Thomson Reuters Annual Special Report on the State of Regulatory Reform Reveals Potentially Diverging Transatlantic Positions on Regulation in 2016
(Thomson Reuters ONE) -
UK Rulemakers' Stance May be Easing, but Compliance Officers See Personal
Liability Rising
NEW YORK / LONDON, January 26, 2016 - Thomson Reuters has published its sixth
annual State of Regulatory Reform special report which shows that despite
differing local conditions, compliance officers are wondering when the
regulatory tide will turn decisively after years of post-financial crisis
rulemaking.
The regulatory burdens and personal liabilities they face are expected to
increase throughout 2016 but there are conflicting signals from the world's main
two financial centers, London and New York, according to the special report.
Eight years after the collapse of Lehman Brothers, while there are signs in the
UK of an end to political antagonism toward the banking community and of a more
pragmatic approach to financial regulation, the opposite is the case in the
United States in an uncertain election year when Wall Street is politically
unpopular.
In the 2016 special report, Thomson Reuters journalists covering financial
regulation in London, Hong Kong, Singapore, Perth, Toronto, New York,
Washington, D.C. and beyond have analyzed the likely regulatory trends
prevailing in their regions as well as globally for the year ahead.
"Our special report has become an authoritative guide for compliance
practitioners and senior directors in financial institutions worldwide," said
Alexander Robson, managing editor, Regulatory Intelligence, Thomson Reuters in
London. "It is going to be another hard year to address for regulatory
professionals."
"Regulatory risk is a top concern among financial industry leaders, and this
report is a valuable tool in helping them to formulate a global risk-management
strategy for the year," said Randall Mikkelsen, North American managing editor,
Regulatory Intelligence, Thomson Reuters in Boston.
Highlights from the Thomson Reuters State of Regulatory Reform 2016 special
report include:
Banking culture reform in U.S. confronts hurdles: Thorny issues of banking
culture will be an important focus for U.S. financial regulation in 2016. Senior
managers at both large and small firms can expect to be scrutinized about what
progress they have made toward instilling strong ethics and values, and will
need to be able to demonstrate to supervisors that they have policies and
procedures in place to prevent misconduct.
Focus on systemic risk increases obligations for U.S. asset managers: U.S. asset
managers and registered funds will be faced with more compliance obligations and
costs in 2016 as the Securities and Exchange Commission works to monitor and
reduce systemic risk across the entire financial system.
U.S. anti-money laundering regime set for upgrade as Islamic State adds urgency:
As the battle against the Islamic State raises the banking industry's role in
security policy, U.S. financial institutions and regulators face multiple
demands in 2016 to strengthen financial-crime compliance. They will need to
address a pending U.S. rule requiring that they know more about their customers,
and a push to bring investment advisers into the anti-money laundering fold.
Challenges will include scrutiny from an international task force and the
delicate balance between serving legitimate, profitable customers and "de-
risking" to abandon business lines where illicit transactions are rife.
UK regulators insist post-crisis regulation is not a return to the pre-crisis
playbook: Having been accused of (wholesale) "soft-touch" market regulation
leading up to the financial crisis, the UK authorities are keen to explain that
their new more market-friendly approach is not a return to de facto self-
regulation.
Stressing individual accountability could alter decision-making processes at top
of banks: Regulators and legislators face the uncomfortable prospect that the
imminent arrival of the UK's new senior management regime may bring about
excessively cautious and defensive behavior on the part of some managers, while
undermining collective decision making by banks' executive committees and
boards.
FCA fines to remain high in 2016: In 2014-15, the UK Financial Conduct
Authority's administered fines reached £1.4 billion, marking a fiftyfold
increase in seven years. While this level of growth is unlikely during 2016,
there will be ongoing oversight and tangible regulation.
In Mark Steward's first year at the FCA as the new head of enforcement, he will
seek to establish himself and build on the work carried out by the enforcement
division over the past few years. He may use the FCA's newest tool, the Senior
Managers and Certification Regime (SMR), to make a statement in the market.
The regulators will contest the UK Court of Appeal's narrower test for deciding
if an individual has been identified prejudicially in a final notice and
therefore given third-party rights.
To read the Thomson Reuters 2016 Special Report on the State of Regulatory
Reform, encompassing all regions of the world, go to
https://risk.thomsonreuters.com/special-report/state-regulatory-reform-2016. To
learn more about Thomson Reuters Regulatory Intelligence, please click on:
https://risk.thomsonreuters.com/products/thomson-reuters-regulatory-intelligence
Thomson Reuters
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information, visit www.thomsonreuters.com.
CONTACTS
Mark D. Harrop
Public Relations Manager, Financial & Risk
Thomson Reuters
Office +1 646-223-7803
Mobile +1 347-803-5575
mark.harrop(at)thomsonreuters.com
Lemuel Brewster
Senior Public Relations Director, Financial & Risk
Office +1 646-223-5147
Mobile +1 917-805-1089
lemuel.brewster(at)thomsonreuters.com
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Datum: 26.01.2016 - 16:42 Uhr
Sprache: Deutsch
News-ID 446643
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