Category Archives: Regulatory Update

Regulatory Update is information specific to regulations affecting the financial services industry

U.S. – SEC FINRA Regulation Best Interest

On 7 May 2020, SEC published FAQs on Reg BI on externally-executed transactions. Recommendations to existing retail customers must comply with Reg BI at the time they were made, even if the customer executes the transaction with a different firm. Reg BI inapplicable if customer executes a self-directed account, no recommendation. Firms may deliver disclosures…
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FINRA Advise Imposter Websites

On Apr. 29, FINRA issued information notice on imposter websites. Member firms notified FINRA that they have been victims of imposter websites, sites designed to mimic firm's actual website, goal of committing financial fraud. Imposter Websites Obtain existing or potential client personally identifiable information (PII), login credentials, that website sponsors subsequently use to engage in…
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SEBI Insider Trading Disclosure

On Apr. 2, 2019, NSE clarified that trading restriction period is required to commence not later than end of every quarter till 48 hours after the declaration of financial results. Trading window shall be closed when compliance officer determines that a designated person can reasonably be thought to have unpublished price sensitive information.  
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EC Whistleblower Protection

On Mar. 12, 2019, EU CMSN welcomed provisional agreement by EP and EU MSs. Guarantee high level of protection for whistleblowers who report EU law breach. Provisional agreement now has to be formally approved by both EP and Council. Directive will enter into force 20 days after publication in the EU Official Journal.  
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ASIC New Whistleblowing Laws

On Feb. 21, ASIC welcomed passing of new whistleblowing laws. ASIC welcomed the passing of treasury laws amendment (enhancing whistleblower protections) bill 2018, which was approved by Parliament late on Feb. 19, 2019. Significantly improves protections for whistleblowers who report company misconduct. Reforms Broaden the whistleblower definition to include both current and former employees, officers,…
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GE BaFin AML High Risk Countries

On Feb. 15, GE BaFin issued circular on third countries' AML risk. Follows EC Feb. 2019 adopted a list of high risk third countries re AML. High Risk Jurisdictions Circular relating to third countries which have strategic deficiencies in their systems to combat money laundering / terrorist financing that pose risks to financial system. EU…
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