Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence

This episode of Compliance Clarified explores the obligations of U.S. investment advisers under a new regulation that gives giving them more opportunities to advertise. The marketing rule adopted by the U.S. Securities and Exchange Commission took full effect in November. It is designed to let advisers use many methods long practiced in other industries, including testimonials, endorsements, performance reporting and third-party ratings. It also establishes new compliance obligations, and the SEC has made clear that it will scrutinize advises closely for adherence to the rules. In the episode, Randall Mikkelsen, managing editor for North America for Regulatory Intelligence, is joined by Jason Wallace, senior editor, to review the new marketing rule and how investment advisers can comply. We also take a quick look at how an adviser might answer a client who wants to invest in cryptos. Follow these links for more coverage by Thomson Reuters Regulatory Intelligence of the FTX failure and digital-asset regulation: IA BRIEF: Commitment to new U.S. adviser marketing rule is essential as exams start - http://signon.thomsonreuters.com/?productId=TRRIP&returnto=https%3A%2F%2Fregintel.thomsonreuters.com%2F%23login%2F%257B%2522redirect%2522%253A%2522ri%252Fresolve%252Fshorturl%252F%25257B%252522shortUrl%252522%25253A%252522UH7XVn%252522%25257D%2522%257D IA BRIEF: As SEC ad rule takes effect for advisers, 'objective and testable' compliance is vital - https://regintel.thomsonreuters.com/#ri/resolve/shorturl/%7B%22shortUrl%22%3A%22SeeEmT%22%7D SEC Marketing Rule - https://www.govinfo.gov/content/pkg/FR-2021-03-05/pdf/2020-28868.pdf To learn more about Regulatory Intelligence, please click here - https://legal.thomsonreuters.com/en/forms/contact-sales-regulatory-intelligence?cid=9065363&chl=gem&sfdccampaignid=7014O0000016qiiQAA The "Compliance Clarified" podcast series covers the wide range of topics which affect compliance at financial services firms, and aims to help compliance officers make sense of the often-challenging regulatory environment. It considers the big challenges of the day and offers practical ideas for emerging good practice.

The podcast discusses the 'Edinburgh Reforms' in UK financial regulation post-Brexit, including potential changes to the Senior Managers Regime, short selling regulations, and research rules under MiFID 2. It also covers the review of the Senior Managers Regime, contradictions in UK crypto regulation, risks of AI and machine learning, and the importance of green finance and the Consumer Credit Act for the UK's environmental targets.

This episode of Compliance Clarified considers the regulatory future of digital assets following the collapse of cryptocurrency exchange FTX. The failure has turned as many as 1 million customers from account holders into bankruptcy creditors, and cost its backers hundreds of millions of dollars. Regulators around the world are investigating what FTX’s new CEO called a “complete failure of corporate control.” Policy makers are calling with increasing urgency for new rules, but others say there is no point saving a sector of questionable purpose. In the episode, Randall Mikkelsen, managing editor for North America for Regulatory Intelligence, is joined by Todd Ehret, senior regulatory intelligence expert, and Richard Satran, senior correspondent, to consider the outlook for a new regulatory framework, or whether it is time to “Let Crypto Burn.” Follow these links for more coverage by Thomson Reuters Regulatory Intelligence of the FTX failure and digital-asset regulation:https://regintel-content.thomsonreuters.com/all-news-and-analysis-articleshttps://ri-int.thomsonreuters.com/current/#ri/document/ID0E642306A8111ED962BC132E7932FFA/view/%7B%22searchId%22%3A%22i0ad69f0500000184ed2801ee90bd9e38%22%2C%22resultId%22%3A%22i0ad6066700000184ed27f3ddabaecf52%22%2C%22contentType%22%3A%22News%20And%20Analysis%22%2C%22contentTypeSearchId%22%3A%22i0ad69f0500000184ed27f38c90bd9e26%22%2C%22returnText%22%3A%22backToSearch%22%2C%22returnTo%22%3A%22ri%2Fsearch%2Fi0ad69f0500000184ed2801ee90bd9e38%2Fpaginated%22%2C%22resultsToInclude%22%3A%22SUBSCRIBED%22%2C%22originType%22%3A%22Search%22%2C%22originId%22%3A%22i0ad69f0500000184ed2801ee90bd9e38%22%2C%22highlightTerms%22%3A%22ftx%22%2C%22page%22%3A2%2C%22pageSize%22%3A20%2C%22order%22%3A%22DATE%22%2C%22originPosition%22%3A37%7Dhttps://ri-int.thomsonreuters.com/current/#ri/document/I5EE367706A9B11EDBEEDAED0E2772415/view/%7B%22searchId%22%3A%22i0ad69f0500000184ed2801ee90bd9e38%22%2C%22resultId%22%3A%22i0ad6066700000184ed27f3ddabaecf52%22%2C%22contentType%22%3A%22News%20And%20Analysis%22%2C%22contentTypeSearchId%22%3A%22i0ad69f0500000184ed27f38c90bd9e26%22%2C%22returnText%22%3A%22backToSearch%22%2C%22returnTo%22%3A%22ri%2Fsearch%2Fi0ad69f0500000184ed2801ee90bd9e38%2Fpaginated%22%2C%22resultsToInclude%22%3A%22SUBSCRIBED%22%2C%22originType%22%3A%22Search%22%2C%22originId%22%3A%22i0ad69f0500000184ed2801ee90bd9e38%22%2C%22highlightTerms%22%3A%22ftx%22%2C%22page%22%3A2%2C%22pageSize%22%3A20%2C%22order%22%3A%22DATE%22%2C%22originPosition%22%3A39%7D The "Compliance Clarified" podcast series covers the wide range of topics which affect compliance at financial services firms, and aims to help compliance officers make sense of the often-challenging regulatory environment. It considers the big challenges of the day and offers practical ideas for emerging good practice.

