Bermuda Monetary Authority’s Post

Embracing skilled person reviews – useful tips for members of The Chartered Institute for Securities & Investment (The CISI) and other financial services professionals on how to approach these. They can be a 'rare glimpse into the mind of the regulator', writes Matthew Austen LLM, Chartered Fellow (CISI) in our #CISIReview article. https://lnkd.in/eytFUcZH #skilledpersonreview #fca #pra #compliance

Navigating the ever-changing regulatory landscape is challenging. JZA ensures that your business stays compliant with all financial regulations, mitigating risks. Talk to us: https://lnkd.in/gYBFeQuA #RegulatoryCompliance #RiskManagement

Our new January 2024 Monthly Regulatory Newsletter is out, covering notable regulatory news and activities that took place last month in the UK, EU and U.S. Amongst other interesting news and insights, this month’s newsletter includes: • Unpacking Form ADV for Investment Advisers – how to avoid the pitfalls • Reforms to the UK Financial Services - building on the Edinburgh Reforms, Mansion House Reforms, and FSMA 2023 • UK amended rules for due diligence on domestic Politically Exposed Persons • The continuing evolution of The Consumer Duty • Key dates and deadlines Click for our January 2024 Monthly Regulatory Newsletter > https://ow.ly/4Z6z50QyhNP #MonthlyNewsletter #compliance #regulation #fca #sec #nfa #cftc #esma #RQCGroup

Andrew Rafferty, ACG, Director, Real Estate Services, recently spoke to Financier Worldwide about, strengthening corporate transparency, investor confidence and the fight against money laundering in the UK. In this article, Andrew highlights the synergies between the Economic Crime and Corporate Transparency Act (ECCTA) 2023 and its predecessor, the Economic Crime Transparency and Enforcement Act 2022, how one builds on the other and how the latest legislation moves the needle on prosecuting corporate economic crimes. Read the article in Financier Worldwide here 🔗 https://lnkd.in/esFjgBTV #ECCTA #Compliance #FundAdministration

It was (unsurprisingly) a full house this morning for the Jersey Financial Services Commission to present its 2024 Business Plan. Some interesting takeaways, particularly on focus areas for supervision and policy. In light of anticipated local and pertinent EU regulatory developments, our Regulatory & Risk Advisory team will be offering regulatory updates and horizon scanning presentations. Do get in touch if this would be of interest. Dilmun Leach Sian Langley Amman Bulchandani #regulation #financeindustry #financialregulation #regulatorychange #jerseyci

Over the course of 2023, the Financial Stability Oversight Council (FSOC) took steps that increase the risk of nonbank financial companies and financial activities being designated as systemically important and thereby being subjected to additional regulatory requirements and supervision. Companies targeted by FSOC should analyze and preserve all options available to them, including at the initial stage of any FSOC process. They should consider legal remedies, litigation options, lobbying efforts, and changes in business activities to mitigate potential risks associated with a reinvigorated FSOC. https://ow.ly/v8lf50QvfYr #financialinstitutions #financialregulation

🚨Trustees take note! 🚨 Reporting obligations have increased. As of 2023, requirements such as reporting “beneficial ownership" of trusts to both the Master of the High Court's Office and to the South African Revenue Service (SARS) were introduced.   SARS has since announced a revised closing date of 30 September 2024 for IT3(t) submissions for the period 1 March 2023 to 29 February 2024. If you’re looking for assistance with your Trust compliance, let us know! 📩reception@brf.co.za  📞+27 11 482 8419 #BRF #Financialservices #FinancialSolutions #SME #Trusts

Partner Abdulali Jiwaji reflects on the key takeaways from the £61.6 million trading fines issued against Citigroup by the Financial Conduct Authority and the Prudential Regulation Authority following a catastrophic so-called ‘fat finger error’ by one of its bankers, in Law360. Examining such fines issued in recent years, Abdulali argues that there will likely be increased enforcement activity in 2024. Read Abdulali’s article in full here: https://bit.ly/4bjaJNI #FinancialRegulation #TradingRegulation #TradingFines #FCA #PRA #Regulation #FinancialServices

It is all about protection, compliance and stability! What are the three key points you should know about a regulator? One is ‘Protection’: Our regulations and frameworks help to protect financial services customers and the country’s currency by helping to prevent misconduct, scams and other unfair financial practices that can disrupt Bermuda’s financial sector; Two is ‘Compliance’: Establishing prudential regulations and frameworks assists in the standardisation of practices across financial institutions’ day-to-day operations and are designed to prevent fraud and misconduct and protect financial services customers; Three is ‘Financial Stability’: Our risk-based framework allows us to monitor and assess potential risks. We do this by enforcing policies and regulations to reduce the probability of these risks taking place – these factors help keep our financial sector stable! The Bermuda Monetary Authority is here to implement our risk-based approach and continue to assist in the protection, compliance and stability of Bermuda’s financial services sector. #BMAInsights #Protection #Trust #Compliance #Regulation #Supervision #Bermuda #BermudaMonetaryAuthority

Reforms are underway in the UK's payment and e-money safeguarding regime. The government is set to enhance the Financial Conduct Authority's powers to provide greater regulatory agility and clearer guidelines for firms. Given the critical issues of delayed client fund returns during insolvency and inadequate fund segregation, these reforms are timely. Firms must now bolster their internal controls, enhance monitoring, and ensure rigorous compliance to safeguard client funds effectively. Stay tuned for more updates on these critical reforms slated for the latter half of 2024. Sam Haskins, Managing Director, in the Regulatory Risk Management team shares his thoughts here: https://lnkd.in/esGYkpmN #FCAsafeguarding #emoneysafeguarding #financialconductauthority