News

Biden taps Gensler to lead financial regulation transition team

US president-elect Joe Biden has named former CFTC chair Gary Gensler to head up a task force charged with organising the handover of power at the United States’ financial regulatory agencies – with figures specialising in fintech and corporate governance among the new team members.

11 November 2020

UK announces climate stress test and mandatory TCFD roadmap

The Bank of England has confirmed that its inaugural climate stress tes will take place next year, as the UK’s chancellor announces a roadmap to will make climate disclosure mandatory for banks by the end of next year.

10 November 2020

Brazil’s new approach to AML/CFT

Demarest partner Fabio de Almeida Braga outlines what practitioners need to know about Brazil’s new risk-based approach to anti-money laundering and countering the financing of terrorism.

10 November 2020

ESMA slams “unaligned” German regulators over Wirecard scandal

As German financial regulator BaFin awaits a drastic overhaul of its supervisory powers, the European Securities and Markets Authority has criticised it and accounting watchdog FREP for their “unaligned” handling of the Wirecard accounting scandal.

05 November 2020

Covid-19 prompting “institutional rethink” on operational resilience, report finds

Three US regulators have issued a list of “sound practices” banks should follow in operational resilience – as a new report from Norton Rose Fulbright suggests a drastic shift in preparedness for shocks over the course of the covid-19 pandemic.

05 November 2020

DFS first US regulator to explicitly call for climate risk integration

New York’s financial regulator has become the first US-based agency to explicitly tell banks to incorporate climate risks into their models, as the Financial Stability Board’s climate task force says banking ranks lowest of all industries in disclosing climate-related targets.

04 November 2020

SEC director steps down, CFTC reshuffles departments

The US Commodities Futures Trading Commission has reshuffled four departments, while the head of the Securities and Exchange Commission’s international affairs office is leaving the agency.

04 November 2020

PRA expands OCIR umbrella

The UK’s Prudential Regulation Authority has proposed expanding its operational continuity expectations to protect firms’ core business lines during resolutions and restructurings.

02 November 2020

GCs move at Credit Suisse and HSBC

Credit Suisse has named a new general counsel for investment banking after 24-year veteran Natalia Nicolaidis’ departed to set up her own consulting firm; while HSBC has hired Barclays’ former general counsel Bob Hoyt.

02 November 2020

Goldman Sachs to address risk management after US$2.9 billion 1MDB settlement

Goldman Sachs has been ordered to improve its risk management and oversight procedures after settling with 10 regulators in five jurisdictions over an alleged multibillion-dollar bribery and embezzlement scheme with respect to Malaysian fund 1MDB.

29 October 2020

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