Within two weeks of gaining power, the U.K.’s newly elected Labor government has confirmed its intention to beef up the audit regulator and strengthen corporate governance.
Regulatory Policy
Posted inRisk Management
Experts: Further reforms needed beyond revamped London Stock Exchange rules
The U.K. Financial Conduct Authority is revamping the London Stock Exchange rules, but more changes may be needed to achieve growth and attract initial public offers, experts said.
Posted inRisk Management
OCC proposes recovery plan rule for banks with $100B or more in assets
The Treasury Department’s Office of the Comptroller of the Currency proposed a rule that would extend requirements for recovery plans to all banks with at least $100 billion in assets.
Posted inRegulatory Policy
SCOTUS extends timeline for regulated entities seeking to overturn regulations
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
Posted inRegulatory Enforcement
Banks must bolster awareness of fintech partner risks, experts advise at Fordham
During a panel at Compliance Week’s Financial Crimes and Regulatory Compliance Summit, held June 10-11 in New York, experts discussed nuances in bank-financial technology partnerships, offering best practices for how banks should protect themselves.
Posted inFinancial Services
SCOTUS overturns Chevron doctrine, putting thousands of regulations in limbo
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
Posted inRisk Management
FinCEN proposes additional risk assessments for AML/CFT programs
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
Posted inRegulatory Enforcement
SCOTUS decision upends in-house tribunals in SEC fraud cases
The Supreme Court of the United States ruled that the Securities and Exchange Commission’s practice of using in-house tribunals overseen by an administrative judge to adjudicate securities fraud cases is unconstitutional.
Posted inBoards & Shareholders
Women in Compliance highlights: Mentorship driving DEI; fostering board buy-in
Keeping track of regulations and understanding how they affect your business can be a hot mess without proper organization and collaboration, experts said at Compliance Week’s Women in Compliance Summit, held June 3-4, in Atlanta.
Posted inData Privacy
OCC emphasizes compliance’s role in FI’s operational resiliency
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.