Featured Product

    FCA Consults on Guidance on Cryptoasset Activities It Regulates

    January 23, 2019

    FCA is consulting (CP19/3) on a guidance, which, once finalized, will set out the cryptoasset activities it regulates. Comment period on this consultation ends on April 05, 2019.

    The guidance will help firms understand whether their cryptoasset activities fall under FCA regulation. The guidance is also intended to provide firms with a better understanding of whether they need to be authorized and can help the firms to ensure that they are compliant and have appropriate consumer safeguards in place. The consultation is in response to industry request for greater clarity and to the Cryptoasset Taskforce’s recommendation that FCA provide additional guidance on the existing regulatory perimeter. This consultation is an important first step in delivering the outcomes of the Cryptoasset Taskforce as well as in the FCA work to address the harms from cryptoassets and encourage innovation in the interest of consumers.

    This guidance applies to firms issuing or creating cryptoassets, firms marketing cryptoasset products and services, firms buying or selling cryptoassets, firms holding or storing cryptoassets, financial advisers, professional advisers, investment managers, recognized investment exchanges, and consumers and consumer organizations. The guidance also covers security tokens and utility tokens, with the consultation paper setting out where tokens are likely to be:

    • Specified investments under the Regulated Activities Order
    • Financial instruments under the Markets in Financial Instruments Directive II
    • E-Money under the e-money regulations
    • Captured under the payment services regulations

    FCA will publish its feedback and the final text of this guidance in summer 2019. Later this year, FCA is also expected to consult on banning the sale of derivatives linked to certain types of cryptoassets to retail investors. The government is planning to consult on whether to expand the regulatory perimeter to include further cryptoassets activities. 

     

    Related Links

    Comment Due Date: April 05, 2019

    Keywords: Europe, UK, PMI, Banking, Securities, Crypto Assets, Regtech, Fintech, FCA

    Related Articles
    News

    APRA Revises Related Entities Standard for Banks

    APRA published a strengthened prudential standard APS 222 on associations with related entities, with the aim to mitigate contagion risk within banking groups.

    August 20, 2019 WebPage Regulatory News
    News

    FSB on Responses to Consultation on Wind-Down of Trading Portfolios

    FSB published responses received to the consultation on the solvent wind-down of the derivatives and trading book portfolio of a global systemically important bank (G-SIB).

    August 19, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Consultation on Resolvability Disclosures

    FSB published responses received to the consultation on disclosures for resolution planning and resolvability of banks.

    August 19, 2019 WebPage Regulatory News
    News

    HKMA Revises Implementation Schedule for Initial Margin Rules

    HKMA intends to adopt a revised implementation schedule for the margin requirements for non-centrally cleared derivatives.

    August 16, 2019 WebPage Regulatory News
    News

    HKMA Revises Guideline on Application of Banking Disclosure Rules

    HKMA issued a revised version of the Supervisory Policy Manual module CA-D-1 on guideline on the application of the Banking (Disclosure) Rules (BDR).

    August 16, 2019 WebPage Regulatory News
    News

    ECB Decision on Recognizing Reporting Member States Under AnaCredit

    ECB has finalized the Decision 2019/1348 (ECB/2019/20) that establishes procedure for recognizing non-euro area member states as reporting member states under the AnaCredit Regulation (EU 2016/867).

    August 16, 2019 WebPage Regulatory News
    News

    FASB Proposes to Extend CECL Standard Deadline for Certain Entities

    FASB proposed an Accounting Standards Update that would grant private companies, not-for-profit organizations, and certain small public companies additional time to implement FASB standards on current expected credit losses (CECL), leases, and hedging.

    August 15, 2019 WebPage Regulatory News
    News

    IASB Adds Phase Two of IBOR Reform to Its Work Plan

    IASB (or the Board) has added the second phase of its project focused on potential financial reporting implications linked to the interest rate benchmark reform—interbank offer rate (IBOR) reform—to its work plan.

    August 15, 2019 WebPage Regulatory News
    News

    FED Updates Draft Instructions for Proposed FR Y-14 Reporting Forms

    FED updated draft instructions for the monthly, quarterly, and annual capital assessments and stress testing reports, also known as forms FR Y-14M, FR Y-14Q, FR Y-14A, respectively.

    August 15, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 326, 815, and 842

    FASB is proposing taxonomy improvements for the proposed Accounting Standards Update on clarifying the interactions among topic 321 on investments in equity securities), topic 323 on investments under equity method and joint ventures), and topic 815 on derivatives and hedging.

    August 15, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3665