CCL Regulatory Update: UK Edition - May 2020

This edition includes - FCA Extends Period to Cover Absent Senior Managers, FCA Allows Individuals to Carry Over CPD from COVID-19, ESMA Issues Public Statement on COB Obligations from Increasing Retail Activity, FATF COVID-19 Related Money Laundering and Terrorist Financing Risks.

Regulatory Insight - UAE Economic Substance Regulations - Actions for Firms in the DIFC

On 30th April 2019, Cabinet of Ministers’ Resolution No.31 of 2019 was passed concerning Economic Substance Regulations (“ESRs”) in the UAE. Thi s article provides details of the steps that firms in the DIFC need to take.

CCL Regulatory Update: Middle East Edition - May 2020

This edition includes - DFSA Takes Action Against Two Firms and Three Individuals, Entities Required to Notify ADGM Regarding New Economic Substance Regulations, SCA Discusses Initiatives to Regulate OTC Market and Measures to Contain COVID-19 Consequences, FATF Releases COVID-19 Challenges Good Practice and Policy Response Paper, BNP Paribas Chinese Unit Fined for Anti-Money Laundering Violations.

CCL Regulatory Update: Middle East Edition - April 2020

This edition includes - DFSA Release Joint Guidance Dear SEO Letter, ADGM Announces Further Incentives to Support Businesses, SCA Hold Meeting on Internal and External Actions for COVID-19 Measures, ESMA Releases COVID-19 Recommendations, Australian Bank WestPac Anticipates US$578 Million Money Laundering Fine.

CCL Regulatory Update: UK Edition - April 2020

This edition includes - FCA on Received Queries on Clients Assets Compliance During COVID-19, FCA Messages Firms Can Provide for Customers on Investments Following Market Volatility, ESMA Publishes Advice to the European Commission on Inducements and Costs and Charges Disclosure, FATF Statement on Measures to Combat Illicit Financing.

CCL Regulatory Update: Middle East Edition - March 2020

This edition includes - DFSA Implements Changes to the SME Listing Regime, ADGM Launches Support Measures for Registered Businesses to Counter the Impact of COVID-19, UAE Central Bank Issues Regulation on Dormant Accounts, FCA and PRA Provide COVID-19 Guidance for Firms, Swedbank Fined $397 Million Over Anti-Money Laundering Measures.

CCL Regulatory Update: UK Edition - March 2020

This edition includes - FCA Information for Firms on Coronavirus Response, FCA’s Speech on Cryptoassets, Financial Regulation and Preventing Financial Crime for Digital Assets, COVID-19 Regulatory Reporting Amendments, ESMA Statement on COVID-19.

DFSA Financial Community Support Initiative

The DFSA has announced its own initiative to provide significant assistance and regulatory relief for the financial services community in the DIFC. This initiative is aimed at helping new applicants to complete the application process as well as giving a certain amount of relief from some of the DFSA regulatory requirements to existing DFSA regulated firms.

ADGM Business Support Initiative

The ADGM has announced its business support measures for all ADGM registered entities. These initiatives aim to assist in not only safeguarding the health and safety of the ADGM community but also in mitigating the economic impact posed by the COVID-19 global outbreak and come into immediate effect with many of them lasting for up to 12 months. This update sets out the key aspects of the initiative and who will benefit from them.

DIFC Business Stimulus Initiative

The DIFC Authority has announced its “business stimulus initiative” to assist companies with the financial challenges posed by the COVID-19 global outbreak. This update sets out the key aspects of the initiative and who will benefit from them.

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.