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ASIC highlights focus areas for 31 December 2022 reporting

ASIC is urging directors, preparers of annual and half-year reports, and auditors to assess whether companies’ financial reports provide useful and meaningful information for investors and other users, as it highlights key focus areas for reporting by companies for full and half-years ending 31 December 2022. ASIC Commissioner Sean Hughes said, ‘Directors should ensure that...

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FCA sets out plans to improve engagement with pensions

The FCA has published a consultation on standards for operators of pension dashboards, and set out requirements for providers of non-workplace pensions. Pension dashboards (CP22/25) will provide consumers with easier access to information about their pension savings. The FCA has set out its approach to supervision and enforcement for dashboard operators, including fees, regulatory reporting,...

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ESMA WELCOMES NCAS’ WORK TO MAINTAIN RESILIENCE OF LIABILITY DRIVEN INVESTMENT FUNDS

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is welcoming the initiative of two National Competent Authorities (NCAs) in relation to Liability Driven Investment Funds (LDI Funds). Today, the Central Bank of Ireland (CBI), and the Commission de Surveillance du Secteur Financier (CSSF) published letters addressed to LDI fund...

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Statement on Liability Driven Investment (LDI)

The FCA welcomes the statements made today by The Pensions Regulator, the Central Bank of Ireland, and the Commission de Surveillance du Secteur Financier (CSSF- Luxembourg) on the resilience of Liability Driven Investment (LDI) portfolios and the operational governance of pensions schemes using Liability Driven Investment strategies. Since the events that occurred in the gilt...

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FCA fines Julius Baer International Limited £18m and publishes decision notices for three individuals

Louise Whitestone, Thomas Seiler, and Gustavo Raitzin have referred their Decision Notices to the Upper Tribunal where they will each present their respective cases. The Upper Tribunal will then determine whether to dismiss the respective references or remit them to the FCA with a direction to reconsider and reach a decision in accordance with the...

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FCA proposes ways to make financial advice more accessible

As part of its consumer investment strategy, the FCA has set out new proposals to improve people’s access to financial advice so they can invest with confidence. The proposals will create a separate, simplified financial advice regime, making it cheaper and easier for firms to advise consumers about certain mainstream investments within stocks and shares...

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From Zeroes to Heroes: How culture in financial services can change for everyone’s benefit

Speech by Emily Shepperd, Chief Operating Officer and Executive Director of Authorisations, delivered at City and Financial Global’s 8th Annual Culture and Conduct Forum for the Financial Services Industry. Emily Shepperd Speaker: Emily Shepperd, Chief Operating Officer and Executive Director of Authorisation Event: City and Financial Global’s 8th Annual Culture and Conduct Forum for the...

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ESMA AMENDS AND CONSULTS ON STANDARDS FOR BENCHMARK ADMINISTRATOR APPLICATIONS

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published a Final Report on the review of the regulatory technical standards (RTS) on the form and content of applications for recognition by non-EU benchmark administrators, and consultation on amendments to the RTS on the information that EU benchmark administrators...

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Restrictions placed on Micro-E C.I.C

On 16 November 2022, we imposed a number of requirements on Micro-E C.I.C. (Micro-E), an authorized High-Cost Lender, and required Micro-E to cease providing either loans or credit to any new or existing customers.