FCA is reminding businesses that conduct cryptoasset activity in the UK, to register with FCA to comply with its new regulations. FCA requires firms to submit completed applications for registration by June 30, 2020. This deadline allows FCA to review submitted applications and raise any follow-up questions with firms, with enough time for that process to be completed before January 10, 2021. FCA became the anti-money laundering and counter terrorist financing (AML/CTF) supervisor of businesses carrying out certain cryptoasset activities in the UK on January 10, 2020. FCA will proactively supervise firms’ compliance with the new regulations and will take swift action where firms fall short of the desired standards.
Any businesses that started carrying on business in the UK immediately before January 10, 2020 and are not registered by FCA by the January 10, 2021 deadline will have to cease this business. Any new businesses that began operating after January 10, 2020 must be registered with FCA before carrying out any business. Firms authorized or registered under the Financial Services and Markets Act 2000, Electronic Money Regulations 2011, or Payment Services Regulations 2017, but undertaking cryptoasset activity subject to the Money Laundering, Terrorist Financing and Transfer of Funds Regulations (MLRs), will also be required to apply for registration.
Keywords: Europe, UK, Banking, Securities, Cryptoassets, AML/CFT, FCA
Previous ArticleFASB Issues Q&A on Application of GAAP Taxonomy to COVID Disclosures
The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.
The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).
In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.
The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.
The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.
The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.
The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.
The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.
The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.
The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.