SONIA is the most used alternative to LIBOR in the UK. Since 2018, Its floating rate note issuance in cash markets surpassed £120 billion. New SONIA lending has exceeded £100 billion in a diverse range of sectors. The Bank of England estimates that less than 2% of the total sterling LIBOR legacy stock remains and…
Read more
The regulator highlighted that there are deficiencies in DBS Bank’s incident management and recovery procedures to restore its digital banking services to a normal state, resulting in the prolonged duration of the disruption. The regulator said: MAS noted deficiencies in DBS Bank’s incident management and recovery procedures to restore its digital banking services to a…
Read more
Additionally, CySEC will expand its supervisory team to increase the level and frequency of supervision. Since October 2021, 32 new staff members have joined the regulator, 15 of whom have supervisory duties. CySEC has also adopted Big Data management systems so that the regulator is able to quickly screen big volume of trading activity data…
Read more
The FCA expressed concerns that Falcon and Thestral may also be offering investments and customers that invest with them could lose their money. The warning stated: We believe these firms may be part of a network of credit brokers/payment services firms that are offering investments to consumers which may not be protected. Additionally, the regulator…
Read more
CEO and Founder of B2Broker Group, Arthur Azizov, commented: We are pleased to have added another prestigious licence to our growing portfolio. The licence ensures the reliability and transparency of all operations in accordance with the strict supervision of the FSC and adds further credibility to us as a leading global fintech player. Industry regulation…
Read more
Under the new rules FCA is proposing, the regulator would ensure firms that approve and communicate financial marketing have relevant expertise and understanding of the investments being offered. The FCA will also have them improve risk warnings on ads and ban incentives to invest such as new joiner or refer-a-friend bonuses. Moreover, customers looking to…
Read more
FCA stated in the official warning: We believe this firm may be providing financial services or products in the UK without our authorisation. The warning added: This firm is not authorized by us and is targeting people in the UK. You will not have access to the Financial Ombudsman Service or be protected by the…
Read more
Additionally, directors and officers will be required to put in writing that they are not aware of any important nonpublic information when they enter into the plans. The proposal also includes updates that would require more comprehensive disclosure about issuers’ policies and procedures against insider trading, as well as their actions around the timing of…
Read more
CySEC introduced the TPR in December 2020, following Brexit, so that UK companies can continue to offer their services to clients based in Cyprus. The regulator noted that it has received 96 applications to join TPR, of those 88 firms met the requirements. CySEC stated: Amongst the groups of the TPR Entities (the ‘TPR Groups’),…
Read more
According to the Aussie regulator, the company also failed to ensure its representatives were adequately trained and competent. The company’s AFS licence will remain in effect for another 12 months so that its membership of the Australian Financial Complaints Authority is maintained and its obligation to hold professional indemnity insurance cover. Earlier in September, ASIC…
Read more