Financial institutions face two categories of emergencies arising out of the coronavirus disease that could impair their functioning. The first is directly financial: a sudden drop in the value of financial assets, or loss of liquidity, whether domestically or elsewhere in the world that could lead to a national or even global financial crisis. The second is operational: the failure of the support structures that underpin the financial system.
The UK’s financial regulators have imposed a ban and fine of over £150,000 on the former CEO of Scottish mutual insurer, SBMIA, for misconduct involving his liability to tax.
Implementation of the EU’s Fifth Money Laundering Directive on 10 January 2020 is now fast approaching.
Despite August being the height of the holiday season, central bankers at the ECB have found the time to issue a newsletter calling on banks supervised under the Single Supervisory Mechanism to step up their Brexit preparations.
The FCA has sent a Dear CEO letter to payment firms requiring them to review their safeguarding arrangements for customer funds and to attest to compliance.
Where things stand two months since MiFID 2, which includes MiFIR, came into effect.