural edition in 2023, our latest report has once again analysed the data captured from the deals we’ve closed, coupled with commentary from across our International Debt Finance team to produce a report that will be of benefit to lenders, borrowers and sponsors.
The ECB comments about private securitisation disclosures
Posted by Mark Daley on 15 March 2024The 13 March 2024 response from the ECB to ESMA about reforming article 7 commented, amongst other things, about reforming the regime for private securitisation disclosures.
HMT launches consultation on money laundering regulations
Posted by Rachel Tookey and Tony Katz on 15 March 2024On 11 March, HM Treasury published a consultation entitled “Improving the Effectiveness of the Money Laundering Regulations”. The consultation follows the 2022 government review of the anti-money laundering/ counter-terrorist financing (AML/CTF) regulatory and supervisory regime and its Economic Crime Plan set for 2023-26. The overarching aim is to improve the effectiveness of the current Money Laundering Regulations 2017 (MLRs).
De-banking: what next for payment service providers?
Posted by Rachel Tookey, Stewart Plant and Leontia McArdle on 12 March 2024The de-banking of customers, and the legal and regulatory implications that can arise, are not new issues. However, those issues have come into sharp focus following recent publicity surrounding a high-profile account closure. This article considers what payment services firms can expect next following the increased scrutiny from customers, media, government and the regulators.
Does the “D” in PSD3 stand for “divergence”? PSD3 and payment services in the UK
Posted by Stuart Murdoch and Rory Milkova on 8 January 2024In June, the European Commission published a set of proposals to modernise the payment services sector and bring it into the digital age.
Firms need to take action in respect of retention of interest on customers’ cash balances
Posted by Tony Katz and Puesan Lam on 13 December 2023The FCA surveyed 42 investment platforms and SIPP provides and found that the majority retain some of the interest earned on their customers’ cash balances, which may not meet the expectations under the Consumer Duty particularly considering the substantial increase in the Bank of England base rate. According to the FCA, in June 2023 alone, the firms surveyed collectively earned GBP743 million in revenue from this practice.
Securitisation: PRA consults on Basel 3.1 and synthetic STS
Posted by Mark Daley on 1 November 2023The PRA consultation came out on Tuesday, and is another step along the way to some overdue reforms about non-neutrality that will give securitisation a deserved boost after years of being unfairly penalised.