On Nov. 12, 2018, EU issued its final directive on criminalizing money laundering. And regulation on controls on cash entering/leaving EU, repealing reg 1889/2005. Regulation and directive in force on 20th day following issue in OJ, Dec. 2, 2018. Regulation will apply from Jun. 3, 2021, but article 16 applies from Dec. 2, 2018. Art.…
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FINRA Regulatory Notice 18-37
On Oct. 31, FINRA issued 2019 renewals of BD/IA firms, branches. For broker-dealer, investment adviser firms, agent and IA reps, branch renewals. Timetable From Oct. 22, 2018, firm may file post-dated Form U5; BR Closing; in CRD/IARD. On Nov. 1, 2018, firm may begin submitting post-dated Form BDW; ADV-W filing. 2018 renewal program begins Nov.…
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FDIC Remove Annual Disclosure
On Oct. 25, FDIC proposed rules to rescind annual disclosures. Rescind and remove regulation on bank disclosures of financial and other data. Upon removal of regulation, banks to no longer be subject to annual disclosure. Apply to all insured State nonmember banks, and to branches of foreign banks. The financial and other information is publicly…
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FINRA Conflicts for Own Staff
On Oct. 24, FINRA proposed rules on post-office staff conflicts. To adopt Rule 9910 post-employment conflict restrictions; nonpublic information. Ban Ex-Employee Advocacy Prohibit former officers from communication or appearance at FINRA, for a year. Any ex-employee banned from advocating FINRA at any time in matter involving specific party with whom personally or substantially involved during employment.…
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EU Criminalize Money Laundering
On Oct. 11, 2018, EU CNCL adopted new rules criminalizing money laundering. New rules include maximum imprisonment of four years for money laundering. Minimum rules on the definitions of criminal offences and sanctions, provision for sanctioning legal entities and for cross-border judicial or police cooperation. Clarifying which MS has jurisdiction, how they must cooperate/involve Eurojust.…
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UK Gov Suspicious Activity Form
On Oct. 11, Companies House released suspicious activity form. New form to report unauthorized director appointments, addresses, other activities. Company name has been changed without permission, your address has been used without your permission (as company’s registered office or officer’s service address). People involved in company are in dispute (such as directors, shareholders or PSCs).…
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