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Aggressive US action against 'off-channel communications' sends sharp message across Atlantic

Online Published Date : 07 November 2022 | Appeared in issue: Vol 35 No 3 - 17 October 2022

United States regulators recently targeted 11 financial institutions, as well as five affiliates, for breaches of record-keeping requirements conducted on employees' personal devices - fines of over $1.8 billion and remediation obligations were imposed. Firms here in the UK should revisit their response to the relevant rules, guidance and regulatory expectations, cautions David Rundle.

FCA steps up crackdown on market abuse controls

Online Published Date : 07 November 2022 | Appeared in issue: Vol 35 No 3 - 17 October 2022

Recent enforcement penalties reflect a wider push by the regulator to upgrade its data, analysis and supervision of potential abuse in the financial markets. As industry experts suggest that a significant number of laggards have yet to implement the Market Abuse Regulation fully, more fines may follow, reports Neasa MacErlean.

Education, education, education

Online Published Date : 07 November 2022 | Appeared in issue: Vol 35 No 3 - 17 October 2022

IOSCO has published a report on retail investor education in the context of sustainable finance, making a series of recommendations to regulators as to how to improve retail investors' engagement with sustainable finance and related investment products. Charlotte Hill and Daniel Hirschfield review its findings.

Citibank broker-dealer fined £12.5m for bungled MAR roll-out

Online Published Date : 07 November 2022 | Appeared in issue: Vol 35 No 3 - 17 October 2022

It took Citigroup Global Markets 18 months after the implementation date to identify "significant gaps" in its compliance with the Market Abuse Regulation. The regulator was unimpressed that a "key market participant" mishandled a "significant and well-publicised piece of legislation for which the Authority issued clear advice". Denis O'Connor examines the final notice.