On 20 July 2020, HM Treasury launched a consultation proposing to reform the regulatory framework for approval of financial promotions. HMT’s proposals are potentially far-reaching and may have important implications for the way that certain firms conduct business.
On 9 July 2020, the European Commission published a Communication to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions entitled “Getting ready for changes: Communication on readiness at the end of the transition period between the European Union and the United Kingdom”. The Communication aims to highlight the main areas of inevitable change and to facilitate readiness and preparations by stakeholders, especially in light of the Commission’s views that “[n]egotiations so far have shown little progress” and that “broad and far-reaching changes … will arise under any scenario”. The Communication raises some key points for UK financial services firms, which we highlight in our post.
On 3 July 2020, the FCA published a Decision Notice against Conor Foley, former WorldSpreads CEO, proposing to fine him £658,900 for market abuse and ban him from performing any roles linked to regulated activity. This decision highlights the FCA’s continued focus on market abuse cases involving market manipulation, and serves as a reminder that the FCA is determined to continue pursuing complex and difficult cases involving false and misleading statements.
The European Commission published an updated list of high risk third countries in respect of AML/CTF due diligence.
A look into SEC Enforcement, which will create a special team to look for COVID-19 misconduct.
Ukrainian policymakers consistently work on improvements to the legal framework, applicable to engagement of technology providers by incumbent financial institutions.