On 15 July 2024, the National Securities Commission (CNV) issued General Resolution No. 1009/2024 inviting the public to express their opinions and/or proposals regarding the adoption of a regulation on the private offering of marketable securities considering the text proposed by the CNV.
The Government of Canada has established additional avenues to administer and enforce Canadian sanctions laws. Specifically, the government is relying on the existing legislative framework under the Proceeds of Crime, Money Laundering, and Terrorist Financing Act (PCMLTFA) and its administrative agency, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) alongside the Canada Border Services Agency (CBSA) to establish a sanctions civil enforcement regime in the form of mandatory reporting on suspected sanctions evasion for prescribed entities, importers, exporters and those financing import/export transactions.
Our updated Regulatory Risk Management Risk Radar analyzes the most pressing regulatory risks that FIs need to consider in 2024. In this year’s edition, we examined how these risks impact business decision-making. We also examine recent and upcoming developments, and how they continue to shape the roles and responsibilities of FIs related to regulatory risk management.
In an article published in Compliance & Risk Journal, John Bracken and Lorren Martin explore the issue of non-financial misconduct in UK financial services firms, and how best to manage the potential risks.
On 5 July 2024, the Argentine Central Bank issued Communication “A” 8059, introducing amendments applicable to the payment of interest on commercial and financial debt between related counterparties, to the extent that certain requirements set forth in the regulation are met.
On 15 May 2024, the Government officially issued the new Decree No. 52/2024/ND-CP to regulate cashless payments (“Decree No. 52”). Decree No. 52 took effect from 1 July 2024 and replaced the previous Decree No. 101/2012/ND-CP on cashless payments, as amended from time to time. Among other things, Decree No. 52 sets forth regulations on opening and using payment accounts, cashless payment services and intermediary payment services (IPS).
The Monetary Authority of Singapore (MAS) issued the revised Guidelines on Fair Dealing — Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers (“Guidelines”) on 30 May 2024.
This comes around 17 months after the MAS issued the Consultation Paper P013-2022, which proposed amendments to the Guidelines on Fair Dealing. The amendments widen the scope of the Guidelines to apply to all financial institutions (FIs) in relation to all products and services offered by FIs to users and prospective users, and introduce additional principles and guidance for selected areas.
The Monetary Authority of Singapore (MAS) issued the revised Guidelines on Fair Dealing — Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers (“Guidelines”) on 30 May 2024. This comes around 17 months after the MAS issued the Consultation Paper P013-2022, which proposed amendments to the Guidelines on Fair Dealing. The amendments widen the scope of the Guidelines to apply to all financial institutions (FIs) in relation to all products and services offered by FIs to users and prospective users (“Customers”), and introduce additional principles and guidance for selected areas.
On 5 June 2024, the United States Court of Appeals for the Fifth Circuit vacated the Private Fund Adviser rule (“Rule”) in its entirety on the grounds that the SEC, in enacting the Rule, had exceeded its statutory authority. The Rule was adopted by the SEC in August 2023 and would have fundamentally changed the regulatory landscape for private equity funds and their investors. The outcome was somewhat unexpected as in oral arguments the petitioners only directly challenged three of the five provisions that make-up the Rule and there was significant discussion as to whether the five provisions of the Rule should be considered a single rule or if the five provisions should be considered separately.
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.