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

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    EP Reaches Agreement on Corporate Sustainability Reporting Directive

    The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).

    June 21, 2022 WebPage Regulatory News
    News

    PRA Consults on Model Risk Management Principles for Banks

    The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.

    June 21, 2022 WebPage Regulatory News
    News

    EC Regulation Amends Standards for Calculating Credit Risk Adjustments

    The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News
    News

    BCBS Issues Climate Risk Principles while HKMA Expresses Its Support

    The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.

    June 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8280