Compliance & Regulatory Alerts, Updates and Insights...
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Reminder for UCI Administrators: CSSF Circular 22/811
The CSSF has issued a reminder concerning Circular 22/811, focusing on the roles and responsibilities of UCI Administrators (UCIAs). The circular outlines requirements for proper governance, compliance, and due diligence for managing UCIs. It emphasizes the importance of monitoring processes, safeguarding investor interests, and ensuring compliance with applicable laws. This reminder serves to reinforce the CSSF’s commitment to maintaining high standards in fund administration practices.
For more details, visit CSSF news.
CySEC Circular on AML Compliance for Investment Firms
CySEC has issued a circular outlining Anti-Money Laundering (AML) compliance obligations for investment firms. This document highlights the importance of establishing robust AML frameworks, including due diligence processes, transaction monitoring, and risk assessments. It also emphasizes the role of senior management in ensuring that AML controls are adequately implemented and continuously improved to mitigate financial crime risks.
For more details, visit CySEC news.
FCA Speech on New Listing Rules and Future Developments
The FCA has discussed the new listing rules designed to simplify the process for companies and encourage more firms to list in the UK. Key highlights include reducing administrative burdens, enhancing flexibility, and maintaining high regulatory standards to protect investors. The FCA also looks ahead at additional reforms aimed at maintaining competitiveness and supporting growth in the UK’s financial markets.
For more details, visit FCA news.
EIOPA Publishes Monthly Technical Information for Solvency II
EIOPA has released the monthly technical information on the Solvency II relevant risk-free interest rate term structures for September 2024. This data is crucial for insurers to calculate their technical provisions and assess their solvency positions under the Solvency II Directive. The information supports market participants in understanding current interest rate environments and how they affect insurance liabilities.
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For more details, visit EIOPA news.
CFTC Announces Charges for Fraudulent Scheme and Misappropriation
The CFTC has announced charges against an individual for operating a fraudulent scheme that misappropriated millions from clients. The case involves unauthorized trading, false representations to investors, and the improper use of customer funds. The CFTC emphasizes its commitment to protecting market participants and holding individuals accountable for financial misconduct.
For more details, visit CFTC press releases.
SEC Charges Six Credit Rating Agencies with Significant Recordkeeping Failures
The SEC has charged a broker-dealer for misleading customers about the costs associated with its services. The firm is accused of providing inaccurate fee information, resulting in higher costs for clients. The SEC’s action underscores its focus on protecting investors and ensuring transparency in fee disclosures, holding firms accountable for misrepresentations that harm customers.
For more details, visit SEC press releases.
SEC Adopts Amendments to Enhance Safeguarding of Advisory Client Assets
The SEC has adopted amendments aimed at improving the safeguarding of advisory client assets. These changes strengthen the rules around custody and oversight, ensuring that client funds and securities are better protected. The amendments impose additional requirements for advisory firms, including enhanced recordkeeping, regular audits, and greater accountability in handling client assets.
For more details, visit SEC press releases.
Disclaimer
The information provided in this discussion is for informational purposes only and does not constitute legal, financial, or professional advice. Please refer to the full regulatory texts and guidelines for detailed information and consult with a qualified professional for specific advice tailored to your situation.