On May 9, 2019, the Financial Crimes Enforcement Network (FinCEN), the U.S. anti-money laundering (AML) agency, announced issuance of both Guidance and an Advisory on how transactions involving convertible virtual currencies (CVCs) would be subject to FinCEN’s money services business (MSB) regulations. FinCEN characterized the Guidance as a consolidation of its regulations, previous guidance and
FCA response to EBA’s opinion on strong customer authentication
On 28 June 2019, the FCA published its response to the European Banking Authority’s (EBA) opinion on strong customer authentication (SCA) under the revised Payment Services Directive (PSD2) (our blog is here).
The FCA’s statement notes that the EBA’s opinion allows the FCA to give some firms extra time to implement SCA. Whilst the
FCA launches review of the Credit Information Market
On 27 June 2019, the FCA launched a market study to examine how the credit information market operates and the impact it has on consumers. The FCA will report on its preliminary conclusions on these themes in Spring 2020 including, if appropriate, a discussion of potential remedies. The FCA is not formally consulting on the
Access and governance report on payment systems: update on progress
On 27 June 2019, the Payment Systems Regulator (PSR) published its fourth report on access to payment systems and the governance of payment system operators in the UK.
The report sets out developments in access to payment systems in 2018, including the work that the interbank payment system operators, indirect access providers, the PSR, the
BoE publishes Discussion Paper on risk management of collateral referencing LIBOR
On 27 June 2019, the Bank of England (BoE) published a Discussion Paper on its proposed approach to the risk management of collateral referencing London Interbank Offered Rate (LIBOR) for use in the Sterling Monetary Framework (SMF).
The Discussion Paper:
- provides a brief background to both the LIBOR transition process and the BoE’s collateral framework;
EBA publishes its roadmap for the new market and counterparty credit risk approaches
On 27 June 2019, the European Banking Authority (EBA) published its roadmap on the new market and counterparty credit risk approaches and launched a consultation on eleven draft Regulatory Technical Standards (RTS) on the new Internal Model Approach (IMA) under the Fundamental Review of the Trading Book (FRTB) standards along with a data collection exercise
Publication of the CBDDQ Capacity Building Materials
On 27 June 2019, the Wolfsberg Group has published a series of materials supporting the implementation of the Correspondent Banking Due Diligence Questionnaire (CBDDQ).
The new materials include:
- a short video giving an overview of the CBDDQ and its development and purpose;
- a series of 12 videos covering each section of the CBDDQ individually and
Finalisation of Basel III reforms in the EU
The European Commission’s work on the finalisation of the Basel III reforms in the European Union is gathering pace. Following its April 2018 public consultation on an additional set of prudential reforms that will implement in European law the December 2017 Basel Committee on Banking Supervision’s standard (Basel III: Finalising post-crisis reforms), the
The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019
On 26 June 2019, there was published on legislation.gov.uk, the Financial Services and Markets Act 2000 (Prospectus) Regulations 2019. These Regulations give effect to the EU Prospectus Regulation by making amendments to the Financial Services and Markets Act 2000.
The Regulations amend the Financial Services and Markets Act 2000 to give effect to the
FCA consults on Proxy Advisors (Shareholders’ Rights) Regulation Implementation
On 26 June 2019, the FCA published Consultation Paper 19/21: Proxy Advisors (Shareholders’ Rights) Regulation Implementation (DEPP and EG) (CP19/21).
The Proxy Advisor (Shareholders’ Rights) Regulations 2019 implement that part of the revised Shareholders Rights Directive (SRD II) which relates to proxy advisers. Under the Regulations, proxy advisers must:
- disclose whether and how