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Credit Broker Loses FCA Authorization For SMCR Failings
Law360, London (December 22, 2020, 12:51 PM GMT) The Financial Conduct Authority said Tuesday that it has canceled a credit broker s authorization to offer financial products to consumers after the company failed to appoint a senior manager to ensure that it is following the regulator s rules.
The City watchdog said that it has removed permission to carry out regulated activities from G&M Supplies (Cumbria) Ltd. because it has not appointed a fit and proper person, a requirement of the Senior Manager and Certification Regime, which was broadened a year ago.
The regime holds the top managers at finance companies liable for a fine or ban if their employees commit.
Environmental Protection Agency
PHILADELPHIA – A federal judge has denied an attempt from the Environmental Protection Agency to dismiss a lawsuit brought by the Delaware Riverkeeper Network, over the implementation of a specific tenet of the Clean Water Act.
On June 1, the EPA issued a
Final Rule which largely changed its regulations in implementing Section 401 of the Clean Water Act, also published in the Federal Register on July 13.
Section 401 of the Clean Water Act gives each state and Native American tribe an important but limited say in the licensing of federal projects that could affect water quality.
Per the section in question, federal agencies cannot license activities that may result in a discharge into waters of the United States, until the state whose waters would be affected by the discharge certifies that the activity will comply with applicable water-quality requirements or waives the Section 401 requirement, either affirmatively or th
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Recent regulatory developments of interest to all financial institutions. See also sector specific updates in the Related Materials links.
Contents
Sanctions Regulations (EU Exit) (Commencement) Regulations 2020
UK financial services overseas framework: HM Treasury call for evidence
BoE Financial Stability Report and FPC summary and record
SMCR implementation: PRA evaluation
UK Investment Firms Prudential Regime: FCA CP20/24
FCA Handbook Notice 83
FOS consults on plans and budget for 2021/22
FOS Ombudsman News 156
IFD: EBA consults on draft guidelines on internal governance
IFD: EBA consults on draft guidelines on soundremuneration policies
IFR and IFD: EBA final report on draft RTS on prudential requirements
Getting to grips with the changes that have been brought in as a result of the Senior Managers and Certification Regime (SMCR) for all FCA regulated businesses is not easy.