In Utmost Good Faith? is a new infographic created by Euromoney Thought Leadership Consulting and commissioned by Baker McKenzie, outlining opportunities and ethical considerations for AI in the Insurance sector. As AI gains ground in the sector, it is critical to understand ethical considerations, which would help market players navigate the potential increase in regulatory scrutiny.
The series of briefings, Finding Balance: The Post-COVID Landscape for Financial Institutions, seeks to map the post-pandemic environment that financial institutions need to navigate as we move from resilience and recovery to the business renewal phase.
In its first enforcement action for a breach of the Short Selling Regulation (SSR), the UK Financial Conduct Authority (FCA) has imposed a fine of £873,118 on Asia Research and Capital Management Ltd (ARCM). The fine relates to ARCM’s failure to notify the FCA and to disclose to the public its net short position in Premier Oil plc, as required under the SSR. In our latest briefing, we explore the nature of ARCM’s breaches leading to the enforcement action, and discuss key learning points for firms going forward.
The UK Financial Conduct Authority (FCA) has announced a ban on the sale of crypto-derivatives and exchange traded notes (ETNs) that reference certain types of crypto-assets (crypto-ETNs) to retail consumers. Firms who carry out marketing, distribution or selling activities in or from the UK of the relevant products to retail clients, will need to comply with these rules by 6 January 2021.
In a letter dated 18 August 2020 to the European Commission, ESMA sets out its recommendations for changes that could be made to the Alternative Investment Fund Managers Directive (AIFMD) framework as part of the Commission’s review of the AIFMD. ESMA recommends changes in 19 areas including harmonising the AIFMD and UCITS regimes; delegation and substance; liquidity management tools; leverage; the AIFMD reporting regime and data use; and the harmonisation of supervision of cross-border entities. Many of ESMA’s recommendations would also require consideration of changes to the UCITS regulatory framework.
The FCA has reopened the notifications window for its temporary permissions regime (TPR). EEA firms and fund managers wishing to use the TPR should notify the FCA by the end of 30 December 2020.