Baker McKenzie’s Global Financial Services Regulatory Guide has been fully revised for 2024 and covers 35+ jurisdictions worldwide, making it our most expansive edition to date. The Guide acts as a quick reference tool when distributing financial products and offering services into new markets, providing a comprehensive summary of regulations applicable to banks and other financial services companies around the world. This expanded edition includes the rapidly growing area of cryptoassets, AML and CFT supervisors, and the extension of regulation to critical third-party outsourcers. Given the pace of regulatory change in this domain, staying informed is critical for market participants. Baker McKenzie is exceptionally well-positioned to simplify the complexity and provide expert guidance.
Navigating regulatory compliance in the fast-paced crypto markets is challenging. The MiCAR Compliance Toolkit provides you with the practical steps needed to help you prepare for the new regulatory regime for cryptoassets in the EU.
While not new, AI is one of the key drivers of change and could boost productivity and cut costs. The use of distributed ledger technology is creating new products and services such as central bank digital currencies that could bring the unbanked to the financial mainstream. And the use of biometrics authentication promises to enhance the security available to users. While quantum computing remains beyond the next decade, it could have wide-ranging benefits to financial institutions but also leave the sector exposed to a higher level of cyberattacks.
On 13 February 2024, the FCA issued a Final Notice to Floris Jakobus Huisamen, the former director and compliance officer of London Capital & Finance plc (LCF), fining him GBP 31,800 and banning him from working in financial services in relation to misconduct connected to financial promotions issued by LCF. This Final Notice follows the FCA’s previous censure of LCF in October 2023 for connected behaviour. In this alert we draw out the key takeaways that compliance officers should bear in mind from the FCA’s enforcement action.
On 13 February 2024, the FCA issued a Final Notice to Floris Jakobus Huisamen, the former director and compliance officer of London Capital & Finance plc (LCF), fining him GBP 31,800 and banning him from working in financial services in relation to misconduct connected to financial promotions issued by LCF. This Final Notice follows the FCA’s previous censure of LCF in October 2023 for connected behaviour. In this alert we draw out the key takeaways that compliance officers should bear in mind from the FCA’s enforcement action.
We are pleased to share with you our annual briefing looking at financial services regulation and enforcement in 2024, “What does 2024 hold? Key upcoming developments and enforcement trends”.
With Brexit and the pandemic firmly in the rear-view mirror, and the geopolitical ebb-and-flow settling into a somewhat more stable – if preciously perched – pattern, regulators around the world have turned their attention to less reactive, more forward-looking actions. Our London Financial Institutions Regulatory and Enforcement experts explore the key developments and trends expected to dominate the regulatory landscape this year.
On 30 January 2024, the UK government announced its first equivalence decision in relation to the new overseas funds regime (OFR). The government has granted equivalence in respect of the pan-EEA UCITS regime, meaning that UCITS funds established in the EEA can be marketed to UK retail investors once the OFR becomes operational later this year. The FCA set out its proposals to operationalize the regime in December 2023.
On 4 December 2023, the FCA published a consultation on rules and guidance to integrate the Overseas Funds Regime (OFR) into the Handbook and to enable recognition of overseas funds from jurisdictions approved by HM Treasury. The new rules and guidance will operationalize the OFR, implementing the regime’s framework to allow recognized overseas funds to be marketed to UK retail investors. The proposals include the information to be submitted with an application for recognition, notifications of changes, and enhanced disclosures regarding lack of access to the Financial Services Compensation Scheme and Financial Ombudsman Service.
Following its February 2023 consultation and call for evidence on a future financial services regulatory regime for cryptoassets, HM Treasury issued its policy statement on the wider cryptoasset regulatory regime on 30 October 2023. The policy update was published alongside a flurry of publications on the regulation of cryptoasset services, including interlinked policy documents covering regulation of fiat-backed stablecoins and the failure of systemic digital settlement asset (DSA) firms. This briefing covers the so-called “Phase 2” regulation of wider cryptoasset activities.
The Economic Crime and Corporate Transparency Act 2023 received Royal Assent on 26 October 2023. The Act is a landmark development in the UK Government’s long-standing efforts to enhance the UK’s economic crime enforcement framework, and the Act introduces a number of important measures designed to improve corporate transparency and tackle economic crime in the UK
and abroad.