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In AML & Financial Services Regulatory

United Kingdom: FCA sets out approach to asset management regime reform

by 1 Min Read

On 11 October 2023, Ashley Alder, Chair of the FCA, delivered a speech on the FCA’s priorities for updating and improving the UK regulatory regime for asset managers. Covering a number of interesting angles, the speech sets out a sketch of the FCA’s vision for the UK asset management regime going forward, and includes some helpful clarity for the industry about the direction of regulatory reform. The speech highlights in particular the following priorities for reform: ensuring a more proportionate approach to the regulation of AIFMs; updating the retail funds regime; and supporting technological innovation in the sector.

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In AML & Financial Services Regulatory

United Kingdom: FCA sets out approach to asset management regime reform

by 1 Min Read

On 11 October 2023, Ashley Alder, Chair of the FCA, delivered a speech on the FCA’s priorities for updating and improving the UK regulatory regime for asset managers. Covering a number of interesting angles, the speech sets out a sketch of the FCA’s vision for the UK asset management regime going forward, and includes some helpful clarity for the industry about the direction of regulatory reform. The speech highlights in particular the following priorities for reform: ensuring a more proportionate approach to the regulation of AIFMs; updating the retail funds regime; and supporting technological innovation in the sector.

In AML & Financial Services Regulatory

Global Financial Services Regulatory Guide

by 2 Mins Read

Baker McKenzie’s Financial Services Global Regulatory (FSR) Guide has been updated for 2021 to incorporate changes across the globe in this rapidly evolving regulatory environment. The Guide acts as a quick reference tool when distributing financial products into new markets, providing a comprehensive summary of regulations applicable to banks and other financial services companies around the world.

In AML & Financial Services Regulatory

Australia: Modernising Australia’s payment systems – Reforming the Payments Systems (Regulation) Act 1998

by , , and 5 Mins Read

The Government has released exposure draft legislation to update the Payments Systems (Regulation) Act 1998 (PSRA). This follows consultation conducted in June 2023 to “modernize” the application of the PSRA and to ensure the framework appropriately regulates emerging and future payment functions.

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In AML & Financial Services Regulatory

United Kingdom: Top tips for compliance with the cryptoasset financial promotions regime

by , and 2 Mins Read

The FCA’s final rules for cryptoasset financial promotions, published in June 2023, will take effect from Sunday, 8 October 2023. Those marketing in-scope cryptoassets to UK consumers, including those based overseas, will need to ensure without delay that preparations are in place for the start of the rules.

In Corporate Compliance

Luxembourg: Non-profit associations and foundations reform

by , and 6 Mins Read

On 19 September 2023, the law dated 7 August 2023 overhauling the centenary law of associations and foundations (“Law”) was published in the Luxembourg official gazette. The Law repeals the law of 21 April 1928 on non-profit associations and foundations. The Law aims to lighten and modernize the legal framework for non-profit associations and foundations and provide more accounting transparency to guarantee better control and thus create a new legal framework that meets the current associative and charitable sector’s needs.

In AML & Financial Services Regulatory

International: Private Fund Spotlight

by , , , , and 1 Min Read

In this update, we take high-level review of major issues faced by private fund managers investing across the globe. In August and September, private fund managers with U.S. investors faced the broadest expansion of SEC regulation since Dodd-Frank, while European managers worked through the details of ESG reporting. Enforcement continued to be laser-focused on digital assets (but courts didn’t always agree with them), Finfluencers, custody and marketing, while new employment and privacy requirements raised unique issues for asset managers.

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In AML & Financial Services Regulatory

Indonesia: OJK’s New Regulation on Investigation of Crimes in Financial Services Sector

by and 5 Mins Read

Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector has placed OJK in a more central position to investigate crimes in the financial services sector. As an implementing rule, OJK has issued Regulation Number 16 of 2023 on Investigation of Crimes in the Financial Services Sector which covers, among other things, the general scope of crimes in financial services sector, members of authorized teams of investigators, the investigative authorities and powers, and available alternative settlement mechanics.

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