Regulatory Alerts2022-09-16
FSCA Communication 25 of 2022: Amendment to Exemption from Joint Standard 1 of 2020
The Financial Sector Conduct Authority published a final amendment to its exemption from Joint Standard 1 of 2020, withdrawing existing relief for significant financial service providers regarding honesty and integrity requirements. This change ensures robust regulatory measures prevent criminals or their associates from controlling financial institutions and directly addresses a key finding in the Financial Action Task Force Mutual Evaluation Report. Following a public consultation that yielded twelve comments, the FSCA finalized the notice without substantive alterations to the draft proposal.
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