Compliance & Regulatory Alerts, Updates and Insights...

Here are the topics discussed:

Questionnaire for Reviewing the EU Covered Bond Framework

Feedback statement on macroprudential policy for investment funds

FATF Identifies Jurisdictions with AML and CTF Deficiencies

ESMA Sets Out Its Long-term Vision for the Functioning of the Sustainable Finance Framework

New Financial Reporting and Audit Obligations for Superannuation Funds Commence

Canadian Securities Regulators Announce Changes to Derivatives Data Reporting Standards

Canadian Securities Regulators Announce Temporary Exemptions for Derivatives Dealers and Advisers

Questionnaire for Reviewing the EU Covered Bond Framework

The CSSF has released a questionnaire for feedback on the EU covered bond framework?as part of a review mandated by Article 31 of Directive (EU) 2019/2162. This is to aid the European Commission?and EBA?in assessing investor protection and market developments. The survey, aimed at various market participants like investors and rating agencies, is voluntary. Responses are due by August 19, 2024. The questionnaire is available in the EU Survey format.

For more details, visit CSSF website.

Feedback statement on macroprudential policy for investment funds

The Central Bank of Ireland has published a feedback statement on its Macroprudential Policy for Investment Funds. The statement outlines the key feedback received during the consultation process and the Central Bank's responses, including proposed changes and next steps. This feedback is crucial for shaping the future framework aimed at enhancing the resilience and stability of the investment funds sector.

For more details, Visit Central Bank of Ireland press release.

FATF Identifies Jurisdictions with AML and CTF Deficiencies

The Financial Action Task Force (FATF) has identified jurisdictions with deficiencies in anti-money laundering, combating the financing of terrorism, and counter-proliferation finance. The Democratic People’s Republic of Korea (DPRK) remains a significant concern due to its continued failures in addressing these issues. FATF has added Monaco and Venezuela to its list of jurisdictions under increased monitoring and removed Jamaica and Türkiye. U.S. financial institutions are urged to stay vigilant, comply with due diligence obligations, and consider FATF’s guidance when managing risks.

For more details, visit FinCEN news.

ESMA Sets Out Its Long-term Vision for the Functioning of the Sustainable Finance Framework

ESMA has outlined its long-term vision to enhance the sustainable finance framework. The focus is on improving transparency, reliability, and comparability of sustainability-related disclosures, promoting sustainable investment practices, and ensuring that financial products adhere to high sustainability standards to protect investors.

To find more, visit ESMA news.

New Financial Reporting and Audit Obligations for Superannuation Funds Commence

ASIC has implemented new financial reporting and audit obligations for superannuation funds to enhance transparency and accountability. The updated regulations require superannuation funds to adhere to stricter reporting standards and undergo more rigorous audit processes. These changes aim to provide better protection for members by ensuring that superannuation funds are managed with greater oversight and transparency, ultimately fostering trust and confidence in the superannuation system.

For more details, visit ASIC news.

Canadian Securities Regulators Announce Changes to Derivatives Data Reporting Standards

The Canadian Securities Administrators (CSA) have introduced significant updates to the derivatives data reporting standards. These changes aim to enhance the accuracy, transparency, and consistency of derivatives data reporting across Canada. By implementing these new standards, the CSA seeks to improve regulatory oversight and ensure the integrity of the derivatives market. The updated reporting requirements will facilitate comprehensive and reliable data collection, which is crucial for monitoring market activities and mitigating systemic risks. Market participants are expected to adapt to these changes to promote a more robust and transparent financial system.

For more details, visit CSA news.

Canadian Securities Regulators Announce Temporary Exemptions for Derivatives Dealers and Advisers

The Canadian Securities Administrators (CSA) have announced temporary exemptions for derivatives dealers and advisers to ease their transition to new derivatives data reporting standards. These exemptions provide relief from specific regulatory requirements, allowing market participants more time to comply with the updated standards. The temporary measures aim to support the industry in adapting to the new regulations without compromising market stability and integrity. By offering these exemptions, the CSA ensures that derivatives dealers and advisers can smoothly adjust their processes, ultimately fostering a more orderly implementation of the enhanced reporting framework.

For more details, visit CSA news.

Disclaimer

The information provided in this newsletter or 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.