Featured Product

    FCA Requires Cryptoasset Businesses to Register by June End

    June 22, 2020

    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.

     

    Related Links

    Keywords: Europe, UK, Banking, Securities, Cryptoassets, AML/CFT, FCA

    Related Articles
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    News

    EU to Amend Credit Risk Adjustment Rules; ESAs Submit Queries on SFDR

    The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    May 13, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.

    May 12, 2022 WebPage Regulatory News
    News

    MAS Amends Notice 635 and Issues Second Proposal on Green Taxonomy

    The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.

    May 12, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    News

    EC Mandates ESAs to Propose Amendments to SFDR Technical Standards

    The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.

    May 11, 2022 WebPage Regulatory News
    News

    EBA Examines Supervisory Practices, Issues Deposits Reporting Template

    The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),

    May 11, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8196