Category:Global Regulatory Development

1
Australia: APRA Proposes Reforms to Strengthen Governance Standards
2
Europe: FCA Advances Efforts to Address the UK’s EU Legislative Legacy, Starting With MIFID
3
Europe: National Regulators Announce Digital Operational Resilience Act Reporting Windows
4
Middle East: New Saudi Netting Regulation Creating a Buzz
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Australia: Compensation Scheme of Last Resort (CSLR)
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Europe: ESMA and National Regulators Launch Coordinated Review of Fund Manager Compliance and Internal Audit Functions
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Australia: Financial Abuse and the Need for Better Financial Services Regulation
8
Europe: Are the UK FCA’s Revised “Name and Shame” Proposals an Improvement?
9
Europe: Proposed UK and EU Rules on More Research Cost Re-Bundling Move Closer
10
Australia: ASIC Puts Insurers on Notice

Australia: APRA Proposes Reforms to Strengthen Governance Standards

By: Jim Bulling, Simon Kiburg and Eddie Frost

The Australian Prudential Regulation Authority (APRA) has proposed reforms to strengthen core prudential standards and guidance on governance, currently set out in SPS 510 Governance, SPS 520 Fit and Proper, and SPS 521 Conflicts of Interest.

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Europe: FCA Advances Efforts to Address the UK’s EU Legislative Legacy, Starting With MIFID

By: Philip Morgan, Andrew Massey, and Harriet Sherwin

Following an HM Treasury policy statement, the FCA has published a consultation paper proposing amendments to some of the Markets in Financial Instruments Directive (MIFID) conduct of business and systems and controls rules inherited from the EU that continue to exist in the UK statute book in close to their original form.

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Europe: National Regulators Announce Digital Operational Resilience Act Reporting Windows

By: Shane Geraghty, Dr. Ulrike Elteste, and Ruth Hennessy

EU national supervisory authorities will collect the Register of Information (ROI) pursuant to the EU’s Digital Operational Resilience Act (DORA) from in scope financial entities in April 2025, with the reference date set as 31 March 2025. ROIs are reports by in-scope EU financial entities on all contractual arrangements on the use of information and communication technology (ICT) services provided by ICT third-party service providers. The financial entity must differentiate between providers who are not critical and providers who are considered critical and important.

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Middle East: New Saudi Netting Regulation Creating a Buzz

By: Ron Feldman and Amjad Hussain

There was a buzz during the joint association conference in Riyadh, Saudi Arabia on the 19 February. A collaboration by ISDA, ISLA and ICMA, the industry associations representing parties that enter into transactions such as derivatives, securities lending and repurchase transactions, is indeed unusual.

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Australia: Compensation Scheme of Last Resort (CSLR)

By: Jim Bulling and Ben Kneebush

Underfunded From Inception

The operator of CSLR has released the latest actuarial report commissioned on the scheme and the initial estimates of projected levies for 2025 / 26 (3rd levy period), triggering widespread concern across the financial services industry and immediately prompting the Treasury to announce a comprehensive review of the scheme. 

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Europe: ESMA and National Regulators Launch Coordinated Review of Fund Manager Compliance and Internal Audit Functions

By: Shane Geraghty, Hazel Doyle, and Gayle Bowen

On 14 February 2025, the EU’s securities and markets regulator, the European Securities and Markets Authority (ESMA), launched a Common Supervisory Action (CSA) with EU Member State National Competent Authorities (NCAs), in relation to compliance and internal audit functions of UCITS management companies and Alternative Investment Fund Managers (AIFMs) across the EU.

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Australia: Financial Abuse and the Need for Better Financial Services Regulation

By: Claudine Salameh and Tamsyn Sharpe

In December 2024 the Parliamentary Joint Committee on Corporations and Financial Services (the Committee) published a Report following an inquiry into how well the existing financial services regulatory framework is protecting against financial abuse. The Report highlighted a range of regulatory gaps and considered how financial institutions could better mitigate the risk of financial abuse.

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Europe: Are the UK FCA’s Revised “Name and Shame” Proposals an Improvement?

By: Michael Ruck, Rosie Naylor, and Helen Phizackerley

In November 2024, the UK FCA released a Consultation which seeks to clarify its proposed approach to publicising ongoing enforcement action—dubbed the “name and shame” plan—and to assure the wider market of the plan’s benefits. Responses are due by 17 February 2025.

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Europe: Proposed UK and EU Rules on More Research Cost Re-Bundling Move Closer

By: Phillip Morgan, Andrew Massey, and Raghu Meena

In the United Kingdom, the FCA has proposed to give fund managers (including UCITS Mancos and full-scope UK AIFMs) an option to use fund assets to pay jointly for execution and research (so-called ‘bundled’ payments). The existing options of paying for research from manager funds or operating a customer-financed research payment account would remain. Final rules are expected in the first half of 2025. This follows the introduction on 1 August 2024 of a similar option for separate account managers as discussed here.

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Australia: ASIC Puts Insurers on Notice

By: Claudine Salameh and Tamsyn Sharpe

ASIC has recently published its findings following an investigation into the insurance industry’s level of compliance with internal dispute resolution (IDR) obligations. Report 802 Cause for complaint: Complaints handling in general insurance revealed that general insurers are consistently falling short of their legal obligations thereby limiting customers’ ability to access fair, timely and effective IDR processes.

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