A day after the New York State Department of Financial Services (DFS) approved its 19th application for a license or authorization to conduct a virtual currency business in New York, it issued a denial of the application of Bittrex, Inc. (Bittrex) for a DFS BitLicense and a Money Transmitter License.
Bittrex had been operating
On 12 April 2019, the FCA published notifications amending the Directions concerning the temporary permissions regime in light of the further extended Article 50 process.
The FCA has published:
These documents extend the
On 12 April 2019, the European Central Bank (ECB) published a speech by Andrea Enria (Chair of the ECB Supervisory Board) on the issue of cross-border banks.
Mr Enria begins his speech by discussing the lessons that were learnt on crisis management during the 2008 global financial crisis. He also discusses what the ECB has
In this on-demand webinar, members of our Regulatory, Compliance and Investigations team in London, France, the US and Hong Kong give their thoughts on likely regulatory enforcement and sanctions trends for the rest of this year based on recent enforcement cases and forward looking statements from the regulators. Topics discussed include individual accountability, anti-money laundering
The first phase of the Senior Managers’ and Certification Regime (SM&CR) was introduced for about 900 banks and deposit takers in March 2016. On 9 December 2019, the FCA is extending this regime to over 47,000 other firms. The basic principle of the SM&CR is that of responsibility and accountability, it is the antidote to
On 11 April 2019, the FCA published a Dear CEO letter reminding firms involved in the approval of financial promotions for unauthorised persons of their obligations when doing so. The Dear CEO letter follows a Dear CEO letter published earlier this year to all regulated firms reminding them of their responsibilities relating to the use
On 11 April 2019, The European Union (Withdrawal) Act 2018 (Exit Day) (Amendment) (No. 2) Regulations 2019 were made. The Regulations enshrine the conclusions of the European Council Decision of 11 April 2019 (our blog on which is here) into UK law. The Regulations amend The European Union (Withdrawal) Act 2018, section 20, altering
On 11 April 2019, there was published on legislation.gov.uk The Law Applicable to Contractual Obligations and Non-Contractual Obligations (Amendment etc.) (EU Exit) Regulations 2019 together with an explanatory memorandum. The Regulations were made on 29 March 2019 and our earlier blog on these Regulations is here.
You can track the financial services Brexit
On 11 April 2019, the European Banking Authority (EBA) updated the list of diversified indices, which was originally published in December 2013. The list is part of the implementing technical standards (ITS) drafted to calculate the capital requirements for position risk in equities according to the standardised rules. The list was updated according
On 11 April 2019, the European Central Bank (ECB) launched a public consultation on proposed changes to the ECB Regulation on supervisory fees. The proposed amendments mainly concern the individual fees the ECB levies on the banks it supervises and the timing of their collection. Most importantly, the proposals will result in the ECB calculating