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Amid the uncertainty brought about by the end of the Brexit transition period and the ongoing COVID-19 pandemic, firms should be aware that the FCA will retain an active approach to financial crime and regulatory enforcement in 2021. This OnPoint sets out our views on likely enforcement trends and potential areas of focus for the FCA in 2021. We also cover immediate steps firms should be taking to ensure they are well prepared and that their systems and controls are up-to-date.
Last year’s OnPoint on enforcement risk noted that the FCA’s primary focus in its 2020/21 business plan was on mitigating the impact of COVID-19 on the markets and protecting consumers.
Webinar: Looking towards 2021: regulation, rules and responsibility
In a webinar hosted by
Funds Europe, a panel comprising
Eoin Motherway of AMX,
Ken Owens of PwC and
Roelfien Kuijpers of DWS detailed the relevant regulations and the challenges they present and proposed a possible action plan.
In 2020, the Covid-19 pandemic caused massive disruption to social and economic activity. While national lockdowns and the absence to face-to-face meetings curtailed much activity, regulatory requirements and reporting obligations continued largely unabated.
Much of the work concerned preparation ahead of new requirements that are due to take effect in the first quarter of 2021.
For Roelfien Kuijpers, chief ESG client officer and head of UK, Nordics and Ireland for DWS, the main focus has been preparing for the EU’s Action Plan on Sustainable Finance (SFDR). As of March 2021, funds classified under articles 6, 8 and 9 will have to meet the EU’s new taxonomy.
1RS Announces Partnership with Cenkos Securities plc
LONDON, Feb. 10, 2021 /PRNewswire/
Cenkos have chosen 1RS SMCR (Senior Manager and Certification Regime) a cloud based SMCR software product created by 1RS, to help transform its SMCR compliance activities.
Cenkos acts as nominated adviser, sponsor, broker and financial adviser to companies across all sectors and stages of growth.
By selecting 1RS SMCR, Cenkos will be able to manage the SMCR regulations with its streamlined processes and therefore reduce costs.
Tim Bailey1RS CEO says:
We are very excited to add Cenkos to our growing list of clients and look forward working closely with them to support their requirements as they continue to enhance their risk and control framework
Legal-ease: What HR should have on the radar for 2021 hrmagazine.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hrmagazine.co.uk Daily Mail and Mail on Sunday newspapers.
Freshfields Brings In Team From Closed Legal AI Company RFRNZ
Global law firm, Freshfields Bruckhaus Deringer, has hired a team of machine learning experts who were previously at the German legal AI company, RFRNZ, which recently closed down – (see story).
Adriaan Schakel, Moritz Biersack, Fillipe Galiza and Ramesh Kumar have joined the firm’s Global Technology & Innovation team, and are located in the Berlin and Munich offices.
The firm said that all of the new hires are proven specialists in machine learning and were previously co-founders or management at legal tech pioneer, RFRNZ.
At Freshfields they will ‘contribute their unique knowledge and experience in developing innovative solutions as part of the firm’s wider digital transformation’ the firm said.