June 2019

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

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

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

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;

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

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

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

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

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