June 2018

On 28 June 2018, the PRA published a letter reminding CEOs of banks, insurance companies and designated investment firms of their obligations under PRA rules, and to communicate the PRA’s expectations regarding firms’ exposure to crypto-assets.

The PRA reminds firms of their responsibilities under the PRA’s Fundamental Rules 3, 5 and 7 to: (i)

On 28 June 2018, the PRA published Policy Statement 14/18: changes to the PRA’s large exposures framework (PS14/18). PS14/18 is relevant to PRA-authorised banks, building societies, PRA designated investment firms and their qualifying parent undertakings, which for this purpose comprise financial holding companies and mixed financial holding companies, as well as credit institutions, investment firms

On 28 June 2018, the Court of Justice of the EU delivered a judgment considering the interpretation of Article 54(1) of MiFID I as regards the scope of the professional secrecy obligation imposed on national competent authorities, and the concept of “confidential information” in this context.

The Italian Ministry of Economy and Finance recently conducted a consultation on a draft decree, aimed at imposing registration requirements on virtual currency operators.

These measures reflect a decree passed last year, in the context of implementation of Fourth Anti-Money Laundering Directive, whereby Italian lawmakers anticipated some of the topics that were still under discussion

In an attempt to respond swiftly to some of the risks and challenges that have arisen from technological developments and information sharing, ASIC has become one of the first signatories to the newest standards for cross-border enforcement. The latest Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU

ASIC recently undertook a surveillance of the retail OTC derivatives sector, which has an estimated annual turnover of $11 trillion and over 450,000 investors in Australia. ASIC has released Report 579 here in which it identifies sector-wide issues with certain practices, including:

  • misleading marketing materials
  • unclear pricing methodologies, particularly around cryptocurrency CFDs
  • inadequate risk management

On 27 June 2018, the FCA published a statement in relation to its role in preparing for Brexit.

Key points in the statement include:

  • the FCA is preparing for a range of scenarios, including one in which the UK leaves the EU on 29 March 2019 without a Withdrawal Agreement and implementation period having been

On 27 June 2018, the Bank of England (BoE) issued a statement on its website concerning its approach to financial services legislation under the European Union (Withdrawal) Act 2018 (the Act).

Key points in the statement include:

  • the BoE intends to consult, in coordination with the FCA when appropriate, on proposed changes to on-shored EU