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.

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.