Equipment Leasing and Finance Association’s Post

Staying informed about key industry topics like compliance is essential for delivering value to our clients and maintaining strong business practices. Excited to share this resource and continue learning about how these regulations impact our industry. For more insights and information, visit our website: https://lnkd.in/gAfPZvJv.

🚨 **BOIR Filing Update** 🚨 Yesterday, a federal court issued a temporary injunction on the necessity to file BOIR reports. While this means filings are currently on hold, the situation may still evolve as it makes its way through the court system. That’s why businesses trust **FOM Services LLC**. We stay on top of regulatory changes, so you don’t have to worry about keeping up with the shifting landscape. 📞 Call us at 631-268-0500 or 📧 email us at info@fomservices.com to ensure your business remains compliant, no matter what happens. #BOIRCompliance #RegulatoryUpdates #FOMServicesLLC #SmallBusinessSupport

The FCA has today published proposals to improve the ‘pace and transparency’ of enforcement actions. It proposes to publicise enforcement investigations when it is in the public interest to do so; details will include the subject’s name, industry and information on the suspected breach. The proposals will apply to firms rather than individuals but for in limited circumstances. From the date the resulting policy statement is published (an estimated date is not provided) as proposed the policy will apply to both new and ongoing investigations. A new public interest framework will inform the FCA’s decision-making in this regard such that announcements may not be in the public interest where they are likely to have an adverse impact on the conduct of the investigation, consumer interests or UK financial stability, or where they have been opened on behalf of an overseas regulator. As proposed, the impact on the investigation subject is not a specified factor in the proposed framework. At the same time, proposed revisions to the Enforcement Guide include removing private warnings as an alternative to formal action, and clarifying the basis on which the FCA will accept a firm-commissioned investigation report provided to it on a limited waiver basis (the basis that a firm may assert legal privilege as grounds for non-disclosure to a party other than the FCA). Responses are due by 16 April 2024. For more info, including a summary of the FCA’s reasoning see below 👇 #FCA #enforcement #investigations #financialservices

IMPORTANT UPDATE: Agencies Delay Applicability of Certain Provisions of CRA Final Rule. As readers are aware, in October 2023, the FRB, the FDIC, and the OCC (“agencies”) issued a final rule which contained sweeping changes to the Community Reinvestment Act regulations. Although the rule became effective on April 1, 2024, most of the changes to the CRA regulations are not applicable until January 1, 2026, at the earliest. Read more here: https://lnkd.in/g4Xn4GzV 𝘈𝘥𝘷𝘦𝘳𝘵𝘪𝘴𝘦𝘮𝘦𝘯𝘵. 𝘛𝘩𝘪𝘴 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘪𝘴 𝘯𝘰𝘵, 𝘯𝘰𝘳 𝘪𝘴 𝘪𝘵 𝘪𝘯𝘵𝘦𝘯𝘥𝘦𝘥 𝘵𝘰 𝘣𝘦, 𝘭𝘦𝘨𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘠𝘰𝘶 𝘴𝘩𝘰𝘶𝘭𝘥 𝘤𝘰𝘯𝘴𝘶𝘭𝘵 𝘢𝘯 𝘢𝘵𝘵𝘰𝘳𝘯𝘦𝘺 𝘧𝘰𝘳 𝘢𝘥𝘷𝘪𝘤𝘦 𝘳𝘦𝘨𝘢𝘳𝘥𝘪𝘯𝘨 𝘺𝘰𝘶𝘳 𝘪𝘯𝘥𝘪𝘷𝘪𝘥𝘶𝘢𝘭 𝘴𝘪𝘵𝘶𝘢𝘵𝘪𝘰𝘯.

"...this can be a very stressful time for everyone working in a local authority, but it is important to recognise that providing access to information under data protection legislation (including Subject Access Requests, or SARs), the Freedom of Information (FOI) Act and other associated legislation is a legal obligation and a core task that local authorities must continue to perform." https://lnkd.in/eWyxBxTJ

Much has been said recently about the FCA's Consultation Paper on making announcements about ongoing investigations. In the main, this commentary has not been positive. Much of the criticism has focused on the substance of the proposals but whether or not the FCA is right in principle, the FCA's approach to the issue is concerning including: a lack of supporting evidence for the alleged benefits; a disregard for existing safeguards; and a failure to properly consider the potential risks - ranging from unfair harm to individual firms, to a lessening of the UK's competitiveness and attractiveness for financial services internationally. Osborne Clarke has added its voice to the conversation as the potential impact on our clients is too significant. We do not think these proposals should be adopted, but at the very least, the FCA must take all of the feedback on this Consultation into account and re-consult with an appropriate justification for its position. Read our response in the link below: #FCA #Financialservices #FinancialRegulation #Enforcement Nick Price Rachel Couter Charles Crowne

The FCA has received a a broadside of criticism from all corners since publishing its Consultation Paper on making announcements about ongoing investigations. Much of this criticism has focused on the substance of the proposals, but whether or not the FCA is right in principle (which is highly questionable - they are neither necessary nor proportionate), the way the FCA has approached this issue sets a concerning precedent: a lack of supporting evidence for the alleged benefits, a disregard for existing safeguards, a failure to properly. consider the potential risks - ranging from unfair harm to individual firms, to a lessening of the UK's competitiveness and attractiveness for financial services internationally. That is why Osborne Clarke felt that it has to add its voice to the conversation. The potential impact on our clients is too significant. We do not think these proposals should be adopted, but at the very least, the FCA must take all of the feedback on this Consultation into account and re-consult with an appropriate justification for its position. Read our response in the link below: #FCA #Financialservices #FinancialRegulation #Enforcement

Why is reporting beneficial owners so crucial for small businesses?    Corporate anonymity allows criminals to exploit the U.S. financial system, but the Corporate Transparency Act (CTA) is changing that. By requiring businesses to disclose their real owners, the CTA helps law enforcement fight illicit activity.    Join our webinar ""BOI 101: Everything You Need to Know About the New CTA” on July 16th at 12PM CDT to learn more about your reporting obligations under the CTA, the importance of transparency, and how to stay compliant. Don't wait until the deadline—prepare now!    🗓️ Register today to protect your business and support our national security: https://zurl.co/9EQl    Interest in our CTA Compliance services? Book an appointment today: https://lnkd.in/g2vwXMPn    #CorporateTransparency #BusinessCompliance #Webinar #BOIReporting #RegisterNow #FinCEN #CTA 

its regulatory compliance and transparency, as it is issued under the supervision of the New York State Department of Financial Services

Cost of noncompliance depends heavily on intention or knowledge and also the severance of a particular noncompliance. The Govt may introduce automation for all applicable compliances and also identify and notify the entity all the applicable legal and regulatory compliances at very inception of the entity I.e. at the time of registration itself, depending on its business nature and type , so that no one gets opportunity to interpret the applicability as per one’s own convenience and time/cost, resulting in disparity and penalties The govt may think over it for better compliance level across industry and country. 👍 Bharat Mata ki Jai 🙏