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Week ending 5 November 2020

29 October 2020: The European Fund and Asset Management Association (EFAMA) has issued a statement on a global initiative on cyber security led by the International Investment Funds Association (IIFA) and supported by fund associations around the world. IIFA has published a document ‘IIFA Cybersecurity program basics’ which sets out key cyber prevention standards for investment management companies. The document sets out:

​• establish an overarching cyber-security framework

• conduct cyber-risk awareness trainings with company staff

• have an incident response plan

• conduct tabletop exercises to test the response plan

• establish and monitor normal network…


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Week ending 5 November 2020

29 October 2020: The European Parliament published a study examining the supervisory implications of the Wirecard case. It highlights several lessons for the regulation and supervision of fintech companies, and emphasises that regulators need a deep understanding of fintech’s technologies and business models. The report argues that the global scope of fintech’s activities also calls for convergence and co-ordination of rules and supervisory practices at the European level and beyond.

29 October 2020: The Financial Conduct Authority (FCA) has published a Regulatory Co-operation Agreement on fintech with the Reserve Bank of India (RBI) (MoU). This is intended to provide a framework for collaboration and referrals between the innovation functions of each authority. …


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Week Ending 29 October 2020

27 October 2020: The European Central Bank (ECB) has published for consultation its draft oversight framework for electronic payment instruments, schemes and arrangements (PISA). Comments are requested by 31 December 2020 on three draft documents — the oversight framework, assessment methodology and exemption policy. The draft oversight framework extends to all relevant actors in the payments market, including big tech firms.

26 October 2020: The European Payments Council (EPC) has published v5 (dated April 2020) of the evaluation criteria it will use to determine whether a community of banks or financial institutions from a non-EEA country or territory which is not yet within the geographical scope of the Single Euro Payments Area (SEPA) schemes (as set out in EPC409–09) could be considered eligible to participate in those SEPA schemes. …


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Week Ending 29 October 2020

28 October 2020: The Bank of England (BoE) has published minutes of the first meeting of the Artificial Intelligence Public-Private Forum (AIPPF) held on 12 October 2020. …


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Week Ending 29 October 2020

26 October 2020: The European Securities and Markets Authority (ESMA) released a public statement that clarifies the application of the EU trading obligation for shares (STO) following the end of the UK’s transition from the EU on 31 December 2020. The statement outlines that the trading of shares with a European Economic Area (EEA) ISIN on a UK trading venue in UK pound sterling (GBP) by EU investment firms will not be subject to the EU STO. Therefore, those trades will not be subject to the EU STO under Article 23 of the Markets in Financial Instruments Regulation (MiFIR). …


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Week Ending 29 October 2020

23 October 2020: The Treasury Committee launched an inquiry to review what progress has been made in combatting economic crime since its last inquiry, carried out under the previous parliament. The inquiry will focus on anti-money laundering systems and the sanctions regime, and on consumers, including trends which have resulted from the coronavirus (COVID-19) pandemic and authorised push payment fraud. Stakeholders may submit evidence until 27 November 2020.

28 October 2020: The Financial Conduct Authority (FCA) has announced that criminal proceedings against Stephen Allen in relation to conspiracy to pervert the course of justice by disguising Renwick Haddow’s (Allen’s conspirator) interest in a property and, as such, its availability as an asset for satisfying an order that might be made in proceedings brought by the FCA against Haddow, have commenced. …


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Week ending 22 October 2020

19 October 2020: The Financial Conduct Authority (FCA) has published a third insight piece on data sharing, trust and consumer freedoms, as part of its series of articles on Future Market Dynamic.

19 October 2020: The Financial Stability Board (FSB) has published its final report on ‘Effective practices for cyber incident response and recovery’ (CIRR).

As part of its response the FSB has developed a toolkit of practices that aim to assist organisations in their CIRR activities. …


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Week ending 22 October 2020

15 October 2020: The Financial Action Task Force (FATF) has published a speech by its president, Marcus Pleyer, at the 14 October 2020 meeting of G20 finance ministers and central bank governors. The G20 has also expressed its support for FATF’s work to address money laundering (ML) and terrorist financing (TF) risks arising from the coronavirus (COVID-19) pandemic, and from stablecoins.

16 October 2020: The Treasury Committee chair, Mel Stride MP, has written to the Financial Conduct Authority (FCA) and the National Crime Agency (NCA) asking for an update on their review of the evidence of the Bank Signature Forgery Campaign, which alleges potential criminal activity occurred at banks whereby home repossessions and other such documents were not being signed by the authorised signatory.


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Week ending 22 October 2020

19 October 2020: The European Securities and Markets Authority (ESMA) has published issue 17 of its Newsletter, which covers appointments to its Central Counterparty Supervisory Committee, its latest Trends, Risks and Vulnerabilities (TRV) report, and its review of the Market Abuse Regulation (MAR).

19 October 2020: The European Systemic Risk Board (ESRB) has published a recommendation (dated 24 September 2020) on identifying legal entities (ESRB/2020/12).

The purpose of the Recommendation is to contribute, in line with the ESRB’s mandate, to the prevention and mitigation of systemic risks to financial stability in the EU through the establishment of the systematic use of the Legal Entity Identifier (LEI) by entities engaged in financial transactions. …


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Week ending 22 October 2020

15 October 2020: HM Treasury has published a call for evidence setting out the government’s aims for protecting access to cash throughout the UK. It seeks views on how the government can ensure the UK maintains an appropriate network of cash withdrawal and deposit-taking facilities over time through legislation, including the potential role of cashback. The government wants to further understand the factors affecting cash acceptance, and is seeking industry views on whether it should give a single regulator overall statutory responsibility for maintaining access to cash. Feedback is sought by 25 November 2020.

21 October 2020: The Emerging Payments Association (EPA), which promotes collaboration and innovation across payments, has responded to HM Treasury’s Payments Landscape Review: Call for evidence. The EPA believes that the government is meeting its objective that UK payments networks operate for the benefit of end-users, but that more can be done over time to create an even fairer playing field. …

About

Compliance Tyler

Tyler Woollard is the founder of The Conduct Mind, a compliance consultancy firm. www.theconductmind.com Online shop https://bit.ly/37tDCXO

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