Just like that we are in 2022. December is usually a busy time of year and pandemic aside, we continued to see increased activity from several key jurisdictions at the end of 2021.
While many parts of the world went into the festive season, we had no shortage of exciting new developments across the world like in the UK (with a spotlight on increasing the attractiveness of the country in a post-Brexit world) and the EU (AIFMD II, ELTIF II, ESAP to cite a few). Below is our Q4 2021 regulatory update.
The international scene saw several key updates. FATF’s outcome from its fifth plenary session was issued on 21 October before the body released a consultation on beneficial ownership a week later. In the UK, the JMLSG issued a consultation on the “monitoring customer activity” section of its Guidance. ESG was another topic of importance, with an IFRS update on its ESG framework coming out in early November whereas IOSCO called for increased oversight on ESG ratings and data product providers. The TCFD issued its 2021 report along with an updated implementation guide and new guidance on metrics and transition plans.