In a current money laundering prosecution in Miami, Florida, that has generated a lot of buzz in the press because it concerns Bitcoin, a Florida state trial judge ruled on July 22 that Bitcoin cannot be considered “money” under some of Florida’s state criminal laws. Given the particular facts of the case, however, it is
The Office of the Commissioner of Insurance (OCI) recently released its 2015 Annual Report, highlighting the considerable challenges and changes ahead for the insurance industry and the OCI.
Essential preparation is underway for the OCI to be succeeded by Hong Kong’s new insurance regulator, the Independent Insurance Authority (IIA), which is expected to start operation
The Money Advice Service (MAS) has announced that the first Standard Financial Statement (SFS) will go live on 1 March 2017. This will be the first time that all major debt advice providers, creditors, and other debt bodies will use the same format to assess income and expenditure for over-indebted people,
The European Banking Authority (EBA) has published a consultation paper on draft guidelines on credit institutions’ credit risk management practices and accounting for expected credit losses. The guidelines aim at ensuring sound credit risk management practices associated with the implementation and on-going application of the accounting for expected credit losses. The draft guidelines
The European Banking Authority (EBA) has issued its final draft regulatory technical standards (RTS) on the criteria for the application of a preferential treatment in cross-border intragroup credit or liquidity lines, or within an institutional protection scheme.These RTSs further specify the additional criteria listed in the in the context of the
The European Securities and Markets Authority (ESMA) has updated its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR).
The updated Q&A includes a new answer in relation to reporting of trades cleared by a clearing house which is not a central counterparty (CCP) under the EMIR
The European Systemic Risk Board (ESRB) has published the first EU Shadow Banking Monitor, which presents an overview of developments in the European shadow banking system to assess potential risks to financial stability. This is the first report in an annual series that will contribute to the monitoring of a part of the
The FCA has published the final report on its credit card market study and set out a package of measures, which include a series of industry led proposals, to help consumers take better control of their spending. The FCA has confirmed that competition is working fairly well for most consumers and that competition is focused
The Financial Ombudsman Service (FOS) has published the latest issue of its newsletter Ombudsman news (issue 134). This issue of Ombudsman news contains case studies regarding relating to complaints about travel insurance, payment protection insurance and Q&As relating to when a person can contact the FOS and where firms can find out more
The European Banking Authority (EBA) has published Consultation Paper: Guidelines on connected clients under Article 4(1)(39) of Regulation (EU) No 575/2013. These draft Guidelines review and update the Guidelines on the implementation of the revised large exposures regime issued by the Committee of European Banking Supervisors on 11 December 2009. In these draft