Further amendments to the JMLSG Guidance

The JMLSG has published revised versions of the sector specific additional material for asset finance (12) and syndicated lending (17) in Part II of its Guidance on the prevention of money laundering and the financing of terrorism.

FCA Data on UK Financial Crime

In a speech on 22 May 2018, the FCA revealed that 2,100 firms, including all the major banks and life insurers, had responded to the annual financial crime data return by 31 December 2017.

Data Protection Act 2018

The Data Protection Act 2018 replaces the Data Protection Act 1998 and provides a comprehensive legal framework for data protection in the UK, supplemented by the GDPR until the UK leaves the EU.

Sanctions and Anti-Money Laundering Act 2018

The Sanctions and Anti-Money Laundering Act 2018 creates a new sanctions regime for the UK after Brexit, needed to keep UK Anti-Money Laundering (“AML”) and Counter-Terrorist Financing (“CTF”) measures up to date.

ICO: Data Protection registration and fees

GDPR removes the requirement for data controllers to register with the ICO; however, new regulations require all data controllers to continue paying the ICO an annual fee.

FCA publishes its Business Plan for 2018/19

In its Business Plan for 2018/19, the FCA shows mitigating the effect of Brexit is its key priority for the coming year, supplemented by seven priorities across the financial sectors it regulates and other priorities within each of those seven sectors.

ESMA Technical Advice simplifying prospectuses format and content

ESMA has published the first part of its Technical Advice under the new Prospectus Regulation, covering the areas of format and content of a prospectus (including the Universal Registration Document), the EU Growth prospectus and the scrutiny and approval of a prospectus.

ESMA prohibits binary options and restricts CFDs to protect retail investors

ESMA has announced a ban on the provision of binary options to retail investors in the EU and placed restrictions on the provision of contracts for differences, including rolling spot forex and financial spread bets, to retail investors in the EU. The FCA supports ESMA’s application of EU-wide temporary product intervention measures and expects to consult on whether to apply these measures on a permanent basis.

GDPR – Are you ready?

Are you ready? On 25 May 2018, the GDPR will come into effect for all firms operating within Europe as well as firms outside of Europe which have data come in from, go through, or end up in, the European Union. As part of this regulation, individuals will be afforded enhanced rights regarding their data.