The EU Digital Operational Resilience Act (DORA) aims to ensure that all participants in the financial system have the necessary safeguards in place to mitigate cyber-attacks and other risks. The legislation will require firms to ensure that they can withstand all types of ICT-related disruptions and threats. It complements existing laws such as the Network and Information Security Directive (NISD) and the General Data Protection Regulation (GDPR). In this episode, Alexander Robson, managing editor, Regulatory Intelligence, is joined by Trond Vagen, senior editor in Oslo, and Mike Cowan, senior regulatory intelligence expert in London, to discuss DORA, the impact of the legislation on financial services firms and ways for them to prepare. Programme notes DORA Regulation full text https://data.consilium.europa.eu/doc/document/PE-41-2022-INIT/en/pdf EU Council press release 28/11/22 https://www.consilium.europa.eu/en/press/press-releases/2022/11/28/digital-finance-council-adopts-digital-operational-resilience-act/ For subscribers to Regulatory Intelligence (behind paywall) EU plan for digital operational resilience could lead to conflicting compliance requirements, says ECB http://go-ri.tr.com/pYUZdv Outages focus UK regulators on market infrastructure operational resilience http://go-ri.tr.com/4YUKUQ Operational risk regulation needed urgently due to geopolitical uncertainty, warn EU supervisors http://go-ri.tr.com/CVyQFA OUTLOOK 2022-Digital operational resilience work lines up European regulators, cloud providers for supervisory showdown http://go-ri.tr.com/TeOsCs The Compliance Clarified podcast series covers the wide range of topics which affect compliance officers in financial services firms. The series has been designed to help compliance officers make sense of the often-challenging world of financial services regulation, which is now overlaid with expectations not found in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk. Compliance Clarified covers the hot topics of the day and the challenges they bring, and aims to offer up practical ideas for emerging good practice.

