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by Victoria Smith|14 December 2022|Our Thinking
Recent regulatory action and fines against a top investment firm highlight the Securities and Exchange Commission (“SEC”) focus on ESG when marketing products as an ESG investment. Firms that fail to ensure proper selection and monitoring of their ESG investments may face regulatory action under the Advisers Act of 1940… Please click here to follow us […]
Read moreby Victoria Smith|12 December 2022|Our Thinking
summary On 1 November 2022, the Financial Conduct Authority (“FCA”) published a speech by Therese Chambers (Director of Consumer Investments, FCA) on key priorities for the financial services industry. In its speech, the FCA stated that it wanted to see more consumers investing their money safely and that the new Consumer Duty (“CD”) and the […]
Read moreby Victoria Smith|24 November 2022|Our Thinking
summary On 21 July 2022, HM Treasury, with the Bank of England, the Financial Conduct Authority (“FCA”) and the Prudential Regulation Authority (“PRA”), issued a discussion paper (the “Paper”), setting out its proposal for mitigating risks of systemic disruption and strengthening of critical third party (“CTP”) services in the UK financial sector. The Paper also […]
Read moreby Victoria Smith|22 November 2022|Our Thinking
The SEC’s new Marketing Rule means changes to the way investment advisers can communicate with their investors. Firms will need to ensure they are compliant with the new Marketing Rule by making updates to their marketing materials, contracts and policies and procedures. At Cleveland & Co, we’ve been preparing to assist our clients with these […]
Read moreby Victoria Smith|17 November 2022|Our Thinking
In 2022, the UK ICO released topic-specific guidance on employee monitoring. The guidance was published in draft form and is open to consultation until 11 January 2023. The ICO reviewed the Employment Practices Data Protection Code to reflect changes in the workplace and technological advances. The purpose of the guidance is to inform employers how […]
Read moreby Victoria Smith|15 November 2022|Our Thinking
summary In August 2022, the Australian Treasury released the Quality of Advice Review Consultation paper (“Consultation Paper”) which provides proposals for reform relating to the quality of advice given by entities that provide financial product advice to clients. background Entities that provide financial product advice to clients must follow guidelines of personal advice and general […]
Read moreby Victoria Smith|8 November 2022|Our Thinking
summary Emerging crypto regulation in the United Kingdom (“UK”) On 25 October 2022, the House of Commons voted in favour of adding crypto to the scope of activities to be regulated via the proposed Financial Services and Markets Bill 2022-23 (the “Bill”). The Bill has the aim to treat crypto like other forms of financial […]
Read moreby Victoria Smith|19 October 2022|Our Thinking
summary Several financial regulations have come in place over the last few months to increase accountability as well as enhance consumer and investor protection. Most notably, there is the introduction of the Financial Accountability Regime (“FAR”) which will impose greater accountability obligations. The introduction of the Compensation Scheme of Last Resort (“CSLR”) as well as […]
Read moreby Victoria Smith|18 October 2022|Our Thinking
On 21 April 2021, the European Commission (the “Commission”) published its proposal for the Artificial Intelligence (“AI”) Regulation (the “Draft Regulation”). It represents the Commission’s attempt to regulate AI technologies, setting out a cross-sectoral regulatory approach to the use of AI systems across the European Union (“EU”) and its Single Market. The Commission aims to […]
Read moreby Victoria Smith|10 October 2022|Our Thinking
summary In a judgement handed down on 20 September 2022, Moshinsky J of the Federal Court held in favour of the Australian Securities and Investments Commission (“ASIC”) against member companies of the AMP group in Australian Securities and Investments Commission v AMP Financial Planning Proprietary Limited [2022] FCA 1115 (“ASIC v AMP”). Notwithstanding that AMP […]
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