One of the most common ways for a jurisdiction to attract the attention—and investment—of a particular industry is to offer them a regulatory regime that is different and provides enough scope for players in the sector to leverage opportunities for growth.
Finance
Posted inUnited Kingdom
U.K. financial regulator and Ombudsman set out modernization plan for consumer redress
Changes to the U.K.’s Financial Ombudsman Service, which enables consumers to pursue financial services firms for compensation for unfair treatment, will place greater weight on firms’ compliance. The changes have been prompted in part by the scandal surrounding poor-value car loans provided via dealers.
Posted inFinance
CFTC sues states to assert exclusive jurisdiction over prediction markets
The Commodity Futures Trading Commission filed lawsuits against Arizona, Connecticut, and Illinois last week over the jurisdiction of prediction markets, which have gained popularity in the past year.
Posted inFinancial Services
Hong Kong wants to know if your bank has a culture problem
The Hong Kong Monetary Authority’s Bank Culture Reform program is now in its eighth year. The message for compliance teams everywhere is that regulators are moving from prescribing rules to evaluating whether culture actually works.
Posted inFinancial Services
FinCEN proposes overhaul AML rules, would end 2024 risk assessment requirements
A rule overhaul proposed by the U.S. Treasury Department’s Financial Crimes Enforcement Network is designed to reduce compliance burden and would free up banks from tracking all but the most egregious illicit financial activities.
Posted inRegulatory Policy
EU and U.K. asset managers must adapt for T+1 settlement now to start testing in 2027
On Oct. 11, 2027, the EU, U.K., and Switzerland will move to T+1 securities settlement. The date may seem distant, but the challenges are considerable.
Posted inRegulatory Enforcement
New DOJ policy means heat is off corporate crime and on drug kingpins
The U.S. Department of Justice (DOJ) is moving the enforcement of all but the most heinous white-collar crimes onto the back burner and putting investigations of drug kingpins, illegal immigration, and sanctions evasion up front, Matthew Galeotti, head of the DOJ’s Criminal Division, said Monday.
Posted inFinance
NPT names Susan Thompson Buffett Foundation GC to trustees’ board
National Philanthropic Trust announced the appointment of Tamara Watts, vice president, legal and general counsel for The Susan Thompson Buffett Foundation, to its board of trustees.
Posted inFinance
Avanti Finance welcomes risk chief
Avanti Finance announced the appointment of Ben Anderson as its new chief risk officer.
Posted inFinance
Home Run Financing promotes GC to COO
Home Run Financing announced that Ryan Griffin, who has served as its general counsel and chief compliance officer for over five years, has been appointed as their new chief operating officer.
