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Mark Simpson

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Mark Simpson is a partner in the Financial Services & Regulatory Group in the London office where he practices in the areas of financial regulation, financial crime, and regulatory investigations. He is a member of the Firm's EMEA Financial Services & Insurance Steering Committee, as well as its Global Funds and FinTech Groups. He participates actively in industry bodies including the Alternative Investment Managers Association. He has authored a number of articles and other publications, most notably acting as a general editor of and contributor to the International Guide to Money Laundering Law and Practice, and A Practitioner's Guide to the Law and Regulation of Financial Crime.

On 9 September the Financial Conduct Authority (“FCA“) and the Prudential Regulation Authority (“PRA“) published a letter to bank CEOs with the purpose of reiterating expectations of firms when undertaking trade finance activities. The Dear CEO letter addressed both conduct and prudential issues where the regulators consider that improvements are required in firms’ controls. The regulators stressed that “firms need to demonstrate that they have taken a risk sensitive approach to their control environment that ensures the relevant risks are effectively mitigated”, noting that the last 18 months have seen several “high-profile failures of commodity and trade finance firms with significant financial loss”.

On 20 July 2021, the European Commission presented a package of legislative proposals establishing a new framework for the EU’s anti-money laundering and countering terrorism financing (AML/CTF) regime. The package will create an EU-wide AML supervisory authority, establish a new directly applicable single rulebook, and extend the scope and requirements of the regime including, significantly, to all cryptoasset service providers. In this briefing we explore the Commission’s proposals in more detail. We also set out considerations for UK firms, including HM Treasury’s recent consultations on the UK AML/CTF regime

On 22 June 2021, HM Treasury (HMT) confirmed that it will take forward legislation to introduce a gateway for the approval of financial promotions of unauthorised persons. Once the gateway is in place, only firms which have successfully applied to the FCA to approve financial promotions will be permitted to approve the financial promotions of unauthorised persons.

Join Baker McKenzie regulatory and enforcement practitioners as we navigate this uncertain time and work together through the challenges ahead. We offer practical advice and real-time analysis of the changing landscape across the United States, Europe and Asia. Webinar Series: The New Framework for Investment Adviser Marketing In this 4-part…