Risk Archives - The Industry Spread

FCA Confirms Permanent Restrictions on the Sale of CFDs and CFD-like Options to Retail Consumers

July 5, 2019

Following consultation feedback, the Financial Conduct Authority (FCA) is confirming new rules restricting the sale, marketing and distribution of CFDs and CFD-like options to retail consumers. The rules address harm to retail consumers by making the European Securities and Market Authority’s (ESMA’s) temporary restrictions of contracts for difference (CFDs) sold to retail clients permanent.

Chairman Clayton Highlights New Members of Executive Staff

June 28, 2019

The Securities and Exchange Commission today released a full roster of the executive staff of Chairman Jay Clayton, including several individuals who have recently joined the office. Chairman Clayton’s executive staff is responsible for advising the Chairman on all matters before the Commission, working closely with agency staff, and helping the Chairman perform all day-to-day operations needed to fulfill the SEC’s mission.

Securities Regulators Encourage Canadians to Help Identify and Stop Senior Financial Abuse

June 16, 2019

The Canadian Securities Administrators (CSA) is encouraging Canadians to be aware of the signs of financial abuse of seniors as part of World Elder Abuse Awareness Day (WEAAD) on June 15, 2019. Through a variety of online resources and activities across Canada, the CSA, its members and other senior-focused groups are highlighting the issue and the need to recognize, report and stop financial abuse of seniors.

10 Formal AML/CFT Warnings Issued by FMA

May 20, 2019

The FMA carried out a risk-based assessment of independent audit reports for reporting entities it supervises in February this year, targeting 69 reporting entities. The FMA supervises around 800 reporting entities, of whom roughly two-thirds define themselves as financial advisers.

HKMA Introduces Key Measures on Sustainable Banking and Green Finance

May 13, 2019

The Hong Kong Monetary Authority (HKMA) today unveiled three sets of measures to support and promote Hong Kong’s green finance development.  In his opening remarks at the HKMA Green Finance Forum today, Mr Norman Chan, Chief Executive of the HKMA, said that the HKMA will collaborate with the industry and other stakeholders to combat climate change risks and develop green finance.

Thompson Reuters & IBM launched New AI to Improve Regulatory Compliance Challenges

May 3, 2019

Thompson Reuters, a multinational mass media and information firm has partnered with tech giant IBM and launched a new AI which aims at simplifying regulatory compliance challenges faced by Financial institutions. Major Banks and financial institutions are seeing an ever growing regulatory compliance requirement. Through this joint collaborations, both companies aim to offer financial institutions access to RegTech Solutions offered by IBM cloud that features real time financial services data from thousands of content sources.

FCA Fines Standard Chartered Bank £102.2 Million for Poor AML Controls

April 15, 2019

The Financial Conduct Authority (FCA) has fined Standard Chartered Bank (Standard Chartered) £102,163,200 for Anti-Money Laundering (AML) breaches in two higher risk areas of its business. This is the second largest financial penalty for AML controls failings ever imposed by the FCA.

Initiation of consultation on amendment to Capital Adequacy Ordinance

April 11, 2019

Bern, 05.04.2019 – On 5 April 2019, the Federal Department of Finance (FDF) initiated the consultation on an amendment to the Capital Adequacy Ordinance (CAO). The proposal concerns three separate topics: the FDF wishes to simplify the requirements for certain small banks and securities firms, adjust the risk weights for domestic residential investment property with a high loan-to-value ratio and ensure that the parent banks of systemically important banks are sufficiently well-capitalised in the event of a crisis.