Events listed in Asset Management
Civil Money Penalties: Notice Adjusting Maximum Civil Money Penalties for 2023
ID 21486
On January 17, 2023, the Office of the Comptroller of the Currency (OCC) announced the annual inflation adjustment to the civil money penalty amounts for conduct violations of all types of supervised banking institutions, including branches of foreign national banks, and federal saving associations. The amount is determined by the number of violations and the type of violation. The detailed table outlining the monetary ...
Issuance of Venezuela-related General License and Amended Venezuela-related ...
ID 21485
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued General License 5J (superseding General License 5I) in connection with Venezuela-related sanctions. Specifically, the license authorizes financial transactions related to the Petroleos de Venezuela, S.A. 2020 8.5% Bond on or after April 20, 2023. OFAC also updated a corresponding frequently asked question (FAQ) 595 which reads as follows – as quoted: ...
New consolidated versions: Commission Delegated Regulation (EU) No 1151/2014 of 4 ...
ID 21484
New consolidated versions of „Commission Delegated Regulation (EU) No 1151/2014“ as regards the notifications that must be made by financial institutions and investment firms planning to passport branches into other member states were published in the Official Journal (OJ) of the EU. The consolidated versions include the modifications made by Commission Delegated Regulation (EU) 2022/2403 which corrected several language versions of the above noted ...
New design
ID 21483
The Swedish financial supervisory authority, Finansinspektionen, has published a press statement to announce design changes to its key website and some subordinated sites. While most changes concern the display of top issues, one should be particularly noted by financial market participants. FI has moved its Forms, Authorisation and Reporting links under the new header E-services and forms: *Graphic 1 – Top Section of FI’s ...
Public consultation on the draft Recommendation for new contracts for products in ...
ID 21482
In view of the transition from the (use of) WIBOR, the Warsaw Interbank Offered Rate, to the Warsaw Interest Rate Overnight index WIRON, the National Working Group for the benchmark reform (NWG) has now come up with and seeks feedback on draft recommendations for the use of WIRON in financial products. Specifically, in its recommendations, the NWG recommends 1. retail client floating rate mortgage ...
Financial sanctions, Iran (human rights)
ID 21481
The UK government has published a new Financial Sanctions Notice regarding sanctions measures with respect to persons and entities that are engaged in or supportive of human rights abuses in Iran pursuant to Statutory Instrument SI 2019/134, the „Iran (Sanctions) (Human Rights) (EU Exit) Regulations 2019“. Specifically, the government informs that it has updated its sanction list by **correcting the record of one already ...
New consolidated version: Directive 2006/43/EC of the European Parliament and of ...
ID 21480
A new consolidated version of Directive 2006/43/EC, the so-called Statutory Audit Directive, was published in the Official Journal (OJ) of the EU. The Directive primarily sets out principles to be observed by statutory auditors when auditing financial accounts of their clients (secrecy, professionalism, objectivity), defines auditors‘ responsibilities particularly in view of firms with multiple subsidiaries in different countries, and outlines the obligations of firms . ...
UK list of exempted shares [xlsx]
ID 21479
The Financial Conduct Authority (FCA) has published a revised list of FCA exempt shares from short selling notification requirements. These shares are also NOT subject to the uncovered short sales restrictions set out in the Retained Short Selling Regulation (UK SSR). Please note that the exempt shares list of the European Securities and Markets Authority (ESMA) has been removed as it no longer applies ...
Inside FCA Podcast: Understanding the Consumer Duty products and services outcome
ID 21478
The Financial Conduct Authority (FCA) has published the transcript of a podcast relating to the new consumer duty. Specifically, the transcript includes an interview with the FCA’s Head of Consumer Policy Outcomes, Mr. Richard Wilson, as regards the products and services outcome of the new duty. Therein, the Head describes – what is meant by „products and services outcome“ from the regulator’s point of ...
MiFIDII/ MiFIR review – EFAMA-BVI-EFSA-NSA priorities
ID 21477
In the context of the ongoing MiFIR negotiations in the EU Parliament (EP), NSA, EFAMA, BVI, EFSA, and other European trade groups that represent EU capital markets have been lobbying for their positions on the Commission proposal to strengthen market transparency in MiFID/MiFIR. This is because the EP wants to reach an agreement on MEPs‘ amendments to rapporteur Danuta Hübner’s proposals on the Commission ...