- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2022-12-21T17:00:00
The United Kingdom’s path forward in a post-Brexit world received further clarity Dec. 9 when Chancellor of the Exchequer Jeremy Hunt set out his proposals to make the country’s financial services more competitive by cutting “hundreds of pages of burdensome” European Union regulations.
Hunt’s “Edinburgh Reforms” aim to establish a smarter regulatory framework for the United Kingdom that is agile; less costly; and more responsive to emerging trends, such as harnessing investment in crypto assets.
The plans include a commitment to repealing and replacing Solvency II—the rules governing insurers balance sheets—and changing existing compliance requirements around consumer credit, overhauling the U.K. prospectus regime to make it more attractive for firms to list and raise capital, and improving companies’ access to capital before they publicly list.
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Legal experts generally agree the U.K.’s record for prosecuting board-level executives for financial and economic crime could be better. But some believe there is a problem criticizing poor enforcement when the legislation in place has its own shortcomings.
Corporate reporting on everything from climate change to workers’ rights is set for a shake-up in the European Union, and companies should use 2023 to prepare for new regulations and stakeholder expectations.
The Prudential Regulation Authority and Financial Conduct Authority ending their six-year investigations into former senior managers at HBOS without enforcement serves as reminder of the United Kingdom’s checkered history of bringing executives to book.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
