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Weekly Roundup: U.K. Unveils Financial Regulation Bill, U.N. Eyes Call for Assad’s Resignation, Delaware Bank Dinged for AML Violations, and More
printThe United Kingdom unveiled legislation Friday that would create three new regulators to oversee financial markets and protect consumer interests. More Under the bill, the Financial Conduct Authority (FCA) would have responsibility for consumer protection and the enforcement duties of the Financial Services Authority, which the legislation abolishes. The day-to-day conduct of banks is to be overseen by the Prudential Regulation Authority and a Financial Policy Committee, situated within the Bank of England, will monitor systemic risk. The draft legislation follows the release of a 52-page report by the government in June that anticipated many of its provisions. The new...
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