Topic: Bank regulation

UK-based foreign banks face new information rules

The Prudential Regulation Authority has made changes to proposed regulations for international banks operating in the UK after consultation feedback urged against burdensome information requirements.

28 July 2021

FRC critiques “unacceptable” KPMG bank audits

The Financial Reporting Council’s annual review of the UK’s audit sector has highlighted “specific concerns” over the quality of KPMG’s bank audits for the third year running.

26 July 2021

Supreme Court petitioned to block SEC “power grab”

The Securities and Exchange Commission overstepped its statutory authority when it enforced anti-money laundering regulations in the Bank Secrecy Act, according to a petition before the US Supreme Court.

22 July 2021

AML gets a new face

The EU is set to get a new anti-money laundering authority, a single EU rulebook, and tightened oversight of cryptocurrency transactions as part of a package of wide-spreading proposals to reform the its AML controls.

21 July 2021

ECJ upholds EBA product guidelines, overruling advocate-general

The European Court of Justice has ruled that the EU’s top banking regulator did not act beyond its powers by issuing guidelines on banking products, pushing aside an opinion from its advocate-general calling for them to be declared invalid.

19 July 2021

US regulators call on banks to scrutinise third party relationships

The United States’ banking regulators have proposed guidelines for banks to manage risks carried within third-party relationships by giving greater oversight to their “critical activities”, particularly where fintechs are involved.

19 July 2021

ECB embarks on digital euro investigation

The European Central Bank moved further in its digital currency plans, announcing a 24-month-long investigation into the new coinage as experimentation proves current options viable.

15 July 2021

If it walks like a bank…

In the last year, the banking sector has weathered the covid-19 crisis, but the demises of non-banks Archegos, Greensill and Wirecard have raised questions about the distinctions between bank and non-bank regulation. As fintechs continue to innovate, and alternative lenders offer an increasingly wide range of services, do regulators need to widen their perimeter?

14 July 2021

Ashurst advising on Australian digital bank licensing

Australia’s banking regulator has granted its first banking licence since the lifting of a pandemic-era moratorium, as it prepares a coming revamp of its bank licensing framework.

14 July 2021

PRA removes dividend limits

The UK’s Prudential Regulation Authority has removed the “extraordinary guardrails” it imposed on dividend distribution during the pandemic, but has warned banks to exercise an “appropriate degree of caution”.

14 July 2021

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