While there has not been a large fine levied so far in 2021, a few anti abuse pieces of news are of note: The UK’s Financial Conduct Authority (FCA) has published the 66th “Market Watch” newsletter, which can be found here. The newsletter reminds firms in scope that the rules around the recording of communications are expected to be adhered to, including for those working off site due to Covid-19. The SYSC 10A recording rules in the FCA handbookapply for those in scope. A proposal to implement a version of REMIT in the Ukraine has moved forward, as reported here on the Lexology web site in an article by CMS Ukraine. At the end of last year, the CFTC released their annual report which records a record number of enforcements. The report, which can be found here, records that Financial Year 2020 actions resulted in $1,327,869,760 in ordered monetary relief, the fourth highest total on record and the third straight year-over-year increase.
Source: CTRM Center