A government-backed independent review criticized the UK payments landscape for lacking vision and clarity of priorities, urging the government to take advantage of the post-Brexit context to simplify regulatory frameworks.

Singapore has introduced guidelines for financial service transition planning, Japan has outlined its strategy for reducing carbon emissions, and New Zealand has provided an update on its scenario analysis information sheet. These are part of the key updates in the Asia-Pacific region regarding ESG and green financing for November 2023.

The Financial Conduct Authority (FCA) has identified that UK fund managers need to improve to meet disclosure expectations for ESG and sustainable funds, as the UK prepares to finalize its anti-greenwashing rules and guidance.

Australia's prudential regulator is proposing new liquidity requirements for the country's small to medium banks, which will involve reflecting unrealised losses in their liquidity accounting and disqualifying some assets as eligible liquid assets. This follows recent bank collapses in the United States.

Four APAC central banks are collaborating on a common cross-border transaction protocol, Taiwan is simplifying requirements for high-asset investors and banks, and China is mandating reforms in capital market and equity funds.

Switzerland's financial regulator, FINMA, released new guidance on money laundering risk analysis after identifying deficiencies in the risk monitoring of over 30 Swiss banks. This comes in anticipation of a major legislative update to the country's anti-money laundering framework.

The Financial Conduct Authority has specified its expectations for UK cryptoasset companies to comply with the FATF Travel Rule, which requires them to start gathering information within a few days.

Singapore introduces new monitoring obligations for single family offices, Australia establishes a new register for foreign-owned local assets, and China proposes measures to combat insider trading, among other key asset management updates in the Asia-Pacific region for August 2023.

The UK government has dismissed a recommendation from a parliamentary committee to regulate cryptocurrencies in a manner similar to gambling, stating that the gambling regulator lacks the expertise to handle risks associated with financial markets.

The European Banking Authority has called for improved adherence to its anti-money laundering guidelines by financial supervisors and firms, citing deficiencies in their risk management and understanding.

The Office of the Comptroller of the Currency (OCC) has indicated that large US banks with ongoing problems should anticipate stricter enforcement actions as it updates its enforcement handbook.

The Bank of England has announced plans to unify its enforcement approach, offering incentives for early cooperation and considering larger fines for regulatory infringements by big firms.

The latest edition of Updata, produced by Eversheds Sutherland, covers key privacy and cybersecurity developments from April to June 2023. It includes scrutiny of AI by governments and regulators, new guidance from the EDPB, studies on GDPR enforcement, progress in EU legislation for AI and digital markets, resources for supply-chain cybersecurity, and various national and international updates. The report also introduces Eversheds Sutherland's new 'Metaverse' tool and discusses the extension of the EU's cyber sanctions regime, among other topics.