CCL Regulatory Update: Middle East Edition - February 2020

This edition includes - DFSA Communications Regarding UN Security Council Sanctions, FSRA Publishes Miscellaneous Amendments to its Regulatory Framework, SAMA Releases Rules and Consultation Papers to Develop Insurance Sector, FATF Updates Countries on List of Jurisdictions with Strategic Deficiencies, FCA Fines Moneybarn £2.77M for Unfair Treatment of Customers in Arrears.

CCL Regulatory Update: UK Edition - February 2020

This edition includes - FCA Webpage on Considerations for UK Firms After the Transition Period, PRA’s Methodologies for Setting Pillar 2 Capital, ESMA Clarifies Governance and Reporting Obligations for UK Entities Following Brexit, Formal Notice to Eight Member States to Transpose the 5th AML Directive.

CCL Regulatory Update: Middle East Edition - January 2020

This edition includes: DFSA Takes Action Against Morgan Gatsby Limited, Summary of Proposed FSRA Changes in Consultation Paper No. 5 of 2019, Economic Substance Update, FATF Hosts Forum for Regulators on Supervising Virtual Assets, Bank of China Settles Money Laundering Case for $4 Million.

CCL Regulatory Update: UK Edition - January 2020

This edition includes - FCA Information for Firms During Brexit Implementation Period, Bank of England and FCA Encourages Switch from LIBOR to SONIA, ESMA Update on Governance and Reporting Obligations for Brexit, FCA Becomes AML/CTF Supervisor of UK Cryptoasset Activities.

Regulatory Insight - Changes to the DFSA Suitability Regime

Further to the thematic review findings, in August 2019 the DFSA issued CP No. 127 to make several amendments to the DFSA’s Rulebook to strengthen the current requirements relating to suitability, specifically in relation to the limitation of suitability assessments for Professional Clients. Proposed changes came into effect on 1 January 2020.

CCL Regulatory Update: Middle East Edition - December 2019

This edition includes - Introduction of CPD Requirements for SEOs and COMLROs, ADGM Publishes Consultation on Proposed Amendments to Commercial Legislation, Saudi Arabia Bans Firms from Having Both Insurance and Reinsurance Businesses, FCA Fines PPC for Misleading Consumers and Banks.

CCL Regulatory Update: UK Edition - December 2019

This edition includes - New Form to Notify FCA of Management Body Changes for Non-SMF Directors, Special Requirements Regarding Whistleblowing Systems and Controls at the Society of Lloyd’s, The Money Laundering and Terrorist Financing Regulation 2019, FCA Fines PPC for Misleading Consumers and Banks.

CCL Regulatory Update: Middle East Edition - November 2019

This edition includes: DFSA Releases Consultation Paper No. 125 – Proposal for Money Services, FSRA Makes Amendments to AML, GEN, COB Modules, FATF Updates Countries on List of Jurisdictions with Strategic Deficiencies, ADGM Signs Collaboration Agreements.

CCL Regulatory Update: UK Edition - November 2019

This edition includes: FCA Bans Promotion of Speculative Mini Bonds to Retail Customers, Basel Committee on Banking Supervision on the Interaction between Prudential and AML/CTF, UKFIU Publishes New Glossary Codes and Reporting Routes on SARs, FCA and PRA Publish Decision Notices to Former CEO for Reducing Tax Liability.

Regulatory Insight - UAE Economic Substance Regulations

On 30th April 2019, Cabinet of Ministers’ Resolution No.31 of 2019 was passed concerning Economic Substance Regulations (“ESRs”) in the UAE. On 12th September 2019, the UAE Ministry of Finance issued a guidance document clarifying certain aspects of the ESRs. Here, we answer the key questions regarding these regulations.

CCL Regulatory Update: Middle East Edition - October 2019

This edition includes - DFSA Opens Applications for its 2020 Regulatory Sandbox Winter Cohort, FSRA Publishes Regulatory Guidance for APIs, FCA Fines Tullett Prebon £15.4 million, FATF Releases Best Practices on Beneficial Ownership for Legal Persons.

CCL Regulatory Update: UK Edition - October 2019

This edition includes - Treasury Committee on IT Failures in the Financial Services Sector, ESMA Launches a Call for Evidence on the Effects of Product Intervention on CFDs and Binary Options, HM Treasury Publishes Advisory Notice on AML High-Risk Countries, ESMA Updates MiFID II Q&As.