Australian gambling giant Star Entertainment Group was last month fined A$100 million for failing to stop money laundering at its Sydney casino. The group's licence to operate the casino has also been suspended. Casino operators in Australia have been under great pressure to reform their gambling operations following reports of widespread criminal activity. The record penalties were announced in response to a damning inquiry in New South Wales (NSW) earlier this year. The Star is not alone. There has been misconduct at various casinos around Australia in recent years, including at those owned by the country's largest gaming and entertainment group - Crown Resorts. It was fined A$80 million by Victorian gambling authorities earlier this year for its failures to stop criminal activity. It is also in litigation with the country's feared AML/CTF agency, AUSTRAC, which is known for handing down billion-dollar penalties. In this episode Alexander Robson, managing editor, Regulatory Intelligence, is joined by Nathan Lynch, APAC managing editor in Perth, and Niall Coburn, senior regulatory intelligence expert in Brisbane, to discuss the failures at the casinos, what needs to happen next and they offer lessons well beyond Australia. Articles on Regulatory Intelligence (subscription needed) COLUMN: Star casino report highlights gaps in Australia's criminal intelligence http://go-ri.tr.com/PeqrM3 COLUMN: Queensland Star casino inquiry will consider compliance problems exposed in other states http://go-ri.tr.com/4BKu4c IMPACT ANALYSIS: Australian casinos – no consequences for directors despite widespread corporate governance failings http://go-ri.tr.com/Y8hCKO Star inquiry slates casino's Chinese payment card AML workaround http://go-ri.tr.com/B44iIm AUSTRAC defends billion-dollar penalties as crucial deterrent against corporate apathy http://go-ri.tr.com/VOkA5B No paywallAustralia casino operator Star found unfit for Queensland licence https://www.reuters.com/business/australia-casino-operator-star-found-unfit-queensland-licence-2022-10-06/ Money laundering through the gambling industry https://baselgovernance.org/sites/default/files/2022-09/QG28%20gambling.pdf Junket tour operations in Australia https://www.austrac.gov.au/sites/default/files/2020-12/JTO_2020_FINAL.pdf The Compliance Clarified podcast series covers the wide range of topics which affect compliance officers in financial services firms. The series has been designed to help compliance officers make sense of the often-challenging world of financial services regulation, which is now overlaid with expectations not found in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk. Compliance Clarified covers the hot topics of the day and the challenges they bring, and aims to offer up practical ideas for emerging good practice.

This episode examines two consultations published by securities regulators at the COP27 climate conference designed to foster fair and efficient carbon markets. One deals with voluntary carbon credits and the other deals with so-called CCMs (compliance carbon markets) and aims to assist with the establishment and supervision of national/governmental schemes. In this episode, Alexander Robson, managing editor, Regulatory Intelligence, is joined by Lindsey Rogerson, senior editor, EMEA wholesale financial markets regulation in London, and Henry Engler, senior editor in New York. Lindsey assesses the implications of the consultations for investment banks, asset managers and exchanges. Henry discusses the recent mid-term elections in the United States and their likely effect on the legislative agenda, and the Securities and Exchange Commission's ESG disclosure rules. Show notes:Link to IOSCO consultation on Compliance Carbon Markets https://www.iosco.org/library/pubdocs/pdf/IOSCOPD719.pdf and Voluntary Carbon Markets https://www.iosco.org/library/pubdocs/pdf/IOSCOPD718.pdf Link to International Capital Markets Association Climate Resilient Debt Clauses term sheet https://www.icmagroup.org/assets/CRDCs-November-2022.pdf Link to Financial Conduct Authority https://www.fca.org.uk/publication/consultation/cp22-20.pdf Link to HM Treasury Transformation Disclosure Framework https://transitiontaskforce.net/get-involved/ Link to U.N. High Level Expert Group recommendations https://www.un.org/sites/un2.un.org/files/high-level_expert_group_n7b.pdf The Compliance Clarified podcast series covers the wide range of topics which affect compliance officers in financial services firms. The series has been designed to help compliance officers make sense of the often-challenging world of financial services regulation, which is now overlaid with expectations not found in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk. Compliance Clarified covers the hot topics of the day and the challenges they bring, and aims to offer up practical ideas for emerging good practice.

Financial crime teams are being urged to pay greater attention to illicit transactions linked to money laundering, illegal betting and corruption. The problem is particularly endemic in the Asia-Pacific region, where gambling is a major way of life. Banks, casinos and other reporting entities are largely oblivious to the extent that organised crime groups have infiltrated the sector, according to sports integrity officials. Some estimates suggest that around a quarter of professional sports has been linked to organised crime. In this episode of Compliance Clarified, Nathan Lynch, Asia managing editor, joins Alexander Robson, editor-in-chief in London, to discuss the problem. Programme notes: UNODC Global Report on Corruption in Sport https://www.unodc.org/unodc/en/safeguardingsport/grcs/index.html A log in needed for non-RI subscribers Bad sports: Global financial crime teams must target industry's illegal betting, laundering http://go-ri.tr.com/dfjIxt Sports betting in Australian regulator's crosshairs as AML crackdown continues http://go-ri.tr.com/yDvMwj The Regulatory Intelligence podcast series "Compliance Clarified" covers the range of topics that affect compliance officers in financial services firms. The podcasts have been designed to help compliance officers make sense of the often-challenging world of financial services regulation which is now overlaid with expectations that are not in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become true polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk. Compliance Clarified covers the hot topics of the day and the challenges faced, and aims to offer up practical ideas for emerging good practice.

