EFFECTA’s Essential Insights: A Regulatory Update
October 5, 2023 by Clementine Bowyer
Welcome to EFFECTA’s Essential Insights, a quarterly newsletter aimed at providing its readers with succinct overviews of some of the key regulatory issues currently faced by Firms in the UK and UAE.
The summer has not slowed the regulator down in relation to policy guidance through Dear CEO letters and Dear MLRO letters. There have been changes to regulation and enforcement actions taken, with some significant regulatory action being taken in relation to AML failings, Senior Management Conduct and Cybercrime, three key areas of focus for all regulators it would seem in 2023.
In addition, the FCA are now moving with much more purpose in relation to Diversity & Inclusion, setting out what the Regulator expects of firms and the impact these expectations are likely to have over the next couple of years.
The DFSA has issued its sectorial review of Representative Offices and the FSRA has released new rules around client classification.
As always, our newsletter reflects our consultants, diverse in background and knowledge base. We all enjoy assisting firms with their regulatory questions, but also hold very different areas of expertise, enabling us to cover a wide client base and bring more than one perspective to the table.
More information about our individual consultants can be found on our website, but rest assured whoever you speak with will always try and bring a pragmatic solution. If you would like to discuss any of the topics covered in this newsletter and what implications they may have to your business, please do reach out to us on firstname.lastname@example.org.
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