Tag Archives: Treasury

Sanctions guidance updated

Treasury and OFSI have updated their guidance on financial sanctions to bring the general guidance and guidance on the relatively new monetary penalties for breach together.

Treasury updates sanctions guidance

HM Treasury and OFSI have updated their guidance on what to do in the case of a suspected breach of financial sanctions. It has published its suspected breach form, and says firms should report suspected breaches as soon as they become aware of them, including the names of all relevant parties, amounts, account names and […]

Government publishes post-Brexit sanctions plans

Treasury, the FCO and the Department for International Trade  have announced the publication of the Sanctions Bill, which will ensure the UK has the necessary powers to implement sanctions post-Brexit and also give it greater flexibility on introducing new measures. The Sanctions Bill will legislation to repatriate powers on non-UN snactions from the EU to […]

Treasury confirms new AML super-supervisor

Treasury has confirmed how the new Office for Professional Body Anti-Money Laundering Supervision (OPBAS) will work to help supervisors and law enforcement work together more effectively to tackle money laundering. OPBAS will work to set the standards the 25 AML supervisors under the 2017 MLRs must meet. Treasury has published draft new regulations with a […]

Treasury makes MiFID 2 Regulations

Treasury has made the FSMA (Markets in Financial Instruments) Regulations 2017 which make changes to FSMA and other primary and secondary legislation to make the legislative amendments necessary to implement MiFID 2 that are not separately addressed by the Regulations amending the RAO and putting in place the authorisation and supervision process for DSRPs. The […]

Treasury makes investment advice change

Treasury has published the statutory instrument amending article 53 of the RAO to make the change to the definition of “investment advice” on which Treasury had consulted. As promised, it does not amend the definition for the purposes of the regulatory perimeter, but provides that investment advice, when given by a person appropriately authorised under […]

Sanctions fining regime effective from 1 April

A new commencement order under the Policing and Crime Act 2017 brings into force the new powers on financial penalties for breach of financial sanctions, from 1 April.  Part 8 of the Act: sets the maximum imprisonment term for breach of sanctions at 7 years, and confirms the maximum imprisonment term for related offences;  allows Treasury […]

Treasury Committee concerned about cyber strategy accountability

Andrew Tyrie  (Chairman of the Treasury Committee) and Philip Hammond have been exchanging correspondence about cyber security in the financial services sector. Mr Hammond also chairs the National Security Council Subcommittee on Cyber (NSC Cyber) said that protecting against cyber attacks is top priority for the government. He noted the launch of the National Cyber […]

PSD2 and Open Banking

We have written an article for Compliance Monitor on PSD2 and Open Banking, looking specifically at the role and future regulation of third party payment service providers.

Treasury speaks on Fintech

Simon Kirby, Economic Secretary to the Treasury, spoke at the LSE Global Fintech Investor Forum where he emphasised UK dominance in Fintech innovation. Mr Kirby gave three examples of what others envy in the British system: FCA’s regulatory sandbox, the Bank of England’s Fintech Accelerator and the Fintech Delivery Panel. He also mentioned the Open […]