This episode examines the impact of Hurricane Ian and, more broadly, climate change, on the insurance industry. The September storm killed at least 119 people and caused at least $50 billion in damage in Florida alone. It may be the state’s costliest storm ever but is only the latest in a series of increasingly severe storms, droughts and wildfires that scientists say are consistent with predicted effects of climate change. Such natural disasters have taxed the insurance industry, and one industry lawyer called Hurricane Ian a “death knell” for property and business interruption insurance in Florida. In this episode of Compliance Clarified, Randall Mikkelsen, managing editor for North America, is joined by Antonita Madonna, insurance correspondent for Regulatory Intelligence, explore the challenges new-style risks including natural disasters are posing for the insurance industry and U.S. insurance regulators. Follow these links for more coverage by Regulatory Intelligence of the insurance aftermath of Hurricane Ian: https://www.reuters.com/article/bc-finreg-low-flood-insurance-florida-hu/low-flood-insurance-uptake-in-florida-poses-tough-challenge-after-hurricane-ian-idUSKBN2RS1G2The "Compliance Clarified" podcast series covers the wide range of topics which affect compliance officers in financial services firms. The series has been designed to help compliance officers make sense of the often-challenging world of financial services regulation, which is now overlaid with expectations not found in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk. Compliance Clarified covers the big challenges of the day and offers practical ideas for emerging good practice.

This episode examines the UK Economic Crime and Corporate Transparency Bill, now before the House of Commons. The legislation is the second part of the government's economic crime plan, announced under the then Cameron government, and which was given fresh impetus by Russia's invasion of Ukraine and a determination to crack down on dirty and kleptocratic money in London. In this episode of Compliance Clarified, Alexander Robson, global managing editor, Regulatory Intelligence, is joined by Helen Parry, senior regulatory intelligence expert, and Rachel Wolcott, senior reporter. They assess the implications of the bill for anti-money laundering professionals, the powers of the National Crime Agency, the Serious Fraud Office, and the crucial role of Companies House, the UK corporate registry, in identify verification. Links to content referenced in the discussion: Timetable: https://bills.parliament.uk/bills/3339 Committee information https://committees.parliament.uk/committee/618/economic-crime-and-corporate-transparency-bill-programming-sub-committee/ https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-impact-assessments?utm_medium=email&utm_campaign=govuk-notifications-topic&utm_source=94c70d27-d4bd-43b9-847d-949d0a95fc18&utm_content=immediately Parliament TV for October 25. Committee https://www.parliamentlive.tv/Event/Index/c77273cd-ad46-44e9-b51c-acd0220411b6 Regulatory Intelligence links (subscription needed) COLUMN: Money laundering, enhanced due diligence and high-risk countries — increasingly demanding compliance requirements http://go-ri.tr.com/TGQm4w COLUMN: Economic Crime and Corporate Transparency Bill – a new fishing licence for the National Crime Agency? http://go-ri.tr.com/0gjw3S COLUMN: Economic Crime and Corporate Transparency Bill – thresholds, ring fencing and defence against money laundering SARs http://go-ri.tr.com/VZsc3b The "Compliance Clarified" podcast series covers the wide range of topics which affect compliance officers in financial services firms. The series has been designed to help compliance officers make sense of the often-challenging world of financial services regulation, which is now overlaid with expectations not found in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk. Compliance Clarified covers the hot topics of the day and the challenges they bring, and aims to offer up practical ideas for emerging good practice.

This episode examines a crackdown by U.S. regulators against “off-channel” communications on Wall Street. In September 11 major firms including Goldman Sachs, Morgan Stanley and Bank of America were fined a total of $1.8 billion for regulatory violations involving the use of unauthorized communications including texts and WhatsApp instant messages. The violations involved tens of thousands of messages sent or received by senior trading desk managers and their staff, raising the prospect that they could be used to evade protections against misconduct such as insider trading. In this episode of Compliance Clarified, Randall Mikkelsen, managing editor for North America, is joined by Henry Engler, senior regulatory intelligence expert for Regulatory Intelligence, to examine the roots of the problem and the challenges compliance professionals face in combating it. The "Compliance Clarified" podcast series covers the wide range of topics which affect compliance officers in financial services firms. The series has been designed to help compliance officers make sense of the often-challenging world of financial services regulation, which is now overlaid with expectations not found in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk. Compliance Clarified covers the hot topics of the day and the challenges they bring, and aims to offer up practical ideas for emerging good practice